As we have already mentioned in the previous writings Transcendence Blockchain has been formed as a stack of many projects. Some of them are mentioned (the projects like CriptoMages, Peertoro, Bluebox, ProFitCycle, Bitcoin Subsidium (XBTS)), some of the projects are under construction, while there are also new ones in the plan.
Many comments from a large part of the crypto public are encouraging, many of them say they have never seen a blockchain that supports so many projects.
In fact, Transcendence was established alongside with Teloscoin (TELOS) cryptocurrency. Teloscoin (TELOS) is a masternode coin supported by a huge network of nodes (about 12 000). At the same time, when talking about masternodaes coins that are not tiered, the Teloscoin is the first on the list by a number of masternodes in the network.
A rather low price for 1 masternode has enabled everyone to own one or more nodes. Or, as the founder of Transcendence Blockchain — Pascal Papara would say, “masternode for every pocket”.
Considering that it is the birthday and the first anniversary of Teloscoin on July 18, 2019. we can freely say that they succeed in the intentions of the founder. In the first year of its existence, Teloscoin encountered many obstacles, but from each one, it emerged as a stronger and more recognizable coin in the crypto world. Alongside the development of a lot of projects, after a year of hard work by the Transcendence team, the Teloscoin image is not like in the beginning. He is much bigger and more valuable.
What is TELOS 2.0?
In short, TELOS 2.0 is an advanced and improved blockchain that aims to enable more efficient operation of the entire network, as well as an easy adaptation of the cryptocurrency itself for use in everyday life.
Each decentralized system requires community participation in deciding about changes, and so in this case, Teloscoin’s voting of members of the community lasts for some time at https://governance.rocks/.
Given that the consensus that TELOS 2.0 should be categorized (tiered) has been reached, the community is currently deciding on several important issues:
1. How much collateral shall each Tier get and what kind of Tiers will we offer?
2. Reward cuts? Halving mechanism?
3. Shall we add a treasury to collect parts of the Rewards for development and Charity?
How much will each Tier receive and what kind of Tiers will we offer?
The first question is about the types of categories and how each of them should cost. Since Teloscoin has been “masternode for every pocket” from the very beginning, this time again, it did not want to deviate from this idea. For this reason, 5 tiers have been proposed — thus, masternodes are not affordable only to big investors. Five tiers will get titles (Bronze / Silver / Gold / Platinium / Diamond) or simply (TIER 1 / TIER 2 / TIER 3 / TIER 4 / TIER 5).
Currently, an option that categorizes five tiers in a straight line:
Tier1 = 1000 TELOS
Tier2 = 3000 TELOS
Tier3 = 10000 TELOS
Tier4 = 30000 TELOS
Tier5 = 100000 TELOS
It has 22 community voices and it is certain that it will be implemented.
Voting link: https://governance.rocks/details?id=26
Reward cuts? Halving mechanism?
Maybe it’s time for Teloscoin to make one of the most important issues. Important, because it has an impact on the future and stability of the currency itself, but also, it can determine an increase in the price of the coin.
TELOS is meant to be a payment coin for paying daily needs. The more the user base grows, the more supply will spread and the devaluation effect of new coins becomes less. If we come in a situation of exponential growth in a number of users, we may not even have enough coins to spend them on high prices products.
In this case, the community voting had many options, but one found itself as the most noticeable.
– Keep the split between POS and Masternode (10% / 90%) but reduce the supply to 100 coins per block = 92 Votes
Voting link: https://governance.rocks/details?id=25
Should we add a treasury collect parts of the Rewards for development and Charity?
One of the community proposals was to allocate some of the prizes to the Development and Charity Fund. We had three proposals and the voting results for this issue is on url below.
Voting link: https://governance.rocks/details?id=27
How can I vote?
Each voice costs 180 TELOS, which is currently the amount of the masternode prize. This is a common practice in all voting communities when a change occurs and the collected coins go back to the reward pool or the charity.
Date 16.07.2019. is marked as the end of voting and decision making for TELOS 2.0. But voting results will be taken from 1.07.2019. so, as noted in Announcement, next 14 days will be used for testnet.
Transcendence Team will make changes to the blockchain, restart it, and we will get an upgraded blockchain of new features ready for efficient use in the coming years.
Each owner of a masternode will have to update the wallet, a hot & cold wallet, and also to install his nodes again by selecting which tier he wants.
Transcendence prepares a whole new wallet that will fully meet the needs of the users. With the new protocol, Transcendence will also work on the new port.
Are you ready to moon with us? Please fasten the seat belts, we’re launching!
Note: This post is originally published at Jul 1, 2019.