What is the Telos (TLOS) cryptocurrency used for?
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1. TLOS is a utility token
As a utility token it represents ownership or ‘stake’ in the network’s considerable computing power. If you own 1% of TLOS, you have the right to utilize 1% of the network’s capability at any given time.
The Telos network is operated on more than 50 independent enterprise-grade servers/nodes that consistently serve the network. These nodes provide the immutable consensus of transactions and data for the platforms, networks and economies built on the Telos network.
2. TLOS as a governance token
Any individual or entity controlling TLOS proportionally influences the direction of the network via changes to governance, choice of block producers(nodes) and selecting works proposals (initiatives).
To better understand the concept of governance, you could imagine Telos as a digital estate. Instead of housing physical buildings (such as offices, houses and hotels), Telos (TLOS) hosts digital web 3.0 entities and their digital structures in terms of smart contracts, tokens, transactions, records and digital items. Like a landowner, token holders have proportional voting rights to influence the direction of the network.
Customer support article by:
Yknot Blockchain Solutions