AMA Recap: CRYPTO MINERS X TELOS

Telos is a high performance L1 and the home to the fastest EVM, 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 many more use cases. Telos is home to over 100 distinct applications (dApps) including Taikai, Qudo, Qubicles, Appics, Wordproof, Seeds, Zeptagram, and NewLife. These applications enjoy the networks speed (0.5s block times) and scale (10,000+ TPS) but also the robust on-chain services that Telos provides for voting, sentiment, decentralized file storage, location and much more. The network is home to the most performant version of the Ethereum Virtual Machine available. Telos is the the only blockchain to support the two leading standards EVM and EOSIO for smart contract development. These two technologies together make up the majority of the top dApps on popular tracking websites such as dapp radar.

We hosted an AMA session with Telos on 22nd August.

Mr. Ramsy was the host from Crypto Miners and Mr. Justin, CEO of Telos was the guest. He shared delightful knowledge and unique features of Telos.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our AMA session With Telos

To help us learn more about Telos, We are lucky to be joined By Mr. Justin, CEO of Telos Foundation

Justin | Telos Foundation:
Hi everyone! 👋👋 Glad to be here with you all!

Ramsy | Crypto Miners:
Hey there 👋

Welcome here

Thanks for bringing Us Telos ❤️

So Justin First of all Can You Introduce yourself to us?

Justin | Telos Foundation:
Im Justin, im the CEO of the Telos Foundation. I have over a decade of experience in product and entrepenurship. I am one of the cofounders of the Telos Network — joining the project back in June 2018 before we went live!

The TF is the Marketing and BD body for the Telos Network DAO! We do a lot of other stuff but thats the majority of our responsibilities.

Ramsy | Crypto Miners:
Nice to meet you Justin 🤝

Now let’s start our Project Introduction if you’re ready!!

Justin | Telos Foundation:
yeah lets go!

Ramsy | Crypto Miners:
1)Please Make a concise and brief introduction about Telos.
How it is playing its role in Blockchain world?

Justin | Telos Foundation:
Telos is a layer 1 blockchain and the network with the fastest Ethereum Virtual Machine. Meaning it is the most performant on transaction speed (0.5s) and scalability 10,000+ transactions per second (new benchmarks coming soon). It supports Solidity, Vyper and C++ smart contracts with more language support coming soon.

We not only have performance that rivals and outperforms solana, polygon etc but we have a governance model that rivals competitors like tezos along with a token distribution fairer than we have seen to date. The network is supported by a huge community and has been live since december 2018.

I think Telos is uniquely positioned in the market due to its grass roots establishment, passionate and helpful community, High performance and reliability that is actually tested. We are quite strong in the areas of NFT, Social Media and really establishing ourselves in DeFi as well.

We like to say we are creating a ‘Faster, Fairer, future’ for web 3 and as you get to know about us and our roots this becomes very apparent.

Ramsy | Crypto Miners:
Thanks Justin for this well start about Telos 👌

Looks Great

Now let’s see our second question from this segment

2.What are the features of Telos and its EVM that makes it superior and special as compared to its competitors?

Justin | Telos Foundation:
*Truly Unique EVM implementation*
Built from the ground up — not a go ethereum fork like majority of other EVM’s. This is how we are able to gain much greater performance than other EVM’s but also puts us at less risk of hacks affecting other EVM’s. We actually discovered a major gETH bug last year and disclosed it privately and helped out 10+ other blockchains including ethereum

*No front running*
Front running is a nasty issue on ethereum and other EVMs costing traders billions.. Soon over a trillion dollars will be lost due to “sandwhich trading”

*Super fast transactions*
Our transactions are instant — what users expect for user experience today

*True Scalability*
We have tested 10s of thousands of real transactions per second and will soon release the impressive results. this isnt just marketing — it is real

*Telos Decide Governance engine*
Users, decide and control the future of telos — not the foundation who controls a minority of tokens

*Supports upgradeable smart contracts on telos native*
Developers can upgrade their dapps seamlessly on our telos native platform — this is totally customizable — from completely immutable to dao run contracts to being able to be decided by a single dev — flexibility is important — unfortunately on EVM’s its very convoluted to move fast and break things.

