Introducing Telos Network to the emerging Indian Blockchain Ecosystem!
India’s sentiment on cryptocurrency is getting stronger after the RBI ban lift. We are looking at the new wave of enthusiasm with funds pushed from key players like Binance/CoinDCX to usher the growth in India’s Blockchain ecosystem. Many projects like Paxful, Binance, OKex, Huobi, XRP, Cosmos and others have either started or have plans to extend and market their project to India’s crypto community.
India is one of the biggest markets for entities like FB, Watsapp, Quora and others, we believe, India crypto community has the potential to push crypto/blockchain among the masses. We are excited to introduce Telos to the youngest and fast-growing crypto user base, we feel the Telos network will be a perfect match for the Indian blockchain and dApp users and developers.
Introducing Telos
Telos is an independent blockchain network “powered by EOSIO” which aims to empower future global organisations with trust, transparency and accountability. Telos makes it much easier for today’s centralised application to port their businesses to blockchain in the form of dApps(decentralised Apps)/ DACs(Decentralised Autonomous Corporations).
Imagine a game like Subway Surfers running on a blockchain where you rewards for playing that game holds real value, they could either be used to collect dividends from the game company profits, make decisions or sold on the exchange for real money.
How is it set to achieve that aim? Before answering this question, let’s just go through the story of Telos Blockchain.
The Story
Telos Blockchain code forked EOSIO, the technology that powers EOS, with a vision to develop better governed and decentralised blockchain, which empowers its community members working hard to bring value to the network.
EOS faced criticisms of blacklisting accounts, vote-trading/buying, expensive resources, exchange voting, power of Block.One to sway decisions and the inability of BPs to act fast, which led to likeminded people to come together for Telocracy Movement.
On 8th December 2018, Telos Network was launched by the team of 120 Telos launch Group (TLG) members, and tokens were airdropped to genesis EOS Account holders with a hard cap limit of 40k tokens.
Telos introduced well thought out governance and constitution, document for functioning arbitration system, and agreement for Block producers which were either missing on EOS or were not well enforced. Robust governance has been one of the strongest pillars of Telos.
Four pillars of Telos Network.
1. Governance and TBNOA.
Every decentralised community needs some kind of decision-making process to thrive in this fast-growing world. We need active discussions on upgrading the network, introducing new changes, fixing issues and punishing the bad actors.
All these changes need some kind of guidelines/policies so that’s it’s predictable for businesses running on a blockchain.
See this as regulations in your states, if changes are frequent and not documented for businesses and people, bad actors will start exploiting them leading to failing businesses and lack of safety for individuals.
Telos has well thought out governance documents for all the parties involved in making Telos Network a go-to place for businesses. Standby BPs stakeholders, independent arbitration, proxies are the check and balance for enforcing such rules.
For any update/amendment on the network, the consensus of 14/21 BPs is required.
Quick links for governance documents -
Telos Blockchain Network Operating Agreement
Reg Producer Agreement
2. Scalability
Telos is powered by EOSIO, which claims infinite TPS using IBC (current maximum TPS — 9179), low latency, high throughput and swift transaction verification (180s LIB).
Telos, along with Transledger, is working on IBC solutions which will help to enable infinite transaction per second.
3. Cheap resources and close to zero transaction fees.
High transaction fees are an issue for many dApplications built on top of PoW Blockchains and most second-gen crypto projects.
Telos with the cheapest resources (CPU, NET and RAM) available, free accounts and the ability for dApps developers to stake resources for their end-users, makes the transition from centralised application to dApps ridiculously easy.
It’s so simplified that the applications end-user doesn’t even need to know/understand blockchain.
4. Telos Works
Many networks are dependent on ICOs(Initial Coin Offering) fund to push their marketing and development initiatives. But those funds are not infinite and gets exhausted at one point of time no matter how successful the ICO was.
Also, ICOs puts funds in the hand of a single entity(parent company), which usually makes it challenging to fund individual developers to work on an independent open source project if the parent company isn’t willing to put a bounty on such an initiative.
To solve such issues, Telos Network introduced community managed funds in the form of Telos Works to fund independent marketing and development initiatives, which in return help to grow the network.
How Telos makes it easy for today’s centralised application to port their businesses to blockchain?
Apart from the strong governance, scalability, usability and sustainability, today’s business needs tools to adopt the decentralisation decision-making process and simplified technical bridge to port their products.
Telos is working on fulfilling both the criteria using Telos Decide and easy to code smart contracts.
Telos Decide
Telos Decide is an on-chain governance engine exclusively for the Telos Blockchain Network that offers an extensive suite of voting services and DAC/DAO tools for both users and developers.
Using Telos Decide, any user, developer or member could create Ballots with different voting criteria and treasuries to equip specific communities/members with voting rights.
Telos Decide introduces multi-level decision making, imitating the decision-making process we have in the corporate world, with different members, be it, stakeholders, board members, managers or developers voting for various proposals/requests.
Telos Network hosts such voting actions, which adds trust, transparency and auditability to the network.
Easy to Code and Port
Unlike Ethereum and other blockchains, dApp developers building on Telos (EOSIO) don’t need to learn yet another language. dApp could be developed using C++ and other WASM languages.
Learn more about EOSIO development here — https://developers.eos.io
About TelosIndia
Telos India is a community funded initiative to promote and establish the Telos Community in India.
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You may also subscribe to the newsletter to keep ourself updated about everything Telos — https://telosindia.com/subscribe/
Disclaimer: No investment advice, please do your due diligence before investing.
