CryptoThrust X Telos AMA
Guest: Justin(CPO- Telos)
I am the CPO, Chief Product Officer of the Telos Foundation.. Currently I'm also the caretaker leader of the foundation. Telos Foundation is merely one non controlling organization that signs of deals, covers business development and marketing for the chain. We serve at the whim of the Telos Stakeholders! We have no controlling stake although many of us have invested a lot of blood, sweat and tears into this project. Now ill talk about telos, which is the decentralized smart contract network we are just a small but pivotal part of.
Telos is a network I co founded along with over 150 other participants back in 2018, we did this without any initial fundraising. The network is built for speed and scalability making it the ideal network for mainstream adoption — Telos based Tokens NFT’s and Smart Contracts are already used for DeFi, Gaming, Social Media apps and so much more. There are over 100 projects already building on Telos and we already have 800,000 user accounts on our native network. We have recently bridged onto Ethereum and BSC to provide our token more liquidity and the early results have been impressive
Segment 1- Project Introduction
Q1) Can you tell us idea behind this unique name “Telos” for your Project?
The dictionary meaning of Telos is ‘An ultimate aim’, or an ‘ultimate purpose’. Someone told me recently that in Greek it means ‘the end’.
It’s been a really fantastic name in my opinion as its meaning is so expansive and inspiring just like the possibilities that Telos enables. The technologies that we are building our smart contracts, decide voting, storage, NFT’s and so much more allow people to work together, trustlessly on shared purposes so they collectively benefit. These purposes, whether they be changing the music industry with Zeptagram.com so that fans buy fractional music rights from their favorite artists and benefit, or enabling project anywhere to fund raise and realize possibility with tstarter.io, or to spread amazing joy through art and collectables with AreaX NFT they are all amazing purposes or Telos’.
now this might not be the original intention of the whitepaper author Douglas Horn.. But its a decentralized network and so we all have our own meanings
Q2) What are the key feature of the Telos Blockchain, which makes Telos superior then existing Networks?
There are too many, but here are just a few key features.
- Speed — Telos Does 0.5 Second block times, this is effectively instant to the average user
- Scale — 10,000 transactions per second
- Technology/Compatibility — Telos is the only blockchain that will support both leading standards in Ethereum and EOS compatibility — developers have access to the largest open source library of any project.. and telos is able to be built on by the largest developer audience
- Decentralized holding- Telos small premise of 6% was distributed to over 150 people who made contributions pre launch, There was no single founding team on telos. To this day the distributions is quite decentralized and most importantly properly aligned to Telos’ goals. Even to this day, we do have the Telos foundation which I'm a part of but we have no control over the chain, we simply handle PR, Biz dev, Marketing etc.. we get funded month to month by
he transaction fees.. 25c to do a trade.. compared to telos its like sending a fax vs sending an email 🙂 both in time and speed given our transactions take only 0.5s and theirs potentially taking minutes if congested.
we have some charts comparing to BSC as well. ill have to share that too
Q3) What benefits Telos Network can provide to the Developers? what are the the tools from Telos which can help developers to get onto to Telos with ease?
Well! Other than the leading performance and scalability available today.
Because we are compatible with EOS/EOSIO and soon(within weeks) fully compatible with Ethereum means there is an abundance of tooling and education available for developing on Telos. We are already code compatible with anything you can do on networks like EOS or WAX and soon we also will be compatible with the abundance of open source available for ethereum and other EVM based networks.
some great dev resources include:
- developers.eos.io (since we are fully compatible with EOS)
- ethereum.org and and any developer resources relating to Ethereum
On top of that we have some amazing Telos specific functionality available or coming soon:
- Available now- Decide Governance engine, allowing any project to integrate voting and collective decision making into their app
- Telos oracles — first to release will be a RNG(random number generator), this is essentially ready and awaiting marketing
- Telos privacy, private transactions like Monero.. Available to any project or coin running on telos
- Telos Location — a proof of location service enabling things like NFT airdrops to specific locations
- Dstor — IPFS storage
We also have a great team at the Telos foundation who will guide your team to success and direct you to platforms like tstarter.io where you can raise funding for your project!
Telos Technical Roadmap 2021
The Telos flagship governance engine, Telos Decide, is the leading chain-level governance engine for dapps and DAOs to…
Q4) Can you share the projects which are already on the Telos Blockchain and going really well?
So a big one that is on testnet currently but soon to deploy is APPICS.com — They have moved over from steem. Appics is essentially the instagram of web 3.0 in our books. Very similar but the benefits of being fairly rewarded for creating great content.
Zeptagram.com — Meantioned earlier — Artists can raise money for producing their music, fans can own a share of the music and its profits 🙂
We were able to assist them in rebuilding their reward system in a matter of a month using eosio based smart contracts!
Move over Redfin, Zillow - Telos based Cudurru unleashes slick Proof of Concept - telos.net |…
Telos is a decentralised computing network, global economy and app ecosystem. Featuring the leading fast, scalable and…
Cudurru is another great example of a project that is looking very promising. So its a real hassle to handle settlement and payments in real estate. So many people involved, so much red tape, fees, expenses and lack of transparency. We feel a project like Cudurru will be able to handle this all seamlessly using Telos smart contracts and the telos ledger providing transparency around ownership etc.
We also have Qudo.io which is bringing over 15 games onto the telos blockchain!
Qudo utilizes their own special proof of gameplay technology to build a digital gaming economy on telos. Gamers get rewarded for gameplay (similar to BAT in this respect).. Developers also get rewarded for user activity.. and there is a whole circular marketplace of things to buy and sell.. Its a new way for developers and gamers to earn from contributions.
More projects: https://tstarter.io/ — Kickstarter + Telos for projects building on telos or other chains (similar to polka starter)
Q5) Please briefly tell us about $TLOS Token. What are it’s utility?
TLOS utility is somewhat similar to say Ethereum but with some differences
TLOS token is used to reserve network resources (staking ensures resource availability but staked tokens are not consumed)
Developers buy up TLOS to stake so users can make transactions essentially. This is the case for eosio based contracts. For our Telos Ethereum Virtual Machine we offer the more traditional (for eth) model of having users pay gas
However those gas fees start from 1c to i believe 5c per transaction depending on what it is doing (this is not final yet)
Although those fees sound small for eth.. The kinds of apps that can run on telos typicallly do 1000s more transactions than they would on BSC and ETH due to our increased capacity.
All of these fees are stakeholder set and will change over time.
Beyond that the TLOS token is also key to our governance system. Staked tokens are used to vote in Amendments to how telos works and functions, Vote in telos foundation board members. and to decide network validators.
Beyond that we are going to see significant fees being taken in for services like Telos private (you will pay more to send a private transaction), Telos Location (a premium service that enables proving a users location), and Dstor (payments for use of storage and payouts for storage providers)
TLOS is also seeing apps accept TLOS as payment for NFTs and other items.. They are also locking up huge amounts of TLOS similarly to ETH for Telos based DeFi AMMs such as tswaps.com
As a decentralized network we are seeing more and more utility for the token being added each day. It is definitely out of our control
Q6) What can we expect from Telos in near future, any new event/update?
We already have very capable smart contracts.. But Ethereum based development is still much larger than eosio based development.. there is just so much great open source for it too like uniswap and opensea etc. When Telos EVM drops we are expecting to see some big partnerships and lots of deployments as we have seen on BSC (not that we dont already have many projects!)
Segment 2- Questions from Twitter
Q1) As I know, since DeFi space is still in its infancy, there is still a lot of infrastructure to be built to solve the problem of contract security, liquidation risks, speed and cost of transactions. So how does Telos solve these problems?
so one of the key things we are solving right off the bat with DeFi is removing the ability to front run other DeFi transactions. Currently its very common to over pay in a defi swap due to someone seeing your buy transaction and slipping their own buy and another sell right in front of you to profit.
I have seen in some cases people losing $1000+ in value immediately through this issue. On Telos transaction re-ordering just isn't possible. first in first out
We also have a feature called Sureprofit coming along.. You can make a multi step defi transaction that will only execute if its profitable.
Contract security is a tough problem we havent yet began to solve. This is currently up to the creator of the smart contract to get a full audit or open source.
But as we previously covered.. We are certainly bringing the costs of DeFI transactions down closer towards 0. People should be able to buy tiny amounts of crypto.. Currently DeFI doesnt work for half the world because its just too expensive
And speed. We have that covered too. 0.5s block times is like loading a website. Instant, as it should be.
Q2) How to convince many people to use Telos and what will they benefit from participating in Telos project? On your platform, how will the Telos team solve the TROUBLESHOOTING?
Well we have already managed to get the first 800,000 user accounts onto telos. We will continue to bring in great apps as we have been doing only at an escalated rate with the addition of Telos EVM 🙂
But beyond that the increased visibility from major exchange listings will be huge, eventual partnerships with projects/influencers with millions of follower/users.
the benefits are numerous of joining our network. You can send, transact and pay with the most popular cryptos like BTC and ETH.. Only the transactions are usually free as they are covered by the devs.
People will naturally gravitate to what's easier and cheaper to use.. So we are pretty confident there.
We are seeing all kinds of marketplaces and apps pop up to satisfy different consumer demands.
Troubleshooting is hard. Our methodology though is to continue to simplify. Reduce the amount of possible questions. remove any barriers to entry
we have google login coming in wallet.telos.net simplifying the onboarding process.. and we are continuing to push for devs and wallets to cover user fees 100% of the time so they don't have to worry about these things.
Q3) Project Telos, is it really hard to start it? Which companies do you think are potential partners and to some extent, they are good for the user base and the Telos project itself?
yes, it was incredibly hard to start! If we knew how hard it would be then we probably wouldnt have done it! Now that we are where we are though we are very pleased we did. Its been a lot of sleepless nights, ramen eating and grinding our teeth. We have done things in the most fair way possible and that really is the road less travelled. How many projects out there have such a fair distribution? lack of centralisation? and managing to survive. Too few 🙂 There is a reason.
In terms of potential partners, i think big exchanges is the most important and something we should see land very quickly. Apart from that Ithink services like Zero exchange, Open Sea, Sushiswap.. we are working towards these types of partnerships in the background.
We also welcome you all to be a part of this. Everyone who joins telos is considered a founder, a partner and an important contributor.
Q4) Is your platform is easier for newbie .I have seen in your Telos project about vast technology such as EVM virtual machine technology and i don’t know about this technology. What is this technology and how it useful for us?
Well, its fairly easy right now. but not where we want it to be still.. you basically can create an account on wallet.telos.net and you can use it with a number of different signers(similar but different to MetaMask). Anchor, Wombat and Math wallet are good examples.. we also have telos sign which is still being developed.. Soon it will just be google login..
As for Telos EVM.. You can use MetaMask just like with BSC or ETH.
We believe there is a lot to be desired with usability both for telos and across the crypto sphere.. Our web wallet experience will soon be leading the way.. Using Telos will be similar to signing on with telos or google across the web
and wallet.telos.net will be the hub for your assets and finding great apps to interact with and earn from
To summaries how the tech is useful .. it will be the backbone for many popular applications and earning opportunities. It can already be used to make quick and easy payments anywhere around the world in seconds with low or no fees 🙂 Any extra tech like telos privacy just makes things more private like with regular banking.
Q5) Your project is very important but it needs a large user traffic to be sustainable over time. What marketing strategies do you have planned to increase the validity of your brand? Are you planning a strategic partnership to level up your project?
Yes definitely, a great question.. but we are always on the lookout for new partnerships and many are in the works. We are improving our funnel for partnerships with a new website. We already have 100+ projects but not all are going to be a raging success. We want to see 10s of 1000s of project and millions(then billions) of users. Our network is built in a very sustainable way and can survive being small but we don't want to be small .. We want to reach critical mass. All the things we are doing with product, adding new exchanges and partners.. all go towards this goal of hitting critical mass and being a top 5 smart contract network.
Segment 2- Questions from Twitter
Q1) At this moment, which one the most Necessary for your project:
All three are incredibly important.
I think Exchanges and Investors go hand in hand.. And are critical to our success so id say most important right now. They will also expand our already thriving and yet small community. If we didn't already have an amazing community and projects id probably say devs/community are most important. But right now we need investors/holder army to go to the next stage!
Q2) What type of advertising strategy do you use to attract investors to your platform?
AMA’s are key part of our strategy, there is so much noise that its good to get time alone with potential stakeholders.. without the noise of 1000 new shitcoins being released 🙂 We are a very real projects that people respond really well to when its put in front of them. Apart from that its partnerships and new exchanges that will get us the visibility we need! Id love to go into it more but time is tight
Q3) Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??
yes, we are definitely expanding our reach to non English communities. We have recently added community managers in new regions like China, Japan and Korea
Q4) Many projects are just clones of existing ones, and an analogue of an existing one is created. Do you have different and creative qualities from those who look like you?
Yes, our technical roadmap is completely unique! do check it out!
As an example, who else is adding privacy layer to a smart contract network 🙂
Of course there is a level of beyond a network beyond the tech, and that is the community and the governance which has a life of its own on Telos given its. a DPOS network.
Q5) Can the community provide criticism and suggestions to improve its performance?
Yes, the community can actually drive changes via a Telos Amend vote! A month or two back a community member proposed and had approved a change that removed proxy based voting.. Other amendments have evolved our tokenomics system!
so yes any community can proposes and make change happen
— — — — — — — — — — — — — — — — — — — — — — — — — -
More Information about Telos:
IDO platform: https://tstarter.io/
Documentation on Telos: https://docs.telos.net/
Block explorer: https://www.telos.bloks.io/
Telos Swaps (token swapping similar to Uniswap/Bancor): https://www.tswaps.com/
Telos wallet: https://wallet.telos.net
Decentralized storage on Telos: https://dstor.cloud/
NFT marketplace on Telos: https://areaxnft.com/