Ramsy | Crypto Miners:
3. Telos is based on Delegated Proof of Stake (DPoS). Tell us about this algorithm, what are the benefits for using DPoS. Also tell us about Telos REX.

Justin | Telos Foundation:
Well DPOS is a very under rated consensus algorithm — it really provides similar experience to a sharedholder vote only the decisions and control of block validation can be made and changed minute by minute. You hold your tokens, you stake them and you vote for validators you trust to run the blockchain effectively. On telos because we have never made special insider deals or allocations it works powerfully well in aligning interests to select the best validators.

The benefits are incredible performance as i have described above and very strong alignment. There is a reason ethereum is moving to a similar POS concensus model. POS based consensus is now relatively proven.

Telos Rex is our staking program — Users are rewarded for staking tokens — currently to the tune of 13% with just a 4 day lockup period. When users stake to rex they are actually opening up resources to developers hence the name REX (Resource Exchange)

Soon we will have Liquid staking sTLOS on telosEVM, this will open up staking to metamask(web3) users and allow them to do all sorts of DeFi magic while staking. This has been a huge boon for networks like Avalanche so we expect it to be big for telos also! Thats coming in around 2 weeks!

Ramsy | Crypto Miners:
4. Now tell us about the native token $TLOS, what are its usecases and utilities in Telos ecosystem? Also provide us with the tokenomics

Justin | Telos Foundation:
TLOS is the protocol token similar to ETH on Ethereum. Its used for paying gas fees, liquidity provisioning, buying tokens and NFT’s and much much more. On telos native developers can get more intricate control of resource via staking. With staking they can get finite control of CPU and Bandwidth — this is a unique differentiator for telos.

Just a select number of the dapps running on telosEVM that require TLOS for gas

We actually have over 300 projects in total.

Like in other eco systems we expect that a tonne of the tokens in supply will be required for projects in terms of AMM liquidity.

our token supply is 355 million TLOS, currently we have around 3m tokens being distrubuted monthly but this is coming down quickly over time. It is our concerted aim to get telos to negative inflation through fees and burning tokens.

We currently have 0 inflation but do have tokens going out in terms of new circulation.

Ramsy | Crypto Miners:
That’s cool 👍

Now let’s hear last question from this segment

5. What Telos achieved so far and what important updates and developments we’ll get in coming months in Telos ecosystem?

Justin | Telos Foundation:
To date we have:

1. Launched the leading network for scale and performance
2. Been able to get onto a number of the top 10 exchanges without having done an ICO
3. Delivered the best EVM
4. Delivered the leading governance engine in TelosDecide
5. We recently co lead the formation of antelope.io — a co-olation building out the antelope framework we run on

Upcoming we have:

1. Liquid Staking (sTLOS) Launch
2. Major Liquidity Program
3. More major exchanges to come
4. More Hacakthons, Events and other programs for the the developer community
5. Major upgrades like Faster Finality and Inter blockchain communication

Checkout our roadmap for more 🙂 https://www.telos.net/roadmap

Ramsy | Crypto Miners:
Thanks Justin for this well detailed introduction about Telos:)

And that’s the wrap up of our the first part of the AMA session ✅

Let’s now proceed to our Twitter Questions section

i hope you’re ready for that!!

Justin | Telos Foundation:
yeah im ready 🙂

Ramsy | Crypto Miners:
So let’s get started 🚀🚀

Segment 2️⃣: Twitter Questions

1: Telos EVM now processes up to 10k TPS, making it the fastest EVM in the crypto industry. Although this is extremely astonishing, could you explain how you arrived at this conclusion? Have you conducted a comparison analysis of your rivals?

Justin | Telos Foundation:
Great Question! So we are in the process of doing this as we speak through testing on a stagenet but using same number of nodes as mainnet etc. Its important to note that the 10k TPS number was for our native transactions not EVM. Its an old figure from a few years ago on less performant hardware than is available now. Shortly before the EVM launched we confortably hit 3k tps on the EVM without much effort. We are now in the middle of testing on current hardware and latest code upgrades and it looks like we will surpass 10ktps on the EVM but go many times over what we thought we could do in native transactions.

