Do you need to know what is Telos Genesis snapshot? Why does it matters for you? How does it impacts you? What actions you need to take? How do you act?
Please read below to understand Telos Genesis snapshot and to get ready to take proper actions. This is for those who want to understand what is” Telos Genesis snapshot”? But first of all lets talk about basics. What is Telos?
Telos Blockchain Network
Many people call Telos as EOS sister chain. But is it? So what is Telos? Telos is using same software from Block One https://block.one/ as was used by EOS Mainnet. It is called EOSIO.
The code is available at https://github.com/EOSIO/eos. Telos and EOS Mainnet both are using the same code base EOSIO. So both are slimier block-chains, but they are two different and independent blockchains. Today these two different blockchains do not interact with each other. But they may do so in the future.
Telos is trying to improve over EOS Mainnet and is better and more modern than EOS. https://telosfoundation.io/
EOS Genesis snapshot
When EOS was launched during May/June this year 2018, they used Etherium ETH ERC20 snapshot that was used to collect ICO money from investors in EOS ICO. Based on that ERC20 records of investments and tokens, EOS genesis snapshot was created. This EOS genesis snapshot has now become like a base for most new blockchain projects in the EOSIO domain.
TELOS Genesis snapshot
Telos will use an EOS Genesis snapshot as a base, but, will modify it as described in the White Paper https://resources.telosfoundation.io/wp_master/telos_white_paper_english.pdf . Telos was to reduce the impact of whales and to deplay a decentralized network. So if you have EOS Tokens in EOS Genesis snapshot, then, you will get one TLOS token for each EOS token
- 1:1 ratio
However, there is upper limit of 40K. Meaning that if you have more than 40K EOS tokens in EOS Genesis snapshot, then, you will get maximum 40 K TLOS tokens.
- upper limit: 40K
Telos Original snapshot FREEZES at “Block 6m”
When Telos goes live, it will be activated at 1m block. It means that now you can use Telos Bockchain Network and can perform transactions on it.
However, it is very important to remember that at block 6m (about 35 days after launch), Telos will create his own base “Telos snapshot” for future uses. So this final Telos snapshot will act as a base for future blockchain projects in Telos/EOSIO echosystem. The reason is to give time to the community to buy TELOS Tokens before Telos snapshot freezes.
If you have any questions then you are welcome. You need now to think about how to interact with the Telos blockchain if you would like to part of Telos future snapshot at block 6 million.
Do not forget that Telos future snapshot will freeze at block 6 million and you need to use Telos Blockchain to reserve your spot in Telos snapshot.
Thanks and Welcome!