Get in on the Telos genesis snapshot

globalgreg (31)in #telos • 6 years ago (edited)

Screen Shot 2018-11-28 at 13.17.29.png

Remember 29 days after Telos Launch

With the imminent launch of Telos main net, the time is fast approaching when people like you and me will be able to buy Telos over and above those that will be airdropped on EOS holders taken from the September 7th snapshot of the EOS eco-system. A chance for ‘Newbies’ to get in on Telos (who weren’t EOS holders). There is no other way to ‘buy’ Telos at this time. Using the earliest version of the EOS genesis snapshot doesn’t reflect the creation of new accounts to the EOS system and wouldn’t allow new people who are interested in Telos, to get in on the Genesis Snapshot. The good news is: “29 days after launch”, a small window to get Telos (or buy more) will exist to get irreversibly recorded on the Telos Genesis snapshot! Forever! And that’s very good news for all the future Airdrops that will come to Telos.

Why did the Telos Foundation team do it this way?

Telos wants to reward EOS genesis holders too. In a way, the EOS genesis snapshot is still being used but with changes:

People could have split an account into something else later – smaller accounts. Thus creating the opportunity for the gaming of the system by circumventing the 40,000 Telos Cap allowed per account, i.e. Stop A Whale Account (someone with a lot of funds) from making many smaller accounts and then loading them up with the maximum limit of Telos allowable. Note that: the 40,000 Telos Cap is to stop Whale Accounts forming (very large token holders) – at least in the early days of Telos. This would go against the whole ethos of the Telos foundation constitution.
Exchanges: Getting to those people who held EOS on exchanges – snapshots were taken for these people by the exchanges and were diligently recorded.

What other justified problems did the Telos Founders face?

What about those people who want to be early adopters of Telos after hearing about it? After-all, just like EOS, early adopters would be rewarded for a long time after launch. Any future Airdrops will be made to Genesis accounts and use this snapshot – you really want to be there on it. Rather than a continued propagation of the EOS snapshot, it was realised there is a need to include new people too. But how?
Therefore, after listening to the community: Douglas Horn (CEO of Telos) has communicated that rather than just use the actual Telos Launch-day snapshot (which would just be pretty much a repeat and propagation of the EOS genesis snapshot), they will make an equivalent Telos genesis snapshot after people have had time to buy in or buy more. This is where new people can enter Telos.

How long will I have to get Telos before the Genesis snapshot occurs?

After 5.8 days (nearly 6 days), 1 million blocks will have been processed. This is the milestone condition that activates the Telos Network for real.
Anyone wishing to buy Telos for getting in on the Telos Genesis Snapshot, will have the time it takes to process 5 million blocks (29 days)
In other words, the final time for when the Telos Genesis snapshot will occur will be at exactly 6 million blocks.
You will have 29 days exactly, after the main net launch of Telos. This gives a small window of opportunity to buy Telos on selected Digital Exchanges (such as DEXEOS) from those people airdropped Telos on the EOS network due to being holders of EOS on September 7th. These people may not wish to hold them (why they would not want to, surprises me).
At the time of writing, I don’t know if the foundation team will release a small number of Telos for purchase on selected exchanges. It may be only what is airdropped and those who wish to sell. But watch this space and check in with News updates from Telos Official Telegram and Websites (Listed at the end).

What else do I need to do to be included in the Genesis snapshot?

You need to engage with the Network at least once within those 29 days! This will officially record your account as activated on the Telos Blockchain. There are a number of ways you can do this, some examples are:

By voting
By staking or un-staking Telos
Buying or Selling Telos
Transferring Telos to another’s account
Playing games (just like on EOS) – such as EOSBets or TelosBets or similar

In Summary

Engaging at least once with the Telos network after launch ensures those accounts will be on that magical, glorious Telos Genesis Snapshot
Take the opportunity to buy a bunch of Telos (either as a Newbie or to fill your ‘hodl’ bag) for the 29 days before genesis snapshot.
The 29 Days also allows for all Rewards Pool contributors to be properly assessed, counted for and duly rewarded.
It is intended that all future Airdrops on Telos, from dApp’s (Digital Applications) and developer’s, will use this snapshot to recognise and reward the early adopter’s.

As always, I welcome comments and further info sharing. This post will also appear on other Social Media under the name @ scorpinz or @ globalgreg.

Best regards and thanks for reading!