Its very hard to get the full testing done on all the other EVM’s but what we have seen is they are struggling in the low hundreds of transactions.

So we are very comfortable to conclude we are much more performant than them by a significant margin

Going away from EVM’s for a second. Solana who claims 50k TPS goes down completely in the hundreds of transaction for periods of 12 hrs or more.

There is a lot of hype in the space unfortunately — most of its very easy to refute. With our codebase antelope.io we have seen 1000s of transactions made comfortable on our network and other antelope based networks like wax so you can conclude a lot from that

Ramsy | Crypto Miners:
2: I read that, Telos is working with with EosNFoundation, WAX_io and Network_UXto and AntelopeIO in order to create an new era of #blockchain innovation. I would like to know how this collaboration will help develop an platform which is best & secure ?

Justin | Telos Foundation:
Great question again. We are really proud to have formed antelope along with these networks. We have effectively taken control into our own hands of what gets built next. Previously it was a company called block one who had their own priorities.

Together we have contributed $8m so far and will be tackling some big items like wallet sdks, faster finality, IBC and so much more.

In terms of security — antelope based networks including telos have never been hacked and yet have been going for 4 years now. This is remarkable compared to some of the other codebases out there.

We already have the best proven performance — and the formation of antelope has been important to ensure that we stay ahead.

The antelope based network space is incredibly intriguing and i dare say under valued compared to stuff built on substrate/polkadot

I believe we will see a lot of money and developer interest moving onto the top antelope based networks like Telos now that the community has control of the brand and the codes development

Ramsy | Crypto Miners:
3: I saw on your website about TELOS IGNITE GRANT PROGRAM. Can you tell us more about this? Is this open for everybody to join? What is this program for and how does it plan to help users of Telos?

Justin | Telos Foundation:
Telos ignite program is our grant and ventures program. We have committed 12m TLOS short term to high quality projects who want to make use of our amazing network. We are investing heavily in projects bringing true innovation to web3 — our aim is to be ahead of the curve in the next hype cycle and investing in the right projects is going to deliver that.

Ramsy | Crypto Miners:
This will be great incentive for High quality Projects 👍

Justin | Telos Foundation:
definitely. builders check out ignite.telos.net

Ramsy | Crypto Miners:
4:I am currently looking for #RealUtilityNFT. So about your NFTs, can you guide me on how to Buy your 1st #TelosNFT on #AreaX? Tell me how unique your NFTs are? Benefits of holding them?

Justin | Telos Foundation:
In terms of real utility NFT’s two amazing projects on Telos stand out for me.

On our evm i recommend telland NFT — you buy pieces of real farming land in peru and get exposure to the profits of said land

https://www.telosperu.net/

Another project i reccomend is Zeptagram — Where you can own shares (and profits) from songs from artists like Britney Spears, Maroon 5 and others.

https://zeptagram.com

AreaX has two versions. A telos native and an evm version. I suggest you start with the evm version if your familiar with metamask. On you tube there are great guides for either.

https://evm.areaxnft.com

or

https://areaxnft.com

Sometimes we use the tag line #RealWorldReady — thats because we not only have real world performance but also attract real world projects like the examples above!

Ramsy | Crypto Miners:
5)Going by the WEBSITE, i came across how Telos is promoting ESG
Blockchain. What steps are being taken so that more projects adopt ESG blockchain? What factors will make it environment friendly? How is ESG real world ready?

Justin | Telos Foundation:
Yes, we are really strong on the areas of Envioronment (low energy usage, carbon neutral), Social (we employ people globally and are actively removing financial barriers) and Governance (We have structured everything in our network for high accountablity to tokenholders and share some of the better structures and accountability from publicly traded companies)

ESG is a framework meant for publicly traded companies(fortune 500 etc), there is a huge movement for investment to go towards ESG and Telos as a network is doing the most to identify and push what ESG should mean to blockchains and DAO’s

Like with a lot of things — its going to require telos to lead the way as no one else is doing the work! I feel we will get a massive first mover advantage from this though — a big thing considering the billions of ESG money on the sideline waiting to invest in blockchain

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

Shall we Mate?

