Introducing TLOS: The Telos Token
Introducing TLOS: The Telos Token
Join the Telos Blockchain Network, the first sustainably decentralized blockchain based on EOS.IO software, by becoming a TLOS tokenholder. Everyone, from EOS experts to first-time cryptocurrency buyers, will find useful information in this introductory guide to the TLOS token. Learn how to acquire TLOS tokens and about the many ways they can be used and exchanged on Telos.
HOW DO TLOS WORK?
What is a cryptocurrency token?
A cryptocurrency token is a unit of digital currency that is exchanged on a blockchain. Unlike many traditional currencies, cryptocurrency tokens have versatile utility; they can be used to trade contracts, titles of ownership services, and more.
What is TLOS?
TLOS is the name of the token that reflects ownership in the Telos network.
Is Telos a fork of EOS?
Telos is not a fork of EOS. Rather, it is a software or code fork of EOS.IO, meaning that the Network is creating an entirely new blockchain using an improved and modified version of open-source EOSIO software. EOS is actually also a code fork of EOS.IO.
What are the benefits of TLOS tokens?
You become an active and vital part of the Telos Blockchain Network when you own TLOS tokens.
Telos is truly decentralized, with community-led governance protocols established at launch including key recovery for compromised EOS accounts and arbitration to reclaim lost or stolen tokens.
Because Telos has fewer tokens than the EOS network, will TLOS owners have 3 times the network ownership percentage for the same number of tokens. Telos will also reduce long-term annual inflation to 2.5% after the first year compared to EOS’s 5% annual rate.
Our developer focus builds value. All EOS DApps must be open source, which will limit participation by many potential developers. Unlike EOS, DApp developers on Telos may designate original code portions of their DApps to be proprietary.
HOW DOES TLOS TOKEN DISTRIBUTION WORK?
What is the difference between launching and activating Telos?
Telos aims to launch on October 31st, 2018. Launching is the process of beginning to run the Telos network to allow votes to be cast for block producers and for network validation.
Activation is the point when TLOS holders can begin transferring or using their tokens beyond just voting. The Telos Network activation will occur at block 1,000,000, 5.8 days after launch. This will give users ample time to begin voting for the block producers who will operate the network, while providing all other stakeholders a predictable date and time to commence operations and activity.
How will TLOS tokens be distributed to EOS wallets upon launch?
The initial distribution of TLOS tokens on Telos will follow the EOS ERC-20 token snapshot as recorded on June 2, 2018 from records of the EOS token sale as recorded on the Ethereum blockchain (the “EOS Snapshot”) on a 1:1 basis. The airdrop distribution will be capped at 40,000 TLOS tokens per account.
EOS token holders on the genesis snapshot who lost their private keys can still receive airdropped TLOS tokens by submitting a recovery request. Learn more here: https://telosfoundation.io/recovery
The Telos Original Snapshot and Airdrops on Telos
Telos will create a first snapshot of the network for future airdrops to use called the Telos “original” snapshot.
The Telos “original” snapshot will occur at block 6,000,000 on the Telos mainnet (29 days after activation at block 1,000,000) and will serve as the “official” first Telos snapshot, to be maintained on the network for the use of any airdrops or other rewards programs in the future that may wish to reward or distribute to the original backers of Telos.
The Telos “original” snapshot will capture the balance of every Telos address that has opted-in and accepted the Telos Blockchain Network Operating Agreement by performing any action (voting, staking, unstaking, transfer, et cetera). This will allow Community Rewards Pool members, new TLOS token purchasers and others to be recorded and will encourage early participation in the Telos network.
Airdrop, fairdrop, and sharedrop — what is the difference?
Telos is a completely new network using the same EOSIO operating software as the EOS mainnet with a few small modifications. It is not an airdrop. However, the distribution of TLOS tokens is similar to an airdrop in that anyone who owned EOS tokens will receive new TLOS tokens at their addresses based on our genesis token distribution algorithm.
