Is Telos TLOS Scam?

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What do you know about Telos and its coin TLOS? This review will give you an overall about Telos and find out whether it is scam.

Definition of Telos and TLOS​

The Telos token (TLOS) is the native incentive of the Telos ecosystem. The Telos ecosystem is the first of its kind Ethereum Virtual Machine that enables developers to deploy highly scalable solidity-based applications. Telos’ development team aimed to outpace the DeFi market through efficient tech, adoption, and innovation.

TLOS is the native token of the blockchain that mirrors privilege in the Telos network. The key features are as follows:

  • Users become a dynamic and important component of the Telos Blockchain Network when they hold TLOS tokens.
  • Telos is indeed decentralized, with community-led control protocols specified at launch including key retrieval for compromised EOS accounts and mediation to recover lost or stolen tokens.
  • Because Telos has more periodic tokens than the EOS network, will TLOS holders have 3 times the network privilege share for the identical number of tokens. Telos also fosters long-term annual inflation to 2.5% after the first year approximates to EOS’s 5% annual rate.
  • Telos EVM is the most robust and scalable Ethereum Smart Contract platform. It is a layer-1 Ethereum Virtual Machine, created to support Web 3. Telos EVM is not simply a fork of the actual Go Ethereum code. It’s a completely new EVM that carries the maximum benefit of the power that Telos technology has to contribute.

Is Telos and TLOS scam or legit?​

To figure out if a coin is scam or not, there are some key factors about the project that will tell how reliable it is, such as:

1. The developers team​

The Telos Foundation (TF) is an organization with a mission to aid in the promotion and improvement of the Telos Network.

The foundation is led by Suvi Rinikin. Telos' executive board also includes Beth Farnham, Richard Bryan Erikodi, and Mark Cohen. Other board members include Robert James, Justin Giudici, Jim Hewitt, Jesse Schulman, Daniel Uzcategui, Adam Zientarski, and Rory Mapstone. Jan Smit is The Telos Foundation Interim RAM Administration Director.

2. Telos (TLOS) prove its team is vigilant on fraud against decentralization​

According to an official statement from the Telos Foundation, they revealed that some block producers were involved in inappropriate shared access to signing keys of block producers. This, in turn, resulted in network over-centralization and degradation of its security.

The best part of the story is the fact that some of the corrupted block producers also held positions in the Telos Foundation. Thus, malefactors were able to affect the development and marketing progress of the whole project. To protect network security from further degradation, they decided to make appropriate adjustments to the Telos Foundation board and various board member responsibilities.

Three system-level managers of the Telos Foundation were penalized for the disclosed episodes of corruption.
  • Daniel Uzcátegui has been removed from the board as of March 11th, 2020.
  • Richard Bryan will remain on the board in his position as CFO but is ceasing operation of the Telosdac “telosdacnode” block producer.
  • Rob James informed the board that he would be stepping down from his position as a Telos Foundation board member.
According to the Telos Foundation rules, outgoing board members remain in the organization for thirty days after their resignation or notice of removal as ex-officio members to transition their responsibilities to the remaining members.

Is Telos Foundation scam or legit? We believe it is legit but the event some of its block producers involve fraud activities in order to take advantages for themselves. Luckily, the foundation has found the problem on time to prevent the bad crimes which might have a bad effect on the project. How about your opinion?
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