Telos-Cryptoverse AMA Recap
Date — 24TH Jan 2020
Guest: Tanish Verma — Founder of Telos India
Ryan Jones
INTRODUCTION
Q: Please briefly introduce yourselves and Telos to our community?
Tanish Verma — I am Tanish Verma, promoter of Telos in India. I have been involved in the crypto space for more than 3 years, previously worked on projects like Tungsten and now working along with AtticLab. I am an EOSIO enthusiast and crypto(BTC) fanboy.
Telos is a smart contract platform, powered by EOSIO leveraging dPOS+BFT consensus mechanism along with in built governance. It’s one of the most efficient and most used blockchains around the globe (check blockactivity.io)
Ryan Jones — I am one of the Telos Block Producers (node validators). I joined Telos at launch as an investor and became a BP after six months or so as I learned the workings of EOSIO, the software that runs Telos (with some custom modifications).
AMA
Q: I hear & also know little about BaaS, SaaS But, While checking developer page of Telos Network there you mention VaaS ( Voting as a Service ) .. So, Whats the meaning and work of VaaS & How its helpful for Developers ?
A: Great question. Voting as a service is inbuilt code which is offered by Telos on the base layer. We have seen the void where dApps needs to be governed in someway, and took steps in direction to empower the dApps so they don’t need to have their own smart contract built everytime. We begun with Telos Decide (which is VaaS) which could help to create governed dApp and entities on top of Telos.
Essentially VaaS is a DAC enabler.
VaaS allows developers or users to create custom voting ballots on any topic. The engine is called “Telos Decide”. Telos Decide currently powers the Telos Works worker proposal system and our governance feedback mechanism, Telos Amend.
These are specific implementations for maintaining the blockchain’s governance and allowing community-funded initiatives.
For instance, developers can propose a DApp specification and receive a vote on whether the community will fund that DApp from a common pool.
Q: What is your business Model? Who are your potential customers and which markets are you targeting on?
A: On Telos every stakeholder have resources to make transaction. Any user/dApp need to stake some amount of resources to perform any transaction. As dApp start building on top of Telos, resources gets expensive and so does the value of TLOS token.
We have great dApps like Social, games, fintech emerging on Telos. We think Telos could empower leading industries which required transparency and are willing to deploy their dApps on chain which have no transaction fees and is scalable.
Telos has engaged the services of a professional branding company that specialises in blockchain. Our message is that, “Telos is a place for purpose.”
We intend to enable rapid scaling of communities and DACs for any purpose whatsoever, to create an ecosystem that cross-pollinates innovation and leverages the network effect of many industry sectors. Enterprise and community can coexist easily on Telos.
For instance, we have existing DApps for renewable “green” economy, social Q&A like Quora, music rights investment, charity/aid donation tracking and will soon see a DApp launched aimed at the real estate sector.
Q: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos?
A: Telos is decentralised in technical operation so the system token, TLOS, can be used for economic reasons (eg. cross-border transactions), but it also represents a decentralised stake in network resources (eg. x seconds CPU time, x amount of network bandwidth) that can be allocated by DApps. These resources can even be rented for profit by the owners.
We are leveraging recourses based economy and Telos Decide(VaaS) to create an global economy, where people could trust, vote and participate efficiently.
Essentially, We want to give power back in the hands of individuals to create scalable fintech dApps like SesaCash(Telos dApp) is doing in Africa.
We sense that dApps have competitors like Visa, for now we feel remittances and countries like Venezuela are first dApps which will leverage the dApps and usher the movement where different communities come forward to control their funds and resources hence creating a new global economy.
Egypt wasn’t built in a day.
Q: Despite the criticisms of EOS, how EOSIO is a “worthwhile” project to choose for fork and building Telos? what would you do different from eos?
A:EOS started with a vision of governance perfected, but there are various part issues which are faced by EOS network. Issues like vote-buying, centralised exchanges voting and vote trade.