Justin | Telos Foundation:
Lets do this!

🙂

Ramsy | Crypto Miners:
Alright 👍

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Lizzy.zk:
What strategy will you implement to bring non-crypto-natives into your ecosystem?

How do you keep a balance between developing the technology and also improving the value of your token?

Justin | Telos Foundation:
Nice question Lizzy.

This is a critical area indeed.. There are two things we are working on to bring in non-crypto natives.

- Better UX through agressive investment in wallets that cater to web2.0 audiences. Stay tuned for more on this
- Investment and support of projects that will attract mainstream audiences — we believe we have that with projects like appics.com (Social media network like instagram) and Kluest.com (AR Metaverse like pokemon go)

Normal users want to jump straight into experiences without buying tokens. I think Earning tokens and UX is going to be key to mainstream success

2) Sarika ∆:
What is your number one priority for next 6 months?

Justin | Telos Foundation:
We have a pretty big team so can tackle more than one thing at once. Probably one of biggest if not the biggest is landing on one of the top 3 exchanges. All the other things we do tend to support this priority and in turn this deliverable helps our other priorities.

3) FORBIDDEN:
How will Telos value it’s community? And, what are the ways that Telos can build a strong and supportive community for it’s forever success? And, how many communities does Telos currently have for its non-english users?

Justin | Telos Foundation:
We really value our community. So much so we are forming teams to build communities around key areas like NFTs, DeFI, Gaming and more.

We have telos community groups all around the world for different languages also. You can find them from our main @hellotelos chat on telegram

4) Alchemy x Hunter:
Telos has a TPS of 10,000, making it faster and better than Matic and ETH. Could Telos eventually replace Matic or ETH? Who will switch to Telos?

Justin | Telos Foundation:
Our aim is never to replace — there is so much inflow from web 2.0 to come that we probably need to work together with these other blockchains to accelerate that rather than worry too much about market share against them. I do believe that there are many many reasons projects might switch over from these projects to telos and many will but its not necessarily something we need to focus on.

5) Xander Cage:
Can you tell us more about your team and thier tech background in running your project successfull?

Justin | Telos Foundation:
Our team comes from many prominent companies from Microsoft, Service Now, SpaceX to various startups. We have a lot of contributors who bring experience from all different industries.

6) Fariii Faryal:
I read the $TLOS introduced a risk-free staking mechanism for your token. Can you please explain What is your staking mechanism and how it works? What are the strategies you’ve employed to ensure that this process is Risk-free and user assets are secured?

Justin | Telos Foundation:
Watch out for sTLOS staking in the coming weeks! Its going to be simple and easy to do on our EVM. It requires just a 10 day lockup and is accessible via metamask.

*This segment ends here*

Justin | Telos Foundation:
Thankyou for all your amazing questions!

I wish i could get to them all. The amazing @hellotelos community is there to answer anything i havent covered tho!

Please pop over to the chat!

Ramsy | Crypto Miners:
Thankyou so much For your valuable answers and information about Telos 💜

Justin | Telos Foundation:
Any time Ramsy, its been such a pleasure to meet the Crypto Miners Community

Ramsy | Crypto Miners:
❤️

Glad to know you like it

We Wish all the very best for Telos And The Entire team behind the project❤️🤝

Learn more about Telos here:

Website: https://www.telos.net/
Twitter: https://twitter.com/hellotelos
Telegram: https://t.me/HelloTelos
Discord: https://discord.gg/9hurWxq3Gf
LinkedIn: https://www.linkedin.com/company/telos-blockchain-network
Facebook: https://www.facebook.com/groups/telosnetwork/
Instagram: https://instagram.com/hellotelos
GitHub: https://github.com/telosnetwork
YouTube: https://www.youtube.com/c/TheTelosNetwork
Medium: Telos Foundation