AMA RECAP : CRYPTOSCAPE x TELOS.

19 min readMay 25, 2021

Hosted by — Cryptoscape
Date: 14–5–2021

🏠Venue : @CRYPT0SCAPE

📢 GUESTS: Team Telos

We recently hosted an AMA with TELOS, on 14 May at 3PM UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a time saver & a feeder of knowledge for them.

INTRODUCTION.

Sahil Seth:
Hello @Infinityblocio , @gvern , @HartParr and Michael we welcome you to an ama session with Cryptoscape
1) Before we proceed can you introduce yourselves and your background

Justin | infinitybloc.io | Telos Foundation:

Totally!

Im Justin, currently Im focused on overseeing Marketing at the Telos Foundation but have established a history across Product, Business Development and everything in between.

In the past have worked in IT, Housing, and Transport industries so have a lot of varied real world experience where it relates to technology. This has been particularly helpful as Telos is the smart contract network that is #RealWorldReady! (Will tell you more about that later)

J.T. | KainosBP (kainosblkpro):

My name is J.T. Buice. I am one of the founders of Telos along with @Infinityblocio having been with the project since early 2018. I own a small managed service provider business and am the former Manager of IT for SpaceX. My background is systems and networking so I support a broad technical side of the Telos Network.

Gv:

I am George, I have been in cryptocurrency for 5 or 6 years now and have been working with Justin and the Telos foundation for the last year.

I work primarily in project management and operations at Telos.

Background is primary software and hardware project management.

Michael A:

Director of PR and Investor Relations, for Telos. I’m a successful nyc entrepreneur, real estate developer, restauranteur, investor, writer and programmer. Decades of business experience. Love the Telos project. Love Crypto.

Sahil Seth:
2) Can you introduce your project Telos, its usecases, uniqueness, and how it differs from other crypto projects in the same direction at the moment

Justin | infinitybloc.io | Telos Foundation:

Sure, i think we can all add something to this!

Telos itself is a decentralised Fast & Scalable blockchain focused on Real World Use and Adoption. Telos 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. 🚀🚀

J.T. | KainosBP (kainosblkpro):

We launched Telos toward the end of 2018 right before Crypto winter. Our team never lost sight of the ultimate goal to make Telos the world’s premier blockchain network that is actually used in the real world to solve real problems. We have already shown we have staying power as we are past our 3rd year of life as a community that wants nothing but success for Telos, its dApps and token holders.

Justin | infinitybloc.io | Telos Foundation:

i love to use this comparison graph to show off some of our unique features

J.T. | KainosBP (kainosblkpro):

The network is secured by 21 active validators and over 21 backups. Unlike the large hash pools on other POW networks where 1–2 entities have effective control, on Telos this is a responsibility shared by many independent teams. We’re a green network with delegated proof of stake consensus.

Gv:

Telos to me, represents the old school bitcointalk days of grass roots projects that actually can compete and outperform with the multi billion projects.

Telos is ACTUALLY scalable and we have lots of high throughput apps to prove it.

Michael A:

Our platform is fully built out since 2018. We lead the smart contract space with speed that more than doubles the peaks of visa, block times at half a second, low fees…a true 3rd generation gas shelter for all defi and dapps. Serving both eosio and ethereum.

Justin | infinitybloc.io | Telos Foundation:

Telos is general purpose, smart contracts, like computers or the internet are not meant to be limited to single use cases. All the tools and services we have added to our network such as Decide governance enginge, storage, Privacy layer(soon), EVM(soon) etc work really well for any application that handles value transfer , ownership or the accountablity of a ledger.

Michael A:

Super energy efficient

Justin | infinitybloc.io | Telos Foundation:

Having said that there are naturally those use cases that are taking off faster than others (Social Media, DeFi, NFT’s etc).

Sahil Seth:

Guys guys damn you are killing it all four of you like you are just explaining the project so. So well in the second question and I don’t think anybody gonna miss out on Telos seeing the response of first two questions itself :)

And like I don’t have any counter questions to ask because you just described it so so well :)

Justin | infinitybloc.io | Telos Foundation:

haha. yeah, we have you well covered today!

J.T. | KainosBP (kainosblkpro):

Glad to hear it. The team works together really well.