In comparison to EOS, Telos has an well laid out constitution, reg producer agreement and rules against sock puppet voting.
We could proudly say that Telos is a better-governed blockchain in comparison to EOS.
Apart from this, Telos has better and fair distribution and less expensive resources.
EOSIO is very versatile software. It can even be used to create private permissioned chains for Enterprises completely for free. EOS is only one specific implementation of EOSIO using specific tokenomic and governance models. We feel Telos has improved on these areas of EOS in almost every way.
For instance: zero inflation at the moment and for a number of years foreseeably.
Also, BPs that suffer technical failures are automatically kicked from active production if they do not correct the issues quickly. Standbys are automatically rotated in to fill that role.
Q: Could you tell some products you have built for your businesses? What do you intend to do to keep increasing adoption? What is your vision in next few years?
A: a) Apart from the live mainnet which have no transaction fees, scalable with over 4000 tps and have built in governance, we are continously making it easy for dApps to adopt Telos. We have tools like Telos Decide, history solution like Hyperion and Storage solution like dStor (decentralsied IPFS) to help business create decentralized application with ease.
b) We want to enable people to take action and be the leader. Any person with the skill could help promote TLOS and is funded by in built Worker proposal system/ or the community. We feel that adoption will come on dApp layer with dApps like Peeranha and Zeptagram but as our network never did an ICO we need to and are putting work to fund/help such dApp get onboard.The number of teams coming to Telos is exciting and will be the biggest driver for long term success. Not only DApp teams, but there is also a core devs group that is busy creating chain-level tools like Telos Decide, a system DEX that anyone can build a UI for and free account creation mechanisms with included spam protection.
We see Telos as helping people find their purpose. Any person is invited to create a proposal and help the community move forward. We vision Telos being one of the kind community where everyone feel empowered and welcome.
The number of teams coming to Telos is exciting and will be the biggest driver for long term success. Not only DApp teams, but there is also a core devs group that is busy creating chain-level tools like Telos Decide, a system DEX that anyone can build a UI for and free account creation mechanisms with included spam protection.
For the coming years, dStor by Goodblock (launching very, very soon) will be an amazing piece of infrastructure that will enable decentralised file storage like IPFS, only with real-time streaming speeds and inbuilt billing mechanisms (paid for in TLOS, of course ). This tech could realistically build a censor-proof YouTube with sufficient hardware backing.
Q: How much time it will take you to make a real life use case of telos?
A: We do have real life use cases, take games for instance, we are using simple assets to empower the game economy.. We might have something like Subway Surfer where token collected could be traded with other users instead of just buying from the centralised entity.
Q: Can you tell us more about your released staking feature?
A: REX staking currently provides an 18% coin return. Anyone can simply purchase TLOS, stake it to REX for resource loans and watch their coin balance appreciate. Sqrl desktop wallet has these features easily accessible
Q: What is the EOS problem and Telos how to try solve them?
TLOS tokens holders have many advantages over to EOS Tokens ,so introduce to community all benefits of TLOS tokens.
A: CPU monopolisation through a token contract has caused large problems for EOS. Telos has a 7-point plan called the TRIM plan, authored by Chief Architect Douglas Horn, that uses multiple methods to prevent this exploit.
Q: Explain more about the Telos foundation grant program, who is eligible for it and what kind of developers can access it?
What’s the striking difference and link between Telos network and Telos foundation
A: TF provides grants to any dApp developer with Talent and idea to deploy the dApp but lack incentives. We are also taking steps to connect our dApp developers to VCs and investors.
dmail (decentralised email) is one of the funded by TF.
Q:What role do you think TELOS will play in making blockchain highly adaptable in the worldwide stage?
A: It’s scalability, EOSIO tech, IBC, dStor and dApp will help move towards adaption.
How many of you guys use Quora? We have same dApp like Quora i.e Peeranha.io to help incentivise good question and answer with PEER token.
