Telos is an alternative DPOS blockchain network based on the same EOSIO code that the EOS blockchain runs on. It could go live as early as October 17th when the next go/no go vote by the Telos BPs happens. The Telos team have been closely involved throughout the EOS mainnet launch process as voting and contribution members of the EOS Mainnet Launch Group (EMLG). With this hindsight, the team has identified what they call key problems with the way EOS has turned out so far and they are attempting to address these ‘key problems’ with a new blockchain ‘forked’ from the EOSio software. The Telos blockchain will work very similar to EOS with a focus on decentralization. They aim to make Telos ‘a sustainably decentralized EOSIO network’. I will lay out how to create an account on Telos so that users can access this exciting and timely project.
Before we get started with creating your own account that will be available on the Telos mainnet when it launches I must first explain to EOS genesis account holders that Telos will create an account for you when it launches in much the same way EOSio created one for you. You’re EOS public and private keys will be used to access this Telos genesis account on the Telos blockchain. Consequently, you’re Telos genesis account will have Telos tokens (TLOS) in it. Of course, there will be a cap on how much TLOS a genesis account can have. Right now the cap is 40,000 TLOS, however, there is a proposal before the Telos BPs to lower that cap to 20,000 TLOS. This is because Telos aims to emphasis decentralization and one way to do that is by curtailing the creation of whales at the genesis snapshot.
Here’s a step by step tutorial on how to create an account on the Telos blockchain before it goes live soon. This procedure should also work after launch, you may just have to choose ‘Telos Mainnet’ instead of ‘Telos Testnet’ in second step.
First, Download Squirrel here and open it. Squirrel is a simple light wallet and block producer voting tool for the Telos blockchain. Notice the version is 0.5.2. If you are using a newer version, make sure to verify this procedure first.
Next, connect Squirrel to Telos Testnet by selecting ‘Telos Testnet’ to connect to and a good wallet API URL. AT the moment, ‘https://api.miami:17441’ is the default and the best option. Then, click the blue ‘Connect to Servcr’. Once you do that, you will see this:
Click the blue ‘Create New Account’ and you will see
Now, enter an account name of your choice and click the arrows on ‘Owner Public Key’ and ‘Active Public Key’, click next. Your private keys will then be generated and displays on the next screen. Make sure to copy keys and keep them safe!!! Click copy, then click ‘Keys are copied in a safe place’. You may get the error ‘We’re sorry, but your account could not be created. Please contact the Telegram community for this EOSIO chain and ask them to make sure the ‘freesqrlacct’ has sufficient resources on its account.’, if you do, just try clicking ‘Create My Account’ a few more times. If that fails, go to t.me/HelloTelos, the Telos Foundation Telegram channel and ask for assistance there to create your account using your new keys. The team is very active there.
NOTE: If you signed up to the Telos Community Rewards, go to the email you received from The Telos Foundation and click on the link there and enter your new keys to receive your TLOS rewards in this new account. You can use the owner or active public keys (I recommend using the active public key and not share the owner public key just as a practice). Otherwise, you will have to enter your Telos genesis account keys there after launch.
Hopefully, this will simplify this process and help more people adopt this project. Meanwhile, help me welcome Telos, a new player in this market, and, of coures, CRYPT ON!!
Donny Letson, Shadowcrypt