Telos (TLOS) is consistently ranked among the fastest blockchains in terms of number transactions according to Blocktivity data. During my extensive conversation with Douglas Horn, the Chief Architect at Telos, and CEO at GoodBlock, we came to the agreement that simply the number of transfers per second or TPS isn’t the only metric that should be used to assess the real value a blockchain platform may provide.
Currently, Ethereum (ETH) is the leading smart contract platform for many different reasons. One of the advantages the Ethereum community has is that it’s supported by the largest developer community in the crypto space, even larger than that of Bitcoin (BTC), the flagship cryptocurrency.
Ethereum recently completed the London hard fork and EIP-1559 was activated. This upgrade to Ethereum has been successful and ETH is currently trading at over $3,000 after reaching as high as $4,000+ earlier this year. So is Ethereum the best platform for building and deploying decentralized applications? Not necessarily and here are some reasons to consider creating dApps on other platforms such as Telos.
True Decentralization Really Matters
Apart from Bitcoin, nearly every crypto or blockchain project is centralized. Ethereum development, for example, is being driven to a considerable extent by a group of developers who may be serving their own self-interests or those of some large and influential organizations.
Microsoft recently announced that it’s looking into using the Ethereum blockchain to prevent or address digital piracy. Luke Sully, CEO at crypto/treasury tech specialist Ledgermatic (works closely with IBM), noted that Microsoft's willingness “to rewire business processes and remove the notion of a central entity as arbiter is a clear signal that decentralized, technology-enabled processes are a reality, not a niche concept.”
Sully pointed out that “we are moving away from the notion that a centralized body can effectively manage complex and contentious business processes, of which there are many."
Although Ethereum has gained the attention of large tech firms such as Microsoft, this may lead to potentially serious issues. For instance, Microsoft or another large company could become a big stakeholder in Ethereum, by providing a substantial amount of funding. This could lead to them becoming a highly influential network participant.
It’s quite possible that these large stakeholders may continue to drive Ethereum’s roadmap forward without consulting other ecosystem participants. The end result of all this could be a network that mainly serves the interests of a small group of individuals/entities - which would take us right back to the traditional, highly centralized models that are prevalent today.
Telos Is Focused on Building More Sustainable Decentralized, Digital Economy
That’s why it’s important to keep an eye out for initiatives that prioritize true decentralization and focus heavily on building a solid community that can support a more sustainable ecosystem. Telos is one such project that allows developers to work with all the popular programming languages to create dApps. Not only does Telos provide a developer-friendly environment, it’s also committed to becoming the leading ESG Blockchain.
The Telos team had noted in July 2021 that Environmental, Social & Governance (ESG) investments & business practices are becoming an “increasingly important criteria” when evaluating the potential risks of a project. Telos reported that it’s “extremely fast, virtually fee-less and more powerful than major competitors.”
The company had stated:
“Telos is making a conscious effort to become the leading ESG Blockchain, positioning itself for mass adoption by real world users around the world.”
While commenting on what ESG really is and why it should matter, the Telos team said that it’s a criterion which “is popular in the world of business and investing.” ESG is used “to identify risks that may be missed through traditional forms of analysis.”
Telos Regularly Makes Extensive Technical Updates
In addition to its ESG goals, Telos is one of the most active projects when it comes to rolling out regular updates. Recently, Telos (TLOS) revealed that they’ve made some upgrades to the Telos Ethereum Virtual Machine (EVM). This will be their last technical update “focusing purely on the Telos EVM.” Starting soon, they intend to introduce “general technical updates on the work going into all Telos products.”
The Telos developers added:
“We’ve upgraded the Telos EVM Contract and the RPC. The explorer is now live on testnet for potential partners to use. ... the Telos EVM is considered Feature Complete, the contract is considered Code Complete and all that’s left is for the RPC to receive some performance optimizations, as the Hyperion team finalizes their work.”
These are all critical upgrades that should allow Telos to appeal to a wide range of users, including software developers as well as companies looking to leverage the power of blockchain technology to create decentralized applications.