A month of growth – May 2020
The past month has been filled with change and continuous work for the Telos Foundation. We have been focused on constant outreach to potential developers, DApp builders and users. The Telos Foundation is now looking at each of these onboarding paths to Telos and working to make each as seamