Blockchain technology was introduced with the Bitcoin cryptocurrency and was on the path of growth. Ethereum smart contracts as well The second generation of blockchain were born But this technology was welcomed by a large number of users in a short period of time, and this technology is difficult Scalability confront with. Finally, the third generation of blockchain was introduced with the aim of providing speed, security and decentralization. The third generation of this technology is efficient and not much time has passed since the life of the blockchain and has come to cover the disadvantages of the previous generations.
Telos is one of the most popular blockchains third generation which, in addition to high scalability, promises fee-free transactions. In this article from Valx magazine, we want to review the Telos network, its features and services. Stay with us to get to know the advantages and limitations of Telos.
It is suggested to read the article “Blockchain’s first layer” for a better understanding of this blockchain.
What is the Telos blockchain and what are its goals?
Telos is a third-generation blockchain platform designed to build fast and scalable distributed applications with zero-fee transactions. In this generation, there is no news of problems such as scalability, interoperability and privacy that were observed in previous generations. The network was launched in December 2018 and with its innovative governance feature, it enables organizations to transform decision-making in a more collaborative and transparent manner. Also, developers are trying to launch more than 100 decentralized applications (Dapps) on Telos from the beginning of 2021.
Since its launch, the Telos Core Network has been able to pave the way for Web 3.0 and provide an opportunity for all contributors to influence the way the network moves. In general, the Telos ecosystem, from the fundraising model to the governance structure, is truly decentralized so that only its native token holders and active network users have the power to participate in network affairs. According to the official website of this network, Telos is a blockchain that operates faster, cheaper and more transparent than other platforms and is also environmentally friendly.
Getting to know the TLOS token
TLOS is a native token of the Telos blockchain, which has applications such as governance, ownership, and reward payment, and is considered a means of payment in applications and services on this network. The total supply of this token is limited to 355 million units, of which approximately 270 million are in circulation and about 4,100,000 units are added monthly. Telos token with a market value of about 52.85 million dollars is ranked 395th in the market and has a share of 0.004% of the total market. Each unit of this token will be traded at a price of 0.20 cents in February 2023. The highest price of Telos was $1.42 in February 2022, which is now 85% lower than that time. Currently, this token is traded on Binance and KuCoin exchanges.
How does the Telos network work?
It can process more than 10,000 transactions per second. This value can be increased by code updates, sidechains and other growth mechanisms. Validators are the ones who maintain the network ledger and validate transactions. Anyone can launch a validator node, but only the top 42 block producers who have voted in the blockchain’s native token holder community; They are responsible for the operation of the network and receive its reward. Of these top 42 validators, 21 nodes are active and handle most transactions, and 21 are standby nodes that are regularly tested for their readiness as backups. Voting to select the top nodes is done every 2.5 minutes, which means the ranking of validators may change at any time. These active nodes receive a maximum of 28,000 Telus tokens per month, and standby nodes receive half of this amount.
Having a native token of the network means owning the Telos network resources, for example, if you own 2% of the existing Telos tokens, you own 2% of the total network resources. In general, as the demand for the network increases, the TLOS token becomes more valuable. A user needs little resources to do things like buying and sending tokens, so he has to deposit a small amount of this token, and in this way, standard transactions will be practically fee-free. Organizations also need a complex infrastructure to strengthen their ecosystem, eventually they should have more resources and stake a lot of tokens.
Introducing the services offered by Telos
You can see various services on the local network and EVM by referring to the Telos ecosystem section. In the following, we introduce some of the most important services of the Telos network.
- Decide Voter: A mobile application used to vote on validators and proposals.
- Tstarter: It is a platform for discovering and supporting projects on the Telos network.
- Tipit Bot: A web application that provides users with a free social digital wallet. Using this program, you can receive or send tokens on social networks such as Telegram, Twitter and Discord to buy or sell goods and even support. This digital wallet supports 65 digital currencies on the Telos and EOS (EOS) blockchains.
- AreaX NFT: This service provides a marketplace for non-traditional tokens.
- Tswaps: With the help of this platform, you can easily convert your tokens to each other on the Telos network.
- Dstor: This service is a decentralized data storage space with high levels of flexibility and security available at a fraction of the price of centralized versions.
- Heart Farms: This service is a blockchain game and virtual land management system that can be played using the Internet.
The main features of the Telos network
Telos blockchain users only need to deposit a small amount of Telos tokens to carry out their standard transactions without fees. It should be noted that applications and organizations need a more complex infrastructure to strengthen their ecosystems. As a result, they need to have a lot of resources by staking more tokens. The most important features of the Telos blockchain are:
- Using the Consensus Mechanism of Proxy Proof of Stake (DPoS)
- Compatible with “EOSIO” software and Ethereum virtual machine “EVM”
- A fast and scalable structure
- Processing 10,000 transactions per second (24 times faster than Ethereum)
- Making transactions without paying fees
- A completely decentralized solution
- Community-oriented blockchain
What is Telos EVM?
The Telos network has a native platform and a platform compatible with the EVM Ethereum virtual machine. Telos EVM, abbreviated as “tEVM”, is a Layer 1 Ethereum virtual machine. Telos is the first blockchain compatible with EVM, which is based on “EOSIO” it was made. EOSIO is free and open source software that can deploy high-performance blockchain applications on customized platforms. This ecosystem allows Ethereum-based applications to be easily transferred to the Telos blockchain and benefit from all the advantages of this network. These advantages include high speed, low fees and attack prevention Front Running (Front Running).
Introducing the benefits of the Telos blockchain
One of the advantages of the Telos network over other blockchains is the ability to provide resources for users from developers. Using this feature, developers can create applications with a simple user experience, without additional costs and hassles for their customers. This issue increases the potential of blockchain technology adoption in any industry.
Decentralized governance is considered one of the most important parts of Telos and is implemented in various cases such as block generators, rule amendments and voting proposals. In this network, almost any aspect of operations can be modified through community votes. A positive feature that is not possible at all in other blockchains.
Other advantages of the Telos network include:
- The Telos blockchain provides a unique model of resources that have negligible fees.
- It has a highly scalable infrastructure that can process 10,000 transactions per second.
- It has created an ideal ecosystem for decentralized application development with very low implementation cost.
Telos; Third generation blockchain platform
In the last few years, many blockchains are looking to solve the triple problem of blockchain, i.e. security, scalability and decentralization. The Telos Network is one of these projects that tries to solve the scalability problem by using its proxy proof-of-stake consensus mechanism, decentralized governance, and native token. This network is also compatible with Ethereum virtual machine and you can easily transfer decentralized applications to this network.
In this article from Valx, we examined what the Telos network is and what services it provides. What do you think about how this project works? Will Telos be able to overtake the top blockchains in this field in the future? Share your thoughts with us.
What is Telus writing? Full introduction of Telos blockchain layer one network for the first time on Wallex blog. appeared.
