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The Telos Network, a joint project by members of the EOS BP community says they are launching the first sustainably decentralized new blockchain based on EOSIO software
Some quick facts
Based on EOSIO code and compatible with EOS for dApp developers
New TLOS tokens to all EOS owners included in Genesis snapshot
1:1 with EOS tokens, capped at 40,000 per address
Dapps not forced to be open source
Designate a RAM fund to ensure the first 1 million addresses will be free to create
This project is run by a bunch of smaller Block Producers like eosBarcelona, EOS Detroit, EOSmetal, EOS UK etc..none of which are top 21 BP's. They are still active in the mainnet. They are not even back up block producers, so they are only trying to create this project to get some revenue. Again - they are not producing blocks and making money off of EOS - but they are investors holding EOS - so it is in their full right to do something like this.
Read the complete statement here
My Take
Personally I don't like this semi-communist capping of tokens. But keep in mind, there is no harm done by forking an open source code. This is good, because it provides competition and it gives everyone a little push.
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Disclaimer: eosmastering is not associated or affiliated with EOS or Block.one in any way. It is a private informational blog run by an EOS investor.
i think the reason most crypto enthusiasts dont care for eos is obviously such a small number of people owning suck a large share of eos tokens. People involved with crypto in my opinion want decentralization of currency so to buy into a token or coin which is owned by a very small number of users doesn't make sense to me.
I read their White paper.
Most of their ideas are good, but must of them can be easily implemented on the EOS net when the Referendum function is enabled.
These respectable underdog BPs did not want to wait any longer. So they acted a little too soon IMO.
There's one thing I find a bit hard to swallow.
Ok, They get rid of the whales by capping them at 40,000 Telos, but then they turn around and distribute 1 million Telos to each of the 6 funding BP's !
So, voila! They convert themselves into the new whales controlling the net in a much centralized way than before.
I'm not going in that ship!
Good luck guys!
Interesting perspective. Thanks!
I agree with you on this. The 40k cap is designed to escape whale capture. The EOS mainnet is now in absolute danger of being taken over and commandeered by a handful of wallets. It will get to a point where even the B.One wallet may become ineffective.
Yes, but we know that redistribution of wealth and the hinderance of rich people to participate will in any system will just mean they take their money elsewhere and create and invest there.
I'm not for nor against - I think we should see what happens, and frankly it doesnt matter. Like I wrote, its open source and anyone can fork and do whatever they want. But I have my doubts, because every country, project or system that redistribute or take from people fails. They have however not taken anything per se, but limiting the power of the richest.
So, yes, one can argue if it has anything to do with redistribution or "communism". Anyone can join this project with multiple accounts/wallets and buy more tokens if they believe in it.
Thank you for your comments!
You say " Anyone can join this project with multiple accounts/wallets and buy more tokens if they believe in it. " If they are using genesis snapshot then they will have to go back in time if they didn't use several accounts in June. But yes - they can always buy more later at extra expense.
I dont see why it is a communist ? Lets consider evolution they gave 12k evo each account is it not a communist ? Consider scatter it is giving only 100 tokens, consider ono it is giving 1/75 of total onot. It is completely about community.
The point is that hodlers over 40,000 EOS get LESS than a 1:1 distribution, whereas token holders with less than 40k tokens get a 1:1.
It has nothing to do with the total amount of tokens given. If Scatter gives away 100 tokens at a 1:1 ratio and ono gives 500 tokens at a 1:1 ratio that has something to do with the total supply of tokens - not the ratio. The ratio stays the same..the amount of tokens has only something to do with the supply of tokens.
What would you think if this project gave me 1:1 ratio for my 100 EOS, so I got 100 TELOS. But you hold 200 EOS and you only got 100 TELOS as well. If you don't mind that, cool. But that's a "communist" mindset.
Very well articulated. I tend to agree that everyone should be treated equal. The idea that rich people don't deserve this similar and equal consideration (that everyone else expects) is absurd to me.
Yeah. Me too. Where is the cutoff line for who's rich? I mean..I'm filthy rich compared to many people in poorer countries..but I might be poor in my respective country. And why is 40k EOS considered rich? It's ruffly 320k USD, which for most people, even in rich countries is considered A LOT of money to have in EOS. So why isn't that number 10k EOS? Or 500 EOS?
It's just too relative for me. And like you say, why is it that poor people "deserve" things, whereas rich doesn't? If anything it's the rich that deserve more breaks, because they have been struggling against taxation, government, employees who doesn't understand that they have perhaps worked 10 years for free and is now paying themselves BACK for those ten years of earning almost nothing. Many people forget that. When some businessman starts paying himself 300k a year, it's because he has worked for free for 5,10, 15 years starting and growing his/her business.
Anyway..a digression. But I tend to agree with you on this matter.
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I also like competition so a bunch of BPs running a clone of EOS is no problem at all. It would be good if they really add or change something in their version of the EOS software so that the alternative choices made can be tested and tried in real life.
What amazes me about EOS is the money they were able to raise (no hard feelings here) It sure makes a good War Chest for future development of dApps and support the development of EOS itself.
There are some very large investors in EOS tokens, it seems. Not necessarily bad but I sometimes have the feeling that the enthusiastic but small EOS token holders do not have a real say in events. But I guess that mimics real life :)
I read the Whitepaper some further. For those interested in how this is going to launch and how to obtain your share in the TLOS tokens to be issued, see the following quote from the whitepaper:
"The Telos network will be launched by six publicly known ABPs (appointed block producers) for maximum transparency. The network is currently running as a testnet with several block producers and can be viewed at https://testnet.telosfoundation.io The Telos mainnet will launch in August at which time, TLOS owners may begin voting for block producer candidates to reach the 15% required for network activation."
The TLOS testnet seems not accessible at this moment.
Once they get this up and running, this adds to the available space for dApps in general. From a user perspective, it should not matter where their favourite website/app is running, as long as it works as intended. But I think running different apps on the same chain could increase cross -over use and payment applications in-between them.