What is Telesto?
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What is Telesto?
Telesto is a virtual world and a decentralized reserve currency protocol for a non-corporate controlled Metaverse that puts the health of the planet first. Each TELO token is backed by several assets (e.g. MC02, wCELO) in the Telesto treasury, giving it inherent value. It is also of note that 1 MCO2 Token = 1 carbon credit from a VCS certified environmental project (forestry, energy, biomass, etc.) through Moss Earth, making TELO inherently carbon negative. Also, because Telesto runs on top of Celo blockchain, which has been carbon negative for over 589 days (at the time of writing), this makes Telesto DAO an extremely environmentally-friendly organization with a non-inflationary currency (since it is not pegged to any stablecoins).
What is the point of the Telesto Treasury?
The goal is to build a smart contract policy-controlled currency system for the Metaverse, in which the behavior of the TELO token is controlled at a high level by the DAO. We believe TELO can function as a global unit-of-account and medium-of-exchange currency within and without the Metaverse while providing environmental benefits in the form of carbon negation.
Who runs Telesto?
No one. Telesto is DAO-governed. All decisions are formed by community members on the forum and made by token holders through snapshot voting.
What are DigiWorlds?
In Telesto World, we call the Metaverse "DigiWorlds". This is to further differentiate ourselves from Zuckerberg's "Meta". Key differences include the lack of corporate control and having our digital currency backed by a carbon negative token (MC02).
We believe that the Metaverse should be owned by the DAO, with the major decisions and proposals carried out via governance. For now, proposals and governance will be conducted within Discord until a better voting system is developed.
Digiworld's main development stage begins soon as the Treasury is finished. We hope to have Digiworlds alpha build live by 2023 with VR support.
TELO will be used as a currency of exchange within the Digiworlds of Telesto, giving an advantage to all those that had been staking TELO during the period of development. TELO will have the ability to be exchanged for SPACE within a Digiworld so that user's can build and customize their own areas. We also plan on implementing in-world NFT markets, mini-games, and much more.