Sahil Seth:

Exactly that’s great actually :)

Justin | infinitybloc.io | Telos Foundation:

i think we have that question covered for now. but do ask questions as you see fit 🙂

Sahil Seth:
That’s a great sign of a great great future of Telos :)
3) A strong team is the backbone of every project , what is the experience and quality of team behind Telos

Michael A:

Always find the weakest link and remedy it, Keep the standards high, and master the art of anticipation. These are the core fundamentals.

J.T. | KainosBP (kainosblkpro):

Telos was launched with a team of about 130 people. Developers, IT teams, PR, Business owners and even film makers! Most of that original team is still with us today and we have added so many more people. When we founded the network , our whitepaper author Douglas Horn had the brilliant idea of also having us form the Telos Foundation which is a non-profit group made up of a balls to the wall team whose soul purpose is the advancement of the network.

Michael A:

Communication has been the smoothest and most streamline that I’ve ever experienced. Especially for a decentralized organization.

J.T. | KainosBP (kainosblkpro):

The TF is funded by the chain and given a portion of Telos every month to advance our cause, advertise the dApps that have built on Telos and push things like Exchange adoption.

True! Forgot to mention we did it all without an ICO! No SEC threat here.

Justin | infinitybloc.io | Telos Foundation:

our story is really quite amazing when you think about it. I dont know of so many blockchains other than bitcoin that had such a fair and organic launch. We are truly fueled by people power.

Gv:

Telos foundation is the main team driving forward the following areas.

- business development

- exchanges

- marketing

- onboarding applications

- partnerships

Telos core dev is the main team driving forward the amazing development which the Telos foundation then uses to help onboard applications into our suite of tooling.

Sahil Seth:

Could. You elaborate it???

That’s amazing answer given by everyone to this question I am just being impressed with your answers :)

Michael A:

Anticipate where the market is heading.

Isolating the weakest link is a metaphor. I believe it is very important to always isolate whatever is slowing us down and repair it or replace it. Whether this is a process, talent or trajectory. Stretching from marketing to dev.

Justin | infinitybloc.io | Telos Foundation:

very true indeed! We have had to do this many times as a community 🙂

Michael A:

Standards…think big and manifest our vision.

Sahil Seth:
That’s amazing actually :)
Now moving ahead with the next question
4) Could you share a bit about security and also what benefits you provide to incentivize devolopers choosing your blockchain

J.T. | KainosBP (kainosblkpro):

Going back to the 21 chain validators, no changes can be made to the network without a consensus vote of 2/3+1. All of these validators are voted into their positions by the token holders so if the community disagrees with a decision, they can just vote the validators out out which lends to a very secure and robust network.

Justin | infinitybloc.io | Telos Foundation:

just covering off some of the reasons to choose our blockchain 🙂 The Telos EVM (Ethereum contract comptability is a big one!) It perfectly compliments our amazing C++ Smart contract capabilities!

0.5s Block times

10,000 TPS

No Front Running

These benefits extend accross both oour eosio c++ and and our eth vm based layers and they are the difference between something that feels like fibre optic broadband and something that feels costly, slow and expensive like dialup or a fax machine

J.T. | KainosBP (kainosblkpro):

Also coming down the pipe for dApp developers and NFT creators alike is a decentralized storage system called dStor where storage node operators will be paid in $TLOS to provide storage for the network.

Michael A:

Also, defi projects will have access to two exclusive features; no front running and sureprofit

Justin | infinitybloc.io | Telos Foundation:

indeed, DeFi, like Uniswap, Sushi, Pancake.. can be dropped onto our new Telos EVM and operate with full compatibility.. Just a lot faster and more affordable 🙂

penny DeFi is possible.. it makes it accessible to anyone!

J.T. | KainosBP (kainosblkpro):

We’re currently in Beta and it is being released to some early adopters. Wide adoption coming soon!

Justin | infinitybloc.io | Telos Foundation:

The foundation also offers a suite of benefits to dapps deploying on our network such as PR exposure, support and guidance. We already have fundraising platforms like tstarter.io (similar to polkastarter). These really help new projects come to fruition.

https://twitter.com/The_JUDii/status/1360652273362305026?s=20

Sahil Seth:
But one question how you plan to convince people to make projects on your blockchain because nowadays everyone is running after bsc and how you aim to. Turn that wave towards your side :)
That’s great news shared by you :)

Justin | infinitybloc.io | Telos Foundation:

hopefully i covered the right sort of incentives/benefits — wasnt sure if the second part of the question was specific to security 😅😂

Sahil Seth:

Oh alright :)

J.T. | KainosBP (kainosblkpro):

I just want to make sure we’re using everyone’s time the best we can.

