Telos TLOS Price

What is Telos (TLOS)?

Telos (TLOS) is a blockchain platform designed to enable fast, scalable, and secure decentralized applications (dApps) and smart contracts. Launched in 2018 as a fork of the EOSIO software, Telos aims to provide a more democratic governance model and improved performance, with a focus on community involvement and enterprise solutions. As of early 2024, Telos has garnered attention for its high throughput capabilities, processing thousands of transactions per second, and its zero-fee transactions for users, making it an appealing option for developers and businesses alike.

Who are the Founders of Telos?

Telos was co-founded by a group of individuals who were originally involved with the EOS project. The notable founders include Douglas Horn, who serves as the Chief Architect, and other contributors like Mike McCorkle and others who helped shape the vision of Telos. The founding team emphasized community governance and sustainability, which has been central to Telos' development and operational strategy. The project is governed by a decentralized autonomous organization (DAO) model, allowing TLOS token holders to vote on proposals and decisions related to the network.

How does Telos Work?

Telos operates on a delegated proof-of-stake (DPoS) consensus mechanism, where token holders elect block producers who validate transactions and maintain the network. This system allows for high transaction speeds and scalability, with block times averaging around 0.5 seconds. Telos also integrates features such as the Telos Decide governance system, enabling stakeholders to participate in decision-making processes. Smart contracts on Telos are written in WebAssembly (WASM), allowing developers to leverage familiar programming languages, enhancing developer accessibility. The platform also focuses on interoperability and offers various tools and APIs to facilitate the creation of decentralized applications.

Top Use Cases of Telos

Telos has various use cases across different sectors:

• Decentralized Finance (DeFi): Telos supports DeFi applications, enabling users to lend, borrow, and trade assets without intermediaries.
• Gaming and NFTs: With its low fees and fast transactions, Telos is ideal for gaming applications and non-fungible tokens (NFTs), allowing for seamless in-game transactions and ownership transfers.
• Supply Chain Management: Businesses can utilize Telos for tracking goods and ensuring transparency in supply chains, leveraging its high throughput and secure data storage.
• Social Networks: Telos can power decentralized social platforms, providing users control over their data and interactions without censorship.
• Identity Verification: Telos can enable secure digital identity solutions, allowing users to manage their credentials and verify identities without relying on centralized authorities.

How to Keep your Telos Safe?

To keep your Telos (TLOS) tokens safe, consider the following security practices:

• Use Hardware Wallets: Storing TLOS in hardware wallets like Ledger or Trezor provides an added layer of security against online threats.
• Enable Two-Factor Authentication (2FA): If your wallet or exchange supports it, always enable 2FA for an extra layer of security.
• Keep Software Updated: Ensure that your wallet software and any associated applications are up-to-date to protect against vulnerabilities.
• Beware of Phishing Attempts: Always verify links and be cautious of unsolicited communications. Use official channels to access wallets and exchanges.
• Backup Your Wallet: Regularly create backups of your wallet and store them in secure locations. This practice ensures that you can recover your assets in case of loss or theft.