Q: As we can made Decentralized cross-Border transaction with the help of Telos Network! So, How you prevent Illegal activities like Money Laundering, etc from Telos Network!
A: Telos forbids such activities as part of its network user agreement. BPs have the power to enforce this through multisignature code deployment if necessary.
We will also have legitimate money-transfer DApp partners like Transledger that will be AML compliant.
Q:What critical problems do you see occurring in the blockchain industry nowadays?
How does Telos aim to solve these problems?
A: Unscalability, governance and transaction fees to make transaction. No one want to pay for transaction for liking one question. Isn’t it?
Q: What are the marketing strategies of your project?
What will you do so that your project will be visible in crypto field and people come to explore $TELOS TEAM project?
A: Empowering people to take action and incentivized. If you are a content creator, business development executive, or developer we need you and might incentivize you for your work. Everything is funded by Telos works on the blockchain. We think our biggest strength will be the community as we move forward.
Q: What is your long-term vision about the industry which TELOS is working at? Are you afraid some day there will be another project with more innovative technology can replace TELOS?
A: It’s an understatement to say that the blockchain space is evolving rapidly. Telos’ plan is to attract and engage minds of the highest quality so we can constantly improve with new talent and innovations. This is being done in one way through Telos Foundation partnerships, such as with UK fintech incubator “Level 39”, to give one example.
Q: What is your long-term vision about the industry which #TELOS is working at? Are you afraid some day there will be another project with more innovative technology can replace #TELOS?
A: Much like very other project we work hard and continue evolving and solving the real life problems. We shouldn’t care of replacment and competition for now, and work towards onboarding millions of users you are not aware of crypto. Let’s unite and bring more users and then care of competition, shall we?
Q: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers?
A: Investors comes along with dApps and we are working hard on that front. We need a perfect balance of community(users for dApps) and dApps on the platform to sustain and empowering everyone.
Q: What is your long-term vision about the industry which Telos is working at? Are you afraid some day there will be another project with more innovative technology can replace Komodo?
A: For now we all are working towards one direction of creating platform and enable mass adoption. Any competitor for now is an ally/friend who got you guys to check other projects as well.
Q: What role do you think Telos will play in making blockchain highly adaptable in the worldwide stage?
A: It’s dApps like Telos Works, Peeranha.io, Zeptagram, ubiased and many more. We are hard at work to bring more investors and dApp developers.
Q: From technological and commercial perspectives, how can traditional companies be integrated into the blockchain?
A: Tradition companies like Fintech and game industry are closely watching this space. Currently as you might know regulations are biggest issue, once resolved we will almost every industry leveraging blockchain (they are adopting private blockchain for now) like Telos.
Q: Explain more about the Telos foundation grant program, who is eligible for it and what kind of developers can access it?
What’s the striking difference and link between Telos network and Telos foundation?
A: The Telos Foundation is a Decentralised Autonomous Organisation (DAO) that is run by an executive group (for increased business response and agility) yet funded by the community. This mesh of centralised and decentralised aspects offers significant advantages.
The grants program is for select DApps that wish to leverage the capabilities of the TF team specifically rather than requesting community funding via the Telos Works program.
Q: What are the main markets that Telos is focusing now? What is your strategy to access to these markets?
A: Majority of dApps are coming from game industry and fintech. One Q&A and two social networks.
We see India with huge population as our big market and are taking actions to market in India. BTW if anyone happens to be in gensisblockchain2020.com
Q: What role do you think TELOS will play in making blockchain highly adaptable in the worldwide stage?
A: We see Telos as being the first big 3rd+ generation blockchain (Bitcoin = 1st gen, Ethereum v1 = 2nd gen) that can bring real-time responsive DApps with the governance capabilities to block bad actors on the network while remaining fully decentralised.
Q: Why Telos needs to create it’s own Wallet, when there are more than enough EOS Wallets available? How secure SQRL is?