Michael A:

Superior Technology has its own gravity. Telos is faster, cheaper and truly decentralized. This is naturally appealing.

Justin | infinitybloc.io | Telos Foundation:

oh almost missed this. But yes its a challenge but every time BSC slows to a crawl or has issues its a nice little advertisement opportunity for Telos EVM. We will get there 🙂

Sahil Seth:
That’s amazing Thnkz for addressing that :)
Telos seems to be the future and is really well structured :)
5) Do you plan any global summits or campaigns to increase the awareness about crypto and especially what telos brings into blockchain world

Michael A:

Telos is built the right way from the ground up. No bandaids. Its factory built for the track. The Ferrari of the space.

Justin | infinitybloc.io | Telos Foundation:

Yeah, we used to be very active in the past with attending Expo’s and summits until Covid 19 hit. We had to change trajectory and now we do lots of AMA’s and attend online meetups regularly. One other huge thing we have done for exposure is to break onto other blockchain Dex’s.. we need to be where the people are.

When people are able to 1. hear about telos without all the noise of 1000 shitcoins.. and 2. Be able to purchase TLOS easily we are very very successful in gaining new holders, developers and supporters

Recently we launched onto the #BSC blockchain.. and just before that ETH and uniswap

those were huge for us being able to reach new audiences!

and now ofccourse we are on kucoin :-)

So in summary, we are increasing our digital footprint both with exchanges but also our online meetups and activities 🙂

Sahil Seth:
Sure so the penultimate question of this best introductory segment Cryptoscape ever had is coming your way up :)
6) Can you tell us about tokenomics of $TLOS and do you have any token burn plan?

Michael A:

Token burning makes a lot of sense for some of these chains with tens of billions of coins. We I don’t believe are a good candidate. We only have 355 million tokens.

J.T. | KainosBP (kainosblkpro):

There is no burn plan for Telos as it is not how we are structured. We launched the chain with our native token but have also since expanded to adopt ERC-20 and BEP-20

Telos has a current supply of about 355M tokens and that number has not changed in over 18 months. So there’s effectively no inflation on Telos right now and we expect that will continue for at least the next two years. Telos has a reserve of tokens from airdropped accounts that were not claimed after 1 year from mainnet launch and this is being used to fund the chain without inflation and provide excellent staking rewards of around 16% APR.

Justin | infinitybloc.io | Telos Foundation:

Indeed. One important distinction of telos is that we are stakeholder governed. @HartParr has covered off the current parameters. Going forward these can change but only based on a Telos Amend vote. This requires consensus from the stakeholders to adjust. Typically these decisions are always in alignment to increasing the value of the token and network.

J.T. | KainosBP (kainosblkpro):

TLOS tokens are also used to pay for costs of Telos premium services like Telos EVM, Telos Decide governance, and many upcoming dApps. These fees are very low but together they will fund the operation and growth of the chain once the reserves are depleted. They will allow Telos to continue having basic transactions (transfers, dapps usage) with little to no fees.

Justin | infinitybloc.io | Telos Foundation:

We have a very decentralised group of stakeholders. There is no major holder of the token like almost every other chain. This typicall means great ideas that build consensus accross a large community win out.

Sahil Seth:

That’s the highlight of answer to this question in my view :)

Because majority of coins have some major holders and people are frightened like what if they sell :)

Justin | infinitybloc.io | Telos Foundation:

this is an outdated sample of different services. Many of which accrue service fees. There are more that have been added such as Telos Privacy and Telos EVM. These over time we forsee potentially creating negative inflation. So who knows.. we may end up with less than 355 million tokens in future.

TWITTER QUESTIONS.

Sahil Seth:
1) Can you tell when would be eyeing for a tier 1 exchange listing in cex and also since you are competing with Ethereum indirectly so you need a lot of awareness and mass mobilization so any specific plans for the same @Abc97341745

J.T. | KainosBP (kainosblkpro):

Affective today at 10:00 UTC, Telos started trading of both our ERC20 and BEP20 tokens on KuCoin, the 5th largest exchange on Coinmarketcap.com!

We were super excited about bringing this listing to the public and greatly reduce nearly all friction to obtain $TLOS

Justin | infinitybloc.io | Telos Foundation:

We have seen a 100% increase i believe over the last few days. Lack of access has been a sore point for us having done no ICO. but this really puts us on more of an even playing field finally 😄

J.T. | KainosBP (kainosblkpro):

As far as competition goes, we’re not looking to beat Ethereum….but we are building bridges to run dApps on Ethereum without the high cost of gas!

