The Telos Network, a joint project created by experienced members of the EOS block producer community, is launching the first sustainably decentralized new blockchain based on EOSIO software.
Telos is responding to the critical issues currently plaguing the EOS mainnet, and offers the following innovative solutions for running a stable, cost-effective EOSIO based network:
Block Producer accountability:
- Telos enforces minimum requirements for all block producers.
- Telos standby block producers must regularly prove their readiness by rotating into production for 6 hours every 5 days. This helps ensure network resiliency. It also gives each of the top 21 block producers 12 hours off per week to perform system maintenance.
- Any block producer that fails to produce blocks in 30 minutes (180 blocks) is automatically replaced with a standby BP for 6 hours.
Developers:
- Telos is based on EOSIO code and will be compatible with EOS for DApp developers.
- DApps will not be forced to be open source.
Exchanges:
- Telos has a documented process for exchanges to petition for new tokens to be printed for their customers (up to the cap amount) who held EOS tokens at the time of the EOS snapshot as well as list TLOS tokens.
Governance:
- Telos introduces improved governance, by capping whale accounts. Telos will start with the EOS ERC-20 snapshot, but cap accounts at 40,000 TLOS tokens. This will affect less than 0.67% of all addresses while creating the most evenly distributed token ownership of any major blockchain.
- Telos will launch its mainnet with approved wallets, a valid Constitution, referendum voting, worker proposal process, and an arbitration process and body in place.
RAM:
- RAM will remain affordable via slower RAM releases, and RAM price stabilization.
- Telos will designate a RAM fund to ensure the first 1 million new addresses will be free to create in order to aid rapid user adoption.
- Telos includes two powerful tools to help stabilize RAM against speculation.
Supply and distribution:
- Telos will have a money supply of approximately 330,000,000 tokens, meaning that each TLOS token will have three times the network equity of an EOS token.
- Telos gives new TLOS tokens to all EOS owners included in the original EOS snapshot.
- TLOS tokens will be distributed 1:1 with EOS tokens, capped at 40,000 per address.
The Telos mainnet launch is due in August 2018, at which time, TLOS owners may begin voting for block producer candidates to reach the 15% required for network activation.
The Telos project consists of partners including block producers, DApp developers, and blockchain technologists. Launch partners include:
EOS Barcelona, EOSGreen, EOS Detroit, EOS Metal, EOS the World, EOS UK, EOS Van, @officialfuzzy (Beyond Bitcoin founder), goodblock (EOSAmericas), Infinitybloc, keten.io (DutchEOS).
For more information:
White paper: http://www.telosfoundation.io/TelosAnnouncement.pdf
Web: telosfoundation.io
Twitter: https://twitter.com/HelloTelos