What is the Telos (TLOS) cryptocurrency used for?

The Telos(TLOS) coin/token has two primary functions on the network.

Firstly as a utility token representing ownership or ‘stake’ of the networks considerable compute power. The network’s utility is  provided by 50+ independently operated enterprise grade servers/nodes which keep an immutable consensus of transactions and data for the platforms, networks and economies built with Telos.

If an entity or individual were to own 1% of TLOS, they essentially have the right to utilize 1% of the network’s capability at any given time.

The second primary function of TLOS is as a governance token. Any individual or entity controlling TLOS also is capable of proportionally influencing the direction of the network via changes to governance, choice of block producers(nodes) and selecting works proposals(initiatives).

For simplicity sake it might make sense to imagine Telos(TLOS) like digital land. Instead of being the platform for physical buildings such as offices, houses and hotels Telos(TLOS) is used as the platform for hosting digital web 3.0 entities and their digital structures in terms of smart contracts, tokens, transactions, records and digital items.

Just like with owning land or an apartment, users have proportional voting rights to influence the direction of the community/network.

Is Telos(TLOS) an investment?

Telos(TLOS) is like land in a suburb. It’s subjective value/utility is affected by supply and demand for it. The value may be affected by users’ own efforts to build on telos as well as the 1000s or millions of independent community members who build/contribute to the applications/networks/economies on Telos. It is highly dependent on collective efforts from totally independent individuals and entities with no legal binding to each other. We sometimes refer to this as ‘decentralization’.

In short, TLOS  is speculative/volatile in value, no individual or entity can be expected to make it more valuable and so it should be primarily purchased only by those who want to use the network capabilities now or in the future for functionality that the traditional internet does not cater for.

There is no company or operator of the network who can be held liable or responsible for improving the Telos Network.

Where can I find and track both price, volume and markets for Telos(TLOS)?

Telos(TLOS) can be found on popular platforms such as  Coin Market Cap, Coin Gecko and Blockfolio.

Why is Telos(TLOS) sometimes represented by an orange acorn as opposed to the indigo circle?

The Telos Acorn was the original logo for Telos until the community recently moved to the indigo circle representing our big blue planet we call earth. It will take some time before that change is seen across the board and many in the community may always choose to associate with the acorn in some capacity which is totally fine too.The acorn is an important and positive foundational piece of our history we will always remember.

I see a coin called TelosCoin/(TELOS) AKA Transcendence, is this the real Telos (TLOS)?

No, there is a coin with the ticker symbol ‘TELOS’ which has absolutely no relationship with the Telos Network, Telos Foundation or the Telos(TLOS) crypto currency. We don’t know much about this coin but they appear to have started using the ‘TELOS’ ticker symbol around the time the Telos Launch Group was preparing to launch the Telos Network we know and love. It is speculated but unknown if the Transcendence team were attempting to confuse users into purchasing their token.

To be safe, always look for the TLOS ticker symbol, the indigo circle, or the acorn and buy only from exchanges you know and trust.

Written By: Ben

Edited By: Mosun

Graphics By: Jacobite

About the author

A community building project to educate African youths about the possibilities of blockchain technology powered by the Telos network.

Related Posts

Leave a Reply

WordPress Image Lightbox Plugin