Some people describe Telos as a “sharedrop” or “fairdrop” because of the initial distribution cap of 40,000 TLOS tokens per account create a more economically decentralized token distribution.
How much is the Founder’s reward on Telos?
The Telos Contributors Group is an open membership group of over 100 contributors who have been working on Telos for up to four months. They will share a total of 6,000,000 tokens which would amount to 1.8% of the TLOS token supply.
There are currently two proposals under consideration that would increase the Founders reward to 12,000,000 tokens which would amount to 3.5% of the TLOS token supply.
A proposal to raise the token supply to 25,000,000 was unanimously rejected recently.
For comparison, BlockOne retained a 10% founders reward and Worbli will retain a 15% founders reward.
HOW DO I GET TLOS TOKENS?
Are TLOS airdropped directly into our EOS wallets if we were in the EOS genesis snapshot?
TLOS will not be airdropped to EOS wallets because Telos is a separate chain. TLOS tokens will be available to all users with accounts in the EOS genesis snapshot. Token holders can access their TLOS tokens on Telos when it is activated by using their same genesis account names and key pairs.
What if my EOS genesis account keys were lost or compromised?
Telos wants to make sure the proper owners receive their TLOS tokens in our upcoming Telos sharedrop. We have two different ways that EOS account holders can recover their lost keys here: https://telosfoundation.io/recovery
However, you must replace your keys before the network launches!
Which exchanges carry TLOS tokens?
Exchanges listing TLOS will be announced as agreements are reached. We are requiring exchanges to agree to give tokens to their customers and apply the cap, so we cannot force any exchange to participate. Telos has reserved 140,279,973 TLOS in an exchange reserve fund.
At this time of writing, TLOS will be available on DEXEOS and ChainRift after Telos activation, and additional exchange partnerships are in development.
If exchange addresses cannot vote, will my TLOS tokens be able to vote if they are currently on an exchange?
Once tokens are off the exchange and on your own Telos address, you can vote with them. Individual owners cannot vote their tokens while they are held on exchanges. Preventing voting from exchange accounts ensures that token holders’ votes are truly under their own control.
Wallets? Do I have to do anything to claim tokens?
To access TLOS tokens, you must interact with the Telos blockchain. The easiest way to do so is with a tool or “wallet” such as Scatter or Sqrl. Sqrl is a Telos-compatible version of the Greymass eos-voter wallet.
Download the latest version of Sqrl here: https://telosfoundation.io/downloads
Why should I care about voting for block producers with my TLOS tokens?
Establishing a truly decentralized network requires participation from token holders. Block producers are responsible for running and maintaining the nodes that power Telos. The Telos block producer system is comprised of 21 block producers and 30 standbys, organized by rank based on votes from TLOS token holders.
Inverse-weighted voting incentivizes token holders to vote for many block producers instead of a small selection, ensuring that Telos is not overtaken by whale accounts like on EOS. The more block producers you vote for, the more weight each of your votes receives.
How do I vote for block producers?
Telos users can stake their tokens and vote for up to 30 block producers of their choice. Voting is easy using tools such as Scatter or the local Sqrl wallet. Voting can also be completed via the command line interface. Inverse weighted voting makes block producer (BP) voting more difficult to game by encouraging Telos token holders to become more educated about BP candidates and discourages those who seek to vote only for themselves and their affiliates.
Do I need to do anything on my account within one year of launch in order to remain active?
The Telos Initial Distribution will include all accounts from the EOS Snapshot. However, it is unknown which EOS Snapshot account owners may wish to opt in and become members of Telos.
Accounts that have no transactions one year after the activation of the Telos network (at 63,000,000 blocks) are subject to deletion by the block producers at that time or in the future, provided no transactions have yet been made. Tokens in any deleted accounts will be deleted from the blockchain.
Information current as of October 24th, 2018. Changes may be subject to be voted on by the Telos Blockchain Network prior to pending launch date.
link to the original post: https://medium.com/@teloslogical/introducing-tlos-the-telos-token-d6af451e161f