Telos is a mass adoption, open finance network that allows projects to build better blockchain infrastructure. Telos provides the basis for other projects to create their own tokens, NFTs and Smart Contracts. Over 100 projects have built their blockchain using Telos and it has the fastest and one of the cheapest blockchain platforms that can process more than 10,000 transactions per second. The platform also allows projects to create advanced and transparent voting mechanisms. Promising projects built using Telos have opportunities to generate seed funding from the network to help bring them to the next level.
Furthermore, the project has its Telos EVM which is an Ethereum Smart Contract Platform. This platform is thirty times faster than Ethereum and is substantially cheaper. Another benefit is that this platform can be scaled with one-hundred times the capacity of what you would normally find. This allows developers to create Ethereum smart contracts, but better.
Telos itself is now a third-generation blockchain platform and has been developed substantially since launching its mainnet in 2018. The benefit of projects built using Telos is that the framework is geared towards governance features that make organizations more transparent and collaborative in the decision-making process. Users of Telos are also able to use the Telos wallet to facilitate transactions.
Telos has recently launched its Environmental, Social, Governance (ESG) initiative to address the lack of an existing framework for these parts of an initiative. We have had the opportunity to talk with Michael Anastasi, Director of IR and PR at Telos and ask some questions about Telos itself and its ESG Blockchain.
1) For those who may not be familiar with you, could you explain a bit more behind the background of Telos what it is your initiative achieves?
Telos is a fully decentralized 3rd Generation Smart Contract Platform generating blocks every half a second and at a capacity of 10,000 tps pre sharding. Our mainnet has been up and running since 2018 generating C++ based contracts and utilizing only .000002 kwh of energy per transaction. (Making us the most energy efficient Smart Contract Platform.). We are now ready to launch our Telos EVM which will be generating Solidity and Vyper based smart contracts and at the same speed, capacity and energy consumption. With that said our initiative achieves the fastest, most scalable, most energy efficient, most versatile smart Contract platform in existence. To put it in perspective, our platform is so versatile that if all other smart contract Platforms were to shut down tomorrow, 97+ percent of the existing dapps would still be able to go live via the Telos Network due to its ability to generate blocks for the most popular developer languages. No other platform can do this and no other platform can offer a state of the art governance platform to all of its dapps. Our governance is significantly more advanced than anything else out there. It is called “decide” and it can now be downloaded in the apps store and used by any organization that needs to cast a vote, poll and much more. We look forward to help scale all the dapps developed and now trapped on the Ethereum network.
2) Do you have any competitors? If so, what makes you different and better in what you offer?
Yes, our main competitor is Ethereum but there others in the space as well (Cardano, Bsc, Polkadot, Polygon, Eos, etc…). Out of all out competition only Ethereum is decentralized like us, all of the others are centralized and/or have parties that own significant portions of the pie and they have all done ICOs. Telos has never done an ICO, it does not have any large influencing holders, and is a 100 percent bootstrap project(like bitcoin and ethereum). Aside from decentralization here are some additional key differences.
- Speed(.5 second block times vs Ethereum 15 seconds)
- Capacity (10,000 tps pre sharding vs Ethereum 10 tps)
- Energy consumption (.000002 kWh per transaction vs Ethereum 62.56 KWh)
- Governance(all dapps in our network can use this vs no one is offering this),
- Fees (~ 1/100 to 1/1000 of Ethereum’s rate)
- Front Running (there is NO front running on Telos. Almost 1 billion has been stolen via Front Running on Ethereum Network. To put it in perspective the Largest Bank-robbery in the western world is merely a fraction of that.)
3) Could you please explain more about what ESG is?
ESG is an acronym that stands for Environmental, Social and Governance. It’s a criterion which is popular in the world of business and investing, used to identify risks that may be missed through traditional forms of analysis.
4) Why do you think there has been a big movement towards ESG in general in recent times?
Mankind has reached a point in which we have become very mindful of our negative imprints. ESG is an umbrella that encapsulates core fundamentals. Fundamentals that can and will make the shift to a better tomorrow. Environmentally Cleaner, Socially more Tolerant and Fairer. By unifying behind the display of favoritism for such positive actions will continue to act as a massive catalyst in driving more ESG.
5) What has caused the need for your ESG Blockchain? What difference do you think it will make for organizations that use it?
Out of all our firms and businesses are paving the way for this. The demand for ESG is coming from the top down. Which is great, it ensures that it will be done. Organizations like Amazon, Tesla, Facebook, Google and many others that have shown interest in Blockchain will find comfort in knowing that we meet and exceed these standards. Our platform is truly a utopian network. Decentralized, ESG, Green, Fast, Scalable and virtually Fee-less!
6) Have you seen good uptake for your new ESG blockchain since it has been launched? Do you expect it to balloon in the future?
We already have over 120 dapps and a million users on our network before we even launch our Telos EVM. We have multiple daily inquiries and have built out our onboarding process so that use of Telos EVM is frictionless to migrate to. Yes, we anticipate many dapps wanting to migrate to a utopian network like Telos.
7) With energy consumption being one of the biggest concerns about blockchain, how do you ensure that you are being as green as possible?
We are not only green, we are the greenest blockchain period. To continue to push the envelope and to become as green as possible we are seeking to invest in offsetting our energy usage by partnering with a company like seeds who will be planting trees on our behalf or even making investments on the efforce network to generate enough offset so that we can become carbon neutral and maybe even carbon negative. Sincerely, we take this very seriously.
8) Why has nobody else taken the steps towards an ESG blockchain as you have? Do you expect there to be competition in the future in that aspect?
We were 100 percent “the” ESG blockchain by default. It is because of our superior technology and our community culture. We have provided refuge to dapps that were pushed away by other platforms. Dapps like Lips are the perfect example of this and the perfect example of the power of being truly decentralized. Again, in a nutshell, our energy efficiency, our being a sanctuary platform for all seeking social refuge and our platform handing out it’s vast governance tools to all the dapps within its ecosystem makes us the ESG Blockchain. Will there be other platforms following suit? We really hope so. It is the responsible thing to do but challenging to deliver on.