Justin | infinitybloc.io | Telos Foundation:

Michael A:

In regards to the tier 1s.

All cex are on the trajectory list but it is a process. We are eager to partner up with all of them one by one. Also, we are working to create synergy between our press releases and our wins with cex.

J.T. | KainosBP (kainosblkpro):

The Gas fees are crazy and with our EVM, It is being designed for developers who are working with Solidity and want to bring their smart contracts to run on Telos at 500x the current speed of Ethereum and at a fraction of the cost. There will be no front-running and it will be a fixed, non-volatile gas price.

Justin | infinitybloc.io | Telos Foundation:

Yeah i agree, at this point we really arent going after ethereum. We are focusing more on serving dapps and use cases with speed and scalability.. DeFi but initially probably more focused on the needs of use cases. Things can quickly change though with the limitation both ETH and BSC have.

this 100% — its easy to imagine a situation where we might inadvertently pull a lot of defi off other platforms

Michael A:

As for ethereum part of the question.

Telos is exactly what ethereum 2.0 Strives to become. Telos is literally a utopian network.

Justin | infinitybloc.io | Telos Foundation:

I could easily see ETH going up in value even if we pulled a lot of ethereums defi.. because the community currency that is ETH could scale onto Telos (it already does).. This helps both Ethereum and Telos *TLOS) holders. Some of the liquidity is naturally going to go into our native token

Sahil Seth:
2) Recently you announced that $TLOS is listed in kucoin, and in your telegram group said that don’t use kucoin deposit address directly on network bridge . can you please elaborate to us this problem? And does Telos and kucoin discussed this issue? @imwii27

Justin | infinitybloc.io | Telos Foundation:

ah yes. This was in reference to using the ptokens bridge. dapp.ptokens.io — kucoin are having to manually process deposits that come straight from the bridge address.. so its better people send from native to BSC address of their own first.. then forward it onto the kucoin deposit address

J.T. | KainosBP (kainosblkpro):

They will get their funds either way, but the latter will be faster deposit times.

Justin | infinitybloc.io | Telos Foundation:

Soon this will be less of a consideration. Within a week or two you should be able to deposit directly from Telos network 🙂

exactly. We dont want people to have to annoy kucoin support or wait a long time!

Sahil Seth:
3) What is Telos EVM? What are the various features make it significant BSC or ETH alternative @shadyaboabdo

J.T. | KainosBP (kainosblkpro):

We already touched on EVM a bit…probably because we’re so excited about its release!

We already have it running on our Testnet with many developers already using it.

Due to the overwhelming adoption and popularity of the programming languages Solidity and Vyper, these have been initially chosen as the dominant smart contract execution and development environments for the EVM.

Telos EVM aims to make it easy as possible for developers to bring existing Solidity applications to Telos and, therefore, adopt the Telos blockchain.

.5 Second block times and VERY small fees.

Justin | infinitybloc.io | Telos Foundation:

Interesting fact — Telos EVM (Ethereum Virtual Machine) runs inside a regular smart contract on Telos. Thats how powerful our blockchain is.

Michael A:

Faster, cheaper…

Plus “no front running” on dex.

And “sureProfit”. System will cancel a trade if it is not profitable.

Traders will be thrilled about any defi running on Telos. Huge advantages

It’s like comparing fiber optics to 56k modem

Justin | infinitybloc.io | Telos Foundation:

Both developers and users can essentially use telos evm like they can BSC and Ethereum.. The fee token is TLOS and its 1000x cheaper and faster

just a close up on the comparison

Sahil Seth:
4) In the website it says devolopers and use TELOS blockchain into their apps I would like to know the requirements that TELOS wants from devolopers to use TELOS blockchain in their apps and you tell us some reasons for why should devolopers choose TELOS as in their appps @Jaikejoll47

J.T. | KainosBP (kainosblkpro):

Without developers, our chain is nothing! We have built a community that supports developers in every capacity from answering questions and providing assistance, all the way to providing funding and a Telos based platform to crowdfund new dApps and ideas called https://tstarter.io/

We also now offer a UI template that dApps can use to bootstrap their project and save themselves weeks of time.

More info on our tools and funding for developers can be found here: https://telos.net/developers/

Although our market cap doesn’t reflect it, our technology and community governance is light years ahead of our competition. We have already implemented what a lot of chains are just talking about trying!

