Trading Card #3 - Telos Network and the 40K Cap

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Telos Trading Cards

Cards & Tokens is going to be deployed over TELOS blockchain and to celebrate it we decided to create a brand new album dedicated to promote this new blockchain the best way we can do it, with trading cards !!

Genesis Snapshot Whales

EOS successfully executed the most financed ICO in the history of cryptocurrencies, being one of the most distributed currencies. However, more than half of the tokens were acquired by less than 1% of the participants, which gives them an incredible ability to control the resources of the blockchain that may not be of common interest.

Whales EOS Consecuences

We have seen how some whales accounts have been voting for themselves to be one of the top 21 block producers in the list. This left outside a lot of very good and commited groups that had worked hard on the network launch and deserve to be at least at a backup position. But this is not a major problem since the community still has enough relative voting power to take out any proved bad behaving block producer.

The real damage was caused to the worker proposal system. It had to be removed because all the big whales have enough voting power to auto-aprove budgets for their fake projects and get even more wealthy of tokens and thus more voting power to keep on the circle.

Capping at 40K TLOS

TELOS intends to respect this initial distribution but putting a cap of 40K tokens per account to avoid having whales in the system. This way, less than 1% of total accounts are touched. But this cap is just for the Genesis, you can buy as much as you want after that an all tokens are usable for voting and staking.

Find out more about this new aewsome blockchain at
https://telosfoundation.io/