What is the Telos Blockchain? – Is Blockchain Transaction Speed in 2022 Important?
It seems that the crypto market is slowly recovering. The bear market was tough, but in times like these, projects that continue to develop by concentrating on expansion are often rewarded by users who want to put in long positions where strong fundamentals trump the lack of short-term gains. This article is about what is the Telos blockchain and blockchain transaction speed.
What is the Telos Blockchain?
Telos is the most prominent sister chain of the EOS Mainnet and uses the EOSIO software as its foundation. The project was carried out shortly after the launch of the EOS Mainnet and changed some parameters in the election system and administration. According to the website, Telos is faster, cheaper, greener and simple. Beyond operations, blockchain is currently leading the way for a better Web 3.
Telos is made for speed and scalability making it the perfect network for mainstream adoption. For example, Telos established Tokens NFTs and smart contracts are already used for DeFi and other things. Telos is used by more than 100 different applications (dApps) such as Taikai, Qudo, Qubicles, Appics, Wordproof, Seeds, Zeptagram and NewLife. These applications enjoy the network’s speed (0.5s block times) and scale (10,000+ TPS), but also the powerful on-chain assistance that Telos provides for voting, assumptions, decentralized file storage, background, and much more.
What is TLOS Token?
TLOS is the native token of the blockchain that reflects privileges in the Telos network. At the time of writing, the TLOS price is at $0.182192 with a 24-hour trading volume of $1,355,720. Its 24 hour market cap is $49,214,341 with a circulating supply of 270,123,444 TLOS coins and a max. supply of 355,208,371 TLOS coins. The main functions are as follows:
- Users become a dynamic and important component of the Telos Blockchain Network when they hold TLOS tokens.
- Telos is effectively decentralized, with community-led control protocols specified at launch, including key retrieval for compromised EOS accounts and mediation to recover lost or stolen tokens.
- Because Telos has more periodic tokens than the EOS network, TLOS holders will have 3 times the network entitlement share for the same number of tokens. Telos also promotes long-term annual inflation of 2.5% after the first year, approximating EOS’s 5% annual rate.
- Telos EVM is the most robust and scalable Ethereum Smart Contract platform. It is a layer-1 Ethereum Virtual Machine, created to support Web 3. Telos EVM is not just a fork of the actual Go Ethereum code. It’s a brand new EVM that makes the most of the power that Telos technology has to offer.
Key features of the Telos Blockchain
What is Telos Blockchain: Image source: Telos.net
According to their website, Telos is the premier EVM-compatible blockchain created on EOSIO. One can simply deploy and run the Ethereum apps using Telos EVM for maximum performance and secure DeFi. The most important functions are:
- Fast and scalable: It has 10,000 transactions per second and 0.5s block.
- No gas fees: No gas charges on local and negligible charges on EVM to defend against spammers.
- No front running: The first-in, first-out transaction method eliminates front-running.
- Decentralized: Block producers exist all over the world and cannot be held by an identical entity.
Does blockchain transaction speed matter in 2022?
Qualities of #Telos #blockchain
👉 Quickly
👉 Scalability
👉 💯 management blockchain
👉 Self-financing (WPS)
👉 Smart contract
👉 Simple dApp #placement
👉 Dstor
👉 No TX fee
👉 Decentralized community
👉 No founders
👉 Launch team
👉 More than 10+ working dApps are deployed
👉 and so on pic.twitter.com/Q60N5x9Tp4— Telos Blockchain Network (@telosupdates) 10 April 2020
The biggest challenge facing the prominent blockchains is transaction speed and network load. The primary reason for adopting cryptocurrency is faster transactions. More secure settlements in Crypto transactions feel that the parties experience more confidence, plus it eliminates problems with hanging money as well, which is typical when dealing with conventional banks and even with Visa. So yes, speed is one of the most important attributes in the crypto world.
As for Telos, it has various advantages over other platforms, and in particular, it can be used as a full-stack option or as a scaling solution depending on the requirements of a project. Understanding that performance is always a preference for developers, the Delegated Proof-of-Stake (DPOS) consensus approach used by Telos is worth special attention.
Telos has 21 “active” validators. These validators are voted in by other Telos token holders and are trusted with preserving the network. Other validators are called “stand-by” validators and are paid to act as a backup to the top 21. The important point to note here is that “any of the standby validators can be voted into the top 21 at any time by Telos token holders, with elections taking place approximately every 2.5 minutes.. Telos has standby validators implicitly spun into the top 21 occasionally to give their function an opportunity to create blocks and verify their readiness.
Delegated proof-of-stake provides Telos exemplary scalability when approximating standard proof-of-work networks. Currently, the Telos blockchain can process more than 10,000 transactions per second, and that capability is increasing with code updates, sidechains, and other development tools. This kind of transaction speed puts Telos on par with centralized entities like Visa and Mastercard and their capacity to process thousands of transactions.
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