It creates a very supportive environment for devs to come to Telos.

Sahil Seth:
5) Can you tell us about TELOS current partners, plans for partnership and what everybody stands to gain from these partnership @ashokchoudh28

Justin | infinitybloc.io | Telos Foundation:

One of our key partnerships right now is ptokens.io — We utilise their bridge technology to offer our token on Ethereum and BSC.

Currently the types of partnerships we are focusing on are:

1. New dapps, always focusing on building out the telos economy

2. New Exchanges like Kucoin.. definitely more to come there.

3. DeFi/Tooling/Services.. we are particularly focused on onboarding Ethereum based dapps, defi and services 🙂

Gv:

One of the partnerships I’m most excited for at Telos is with https://tstarter.io

This will allow DApps to fundraise and distribute tokens directly on Telos.

This will have huge impacts on investment into the Telos ecosystem

Justin | infinitybloc.io | Telos Foundation:

Tstarter and similar projects are a huge part of our success going forward

They sold our their $START second round IDO in seconds

and i feel they can like polkastarter and other similar IDO platforms do similar things but for the Telos eco system

LIVE AMA QUESTIONS.

Elena:
🍀 What are Telos thoughts on the outlook of NFT trading? Have you considered getting Telos to tackle the development of NFTs as well as NFT Marketplaces?

Justin | infinitybloc.io | Telos Foundation:

im taking this one 🙂 Great question Elena! Telos has an awesome NFT platform called AreaxNFT.com that alllows you to create and sell all different kinds of art.. Whats great about it is there are no gas fees! Its so much more affordable than Eth based platforms.

In a general sense though i see real world assets as NFT’s being the majority of NFT value and trading. Things like NFT based tickets, Real estate ownership as NFTs, Music Rights Ownership NFTs (We already do this with Zeptagram.com).. Personally im looking to do a platform called NFTees — digital collectable, limited edition Tshirts you can trade or burn for the real shirt.

Noufal Basheer:
How can we trust you

J.T. | KainosBP (kainosblkpro):

This is a great question we did not address in the AMA. The ENTIRE Telos team…all 100+ of us are fully Doxxed with LinkedIn profiles and the whole bit. Here is mine: https://www.linkedin.com/in/jbuice/

Great question — for one, out track record is quite visible for over two years. With a mainnet launch in December 2018, we have been around for quite sometime.

Elena:
🚦Telos has recently been listed on KuCoin and therefore introduced to a vast array of new investors, could you tell me how beneficial it is for Telos to be in such a limelight given by KuCoin? What are your most ambitious prospects now that more and more attention is being earned by Telos? After the listing on KuCoin, what other listings or marketing plans do you have lined up for Telos?

Michael A:

Thrilled to be on kucoin! We want to lead the smart contract space. We have all the tools to deliver on that pursuit and are excited to better serve the crypto community. We have a lot of great ideas in our trajectory at the moment we are focusing on a smooth launch of the Telos Evm. We are super excited to bring the power of our layer 1 Main net ethereum side of the fence. Ethereum dapps and defi will have a new dependable option to continue scaling their own platforms.

Johnson Jr:
As a community member to what extent I can participate in the token governance?
Do you really consider our suggestions?

Gv:

Great question — you can very easily participate. As long as you own Telos you can propose and vote on governance changes.

For instance, when I was a community member I led a team of community members that helped create a new tokenomic model — this was voted on and implemented by token holders.

I had no special privileges then, this is the easiest project in cryptocurrency to involve yourself in governance.

Pasta Mama:
What is your top priorities in 2021? Could you share some plans for the upcoming year?
Which part of the project are you most focused on right now?

J.T. | KainosBP (kainosblkpro):

So many good things for 2021. I can answer this from a technical standpoint a bit. By the end of this year, we should have Telos Decide, dStor, Telos EVM, Telos Private, Telos ID and Telos Location up and running. I’ll save the typing and direct folks here: https://telos.net/telos-technical-roadmap-2021/ for info on each of those products.

From a non-technical standpoint, on-boarding more exchanges, dApps and having larger PR firms take on our marketing are huge 2021 goals we are currently achieving.

budi karebet:
What is the strategy used by your Project to attract new users and investors and keep them in the long term?

Michael A:

That’s secret sauce but I assure you that there is a strategy…we are war gaming this and really serious about planting a flag in this space. We have so much to offer the crypto community and are looking forward to better serving the community.