Today, the blockchain is a key element of cryptocurrencies and other technologies development; moreover, it is synonymous of trust and technological evolution.
When referring to transparency in blockchain, one of the main features is the registration of all transactions carried out in the network on the chain. A brief comparison: in politics and in democracy there are the elections of representatives through votes in which the information is public and the voters have in their possession all the data that interrelates the process (audits, regulations, among others). Within blockchain, you can keep track of the transactions from the block producer (BP) to the user, without intermediaries or manipulation of the data automatically saved in the network.
It can be said that transparency goes hand in hand with security. In the blockchain, transactions are stored, tracked and encrypted in the blocks, they are also traceable, leaving a digital fingerprint, and this discourages potential hackers from entering the system.
On the other hand, blockchain technology is fast. Nowadays, people go through delays in daily banking transactions induced by many factors, such as mediators, constraints, or simply mismanagement in the procedures. This is something that has been replaced by making operations more efficient. Currently, these digital methods ensure fluency in transaction routes, since there is no third parties who delay the processes and round up prices.
The reason why Telos blockchain stands out from others is because of its potential for DApp development; it offers great advantages in terms of governance, speed, cost and its great scalability, provided by the technology and its Delegated Proof of Stake (DPoS), an algorithm made by a consensus that maintains an agreement of veracity in the network (digital democracy).
So, what are some specific benefits that Telos has for its users?
Telos is a third-generation blockchain that establishes in its White Paper, (formal document in which the technical details and important concepts defined the operational parameters of the network) to operate autonomously without the intervention of authorities; in this manner, decentralization is encouraged.
This section is quite important, since Telos can produce a wide variety of applications without limitations in which it is highlighted the great potential of blockchain, hierarchizing the access roles through smart contracts, this is a computer program that facilitates, ensures and enforces agreements registered in the network.
Telos provides the choice for DApps’ codes to be private. It also offers advantages such as low cost of deployment, since there is no hoarding of RAM; also, its fee is lower than EOS. As for the networking time, it is structured in such a way that when BPs fail or don’t answer about the blocks they’re developing, they can be replaced for standby block producers with an automatic system and there will be no gaps in that generation of blocks.
Since the creation of Telos 40,000 TLOS (tokens) were distributed and caped genesis accounts, this initiative arises to avoid the crypto whales.
Governance complements the security of transactions. Likewise, it guarantees the votes that are carried out arbitrarily. All those who are Token Holders are in the capacity to vote and make favorable decisions for the blockchain.
In the case of the BPs voting process, votes are inversely weighted, where they have to choose on 30 candidates in order for the ponderation to reach their 100% weight.
Block Producers (BP)
Block producers validate transactions and increase security on the net, all while they work with contracts governed by statutes. Each BP compensates by their performance and they are payed equally, and those in standby receive half the payment. Due to the smart contracts, the BPs not complying with the requirements are automatically displaced, and must prove to the community that they can fulfill their responsibilities, in this way the work area remains active and the best candidates are chosen, this creates a fully fair process.
It is worth mentioning that EOS’ mainnet and tokens are fully compatible with Telos, this feature is what makes this platforms sister blockchains.
After mentioning the previous benefits, we have to feature another advantage that pushes Telos be the ideal blockchain.
The Telos Network handles approximately 5,000 transactions per second, this could generate slowness in time, but with Telos blockchain, this is not the case, the average transaction lasts 1.5 seconds, even faster than other blockchain.
The advantages mentioned overhead contribute to merge the pieces of a digital puzzle that makes Telos ideal for all those involved in blockchain, it has governance, is friendly to developers and it has no cost per transaction associated to not having intermediaries, in this way Telos is beneficial for all users, especially in the digital society.