Most people think only this upon hearing about blockchain: mining cryptocurrencies, when possibilities are actually infinite and developers are now in for the win thanks to DApps (decentralized apps). What make these unique, and potentially the future of all apps, is how they are developed through blockchain platforms. Although blockchain has been around since 2009, it’s the third generation of them that has paved the way for DApps with their flexible smart contracts, fast execution and scalability, interoperability, and governance. Currently, Ethereum (87%), EOS (19%) and Tron (8%) are the most used platforms for developers to build their DApps on.
Being built upon blockchain platforms is what give DApps their key characteristics, which are being open-source, decentralized, having incentives, and relying upon on-chain governance. In spite of that, when verifying these characteristics with the three most used platforms stated above, none of them successfully fill all the gaps, which are mostly endured in the decentralization and governance features. The repercussion about decentralization is that users have found a path to avert it, and they have become what is known as whales, eating up the blockchains’ decentralization just as Pinocchio got gobbled in the story. This demonstrates that the real issue actually roots from the governance itself.
Therefore, if 3.0 blockchain is almost ideal for developers, now follows what will become the missing piece for shaping blockchain perfectly for DApps: Telos. Conceived as a “sister” platform to EOS (running by EOSIO software), Telos has embraced the best of the latter and combined it with new governance strategies, among other features, to truly achieve the key characteristics required by DApps.
Telos’ governance strategy proved to be a game-changer by establishing their constitution upon not allowing whales to exist, by capping at 40.000 Telos per genesis address, and ensuring every holder has a meaningful vote with a DPoS and an inverse weighted voting system. Explained briefly, Telos holders will vote to select witnesses who will validate transactions and build blocks, thus being awarded with associated fees in TLOS. Additionally, the holders will vote to select delegates who will supervise the overall governance and protocol, enhancing the security of the platform. In both cases, with inverse weighted voting, the more votes they cast the more they ponder, discouraging unfair or favorable voting.
Lastly, Telos not only addresses the existing drawbacks of blockchain for DApps, however, it is adding more advantages for developers in order to disrupt the barrier between blockchain and mass adaption. Their approach relies mainly on allowing proprietary DApps, which will encourage that a vast array of businesses and enterprises, government included, adopt this technology within their operations. To keep raising the bar, lower prices and fewer network pauses are also part of the offer. The first is achieved by managing the RAM requirements to proper scales and thus preventing speculation. The second, by implementing a semi-regular schedule for witnesses guaranteeing productivity and node maintenance. With all these advantages and the current worldwide economy going down a rabbit hole, it is only a matter of time before DApps become the status-quo. Then, if “the Telos of an acorn is to become an oak tree”, the Telos of Telos is to become the ideal blockchain platform for DApps.