A: Many EOS wallet support Telos, but we have different governance requirement for which we need our own wallet like SQRL. SQRL is secure and is built by one of the great teams (top BP) Telos Miami.
Q: Despite the criticisms of EOS, how EOSIO is a “worthwhile” project to choose for fork and building Telos? what would you do different from eos?
A: EOSIO is a beast in itself. It’s the most technology advance architecture which provides simplicity to developers and users. Ethereum doesn’t stand anywhere when it comes to scalability and ease. Once we have a developer onboarded they won’t look back to Ethereum.
Q: Telos project have Decentralized Exchange ( Vapaee ) & provides developers to build their own custom UI for DEX tradings ! But main problems in most of DEX are lack of trading Volume.. So, Is telos have any way solve that Trading volume problems from DEX?
A:NewDex is one of DEX which has great liquidity. Things evolves once we start getting users and investors buying dApp tokens. Vapee is an outstanding exchange for which different UI can be created.
Q: What is your view about the benefits of Decentralized Liquidity into Decentralized Applications?
A: See the Transledger DApp for an example of decentralised liquidity. Also, Telos has an exchange reserve fund to help bring more exchanges and raise liquidity as deals get signed.
Q: Please mentions 2–3 killer features of Telos , which makes it ahead of peers?
A:Scalability, governance, self sustaining project (funding marketing efforts without ever doing an ICO) and solving real world problems like dStor.
Q: Could you please explain where can we see usage of Decide Voting as a Service like what’s use of blockchain voting service?
A: lets take an example of NGOs, if we have a pool for such NGOs where tokens get distributed as the need emerge like education, old-age homes, medical for proper allocation of funds and transparency to distribute funds we need voting. Decide makes it easy for such use cases.
Q: What do you think of the future of DeFi in this space? Will DeFi one day take over the traditional financial systems?
A: We have deFi projects like Sesacash onboard. Also TelosREX which is currently giving out an interest rate of 19% APR.
Q: Many investors only care about token price and their profit in the short term while only a small part of them cares about the long term and project health as well as tech. Can you tell us the motivation and benefits for investors to Hold $TELOS for the long term?
A:Speculators care about token price. Investors care about adoption and tech. We are here for attracting investors.
Investors earn currently APR of 19% by staking for REX with Telos Economic Development Plan. As we get more dApps we will scarcity of resources hence pushing token price up.
Q: How Delegated Proof of Stake (DPOS) is benefiting TELOS? DPOS and EOSIO, how both are coping?
A: DPoS seems to be working well so far as a consensus mechanism. Steem has run into scaling issues, but that’s not a result of the consensus method. EOSIO has improved greatly on initial DPoS software implementations.
Q: How does TELOS seek to convince developers and projects to switch to Telos for building Dapps, what are your Comparative advantages for developers
A: Telos leverages EOSIO, any developer with knowledge of C++ or any WASM language could learn creating dApps. It’s not a steep learning curve like it’s for solidity developers.
Q: What’s Telos’s outlook on decentralized exchange competing with centralized exchange for trade volume in the coming decade?
A: Will always favour decentralised network. But it depends on users, centralised exchanges are winning because they make it very easy for users, with time we will see such ease and scalability on DEXs as well. Btw check newdex.io.
Q: As Every Crypto Project have their Main Mission & Plans for their growth as well as development of their project! So, Tell us, what are the main Mission & plans of #TELOS project for its Future Growth & development ?
A: If you have any skill which could be helpful for the community, you are welcomed to put a proposal and enable growth.
Telos India is a community funded initiative to push Telos in Indian market. If you think you could lead we will help you funding your initiatives.
We are also working on Ambassador program to learn and grow with Telos. https://forms.gle/YMRkn2eKeQtTw17c6
Q: Are there any new partnerships and interesting upcoming use-cases?
A: dSotr will be the game changer for Telos. It’s like IPFS where information could stored like on Torrent and people running infra for saving any data on server are incentivized to do so.
We might have youtube competitor or instagram competitor leveraging dStor and creating decentralized dApps.
Q: What are the main milestones that make TELOS FOUNDATION forward?
A: TF is a face to represent Telos Community. They are working in direction of marketing, exchange listing, bringing investors onboard. Because we never did a token sale, we will receive a “go ahead signal” from authorities and government. We don’t have any issues when it comes to legal expect the rules of different jurisdiction banning crypto.
Q: The adoption of fiat-to-crypto still faces certain difficulties. What solutions does Tellos have for users to easily purchase cryptocurrencies by fiat?
A: You may use carbon.money and buy TLOS using credit -debit card. We are making it very easy for members to buy TLOS.
Q: Between hype and adaption, where do we find ourselves? Also, how does a newb like me increases the signal to noise ratio in this fast-paced environment?
A: Most commentary I’ve read suggests that mass adoption for blockchain is some time away yet. Good news for anyone getting into this space right now — earlybird advantage!
Re: signal to noise, try to find some good blockchain news aggregators and commentators that have a proven record — that will save a lot of time.
Q:What is dPOS and BFT? Why TELLOS use dPOS+BFT Consensus? How TELLOS better compared to other Consensus?
A: Like any other blockchain in this space, I would it’s better. We are scalable, zero transaction fees and fair governance with no forks involved. You don’t get a account like xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx but your simple 12 digits name will work.
Q: Privacy, user data protection and system security are realy important issues today.
How secured is your platform? Could you please touch upon the security side of Telos?
A: We are as much secure as investors of our network wants to. They use their stake to vote, if they don’t vote responsibly they loose their funds. Incentives are aligned in such manner to make network secure. Also no BPs could run second node because of reg producer agreement.
Q: As a investor, Project’s development & world use are very important for me & i check project’s recent development before investing in any project! So, can you share some achievements you’ve made recently & whats your future plans?
A: A community member recently identified an exploit in one of our system smart contracts and advised the core devs via DM. The exploit was patched, tested and the code deployed to mainnet by BPs within 36 hours — probably a record for blockchain! Future plans — see some of the other responses.
Q:What is Dstor? What will it contribute to your ecosystem?
A: IPFS is run and maintained by enthusiasts. There is no guarantee of data saved on IPFS if some enthusiasts stops running the infra, and because of some reasons seed get lost.
dStor solves that bringing incentives for such entities running servers, use sharding to save data in different servers.
Q: Project’s Technical development may not always be reflected on the price of it’s token. What is telos doing specifically to increase price of its token?
A:Price is not in our hand but development is. But we understand that crypto is run in that way. so TF is working on getting investors. Alos community is working hard towards onboarding more dApps.
If you feel you could help getting dApps onboard we are working on Ambassador program to incentives anyone working along.
Q: INDIAN has very few successful projects, what is the problem?
Does TELOS have any plans to support other projects in INDIAN and contribute to building a stronger INDIAN community?
A:Matic is a successful projects. We are working and getting onboard Indian community. It’s a big market for platforms like Quora. Community outreach like this are one of the initiative.
We were excited to do an AMA on @Cryptoverse_ashish
Q: What have you learned from early versions of the product or service? What are some of the major roadblocks along the way?
A: Telos hasn’t had any major roadblocks so far. This can be attributed to the foresight of the architects and launch group and agility of the BPs and community in dealing with issues as they arise.
Regarding “early versions”, Telos has run a dedicated testnet since before launch that has been useful in identifying and resolving issues.
Q: How important is Telos’ fast, high-capacity, sustainably distributed network to corporate businesses? Do you think it will bring great advantages to corporate businesses?
A: Yes, we already have some proof-of-concept contracts deployed by corporate clients on the chain. Telos Blockchain Solutions, a privately-formed UK Ltd business, is currently helping to act as a ‘gateway’ for corporate partnerships with the network as a decentralised community.
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