Telos Recent News
This is part 2 of Douglas Horn's AMA style interview moderated by @powerpics on the Telos Live Hangout. You can read the notes from part 1 here.
Below are some of the questions and answers from the interview.
Question - What are some differences between EOS and Telos?
Answer - We have the benefit of seeing some of the issues of EOS and trying to improving upon them. We are grateful of what EOS has done and are building on top of there foundation. Telos differs from EOS by:
- Providing the ability ratify or amend the governance documents
- Establishing a well defined arbitration process
a. Who can vote
b. Onboarding legal professionals who will act as arbitrators
c. Pay for bootstrapping arbitrators and reward to arbitration process creators - Including dust accounts (accounts with less than 1 but greater than .1 EOS) to be included in the Telos ecosystem
- New account creation funded by Telos Foundation
- Restoring accounts that been lost or stolen
Question - How does Telos plan to address the RAM market issues that plagued EOS?
Answer - Telos is starting with 4GB - 12GB of RAM, initially (lower than EOS). This can be increased in the future. Speculators were harming the network when EOS lowered RAM prices by increase RAM supply. Telos doesn't want to encourage RAM speculation, so starting low should help this.
Additionally, Telos will have a staging network that will provide an environment to test some changes before going to production.
Telos has a document called Published Guidance Price (PGP). Telos RAM Administration personnel will give advice on what they think the price will be. Funds from an endowment will be used buy RAM to keep the price at this level if it gets too low or sell if it gets too high. Decentralized Application (DApp) developers will always be able to purchase at the PGP regardless if the price is higher.
Question - How is Telos addressing the issue with DApp developers forking EOSIO and making their own chain?
Answer - The main purpose of the EOSIO software is to create DApps. When big crypto projects fork EOS mainnet, it is bad for the entire EOSIO ecosystem. This causes duplication of efforts and which can be very wasteful.
Telos is trying to fix the issues that causes Dapp creators to want to fork in the first place. Be advised, Telos is not trying to steal DApps from EOS. However, Telos will be competing for some of the same DApps projects. The previous discussion about RAM also addresses this issue.
Question - Could RAM be every traded as a token?
Answer - There is a possibility that will be implemented in the future.
Question - What is the account cap on Telos and what is its purpose?
Answer - The purpose is to highlight that 'Every Vote Matters'.
Eliminating the hyper concentration of voting is the main purpose of the cap. Telos believes that smaller token holders may have as much compassion and interest as those that may have invested $1,000.000. In a decentralized system, voting affects many aspects of the ecosystem and Telos want's to ensure all token holders have a say in the future direction of the project via voting.
Question - Why use the EOS Token snapshot as opposed to another method?
Answer - We realize that some will not agree with this approach. However, there are many benefits to using this method:
- Exchanges have recorded a snapshot of EOS holders balances
- Makes it easier for Telos to restore lost or stolen account keys (must be able to prove cryptographically)
- Ensures large token holders with more than 40K EOS cannot game the system
Question - Could a block producer become a whale if Telos trades at $1 USD.
Answer - Active block producers could earn approximately $90,000 per year. Standy block producers could earn earn $45,000 per year (half of active block producers). Disclaimer: This is a hypothetical estimate.
This concludes the Q&A session.
A bigshout out to Douglas Horn and @powerpics for creating this hangout. We look forward to many more.
Thanks for reading.
To learn more about Telos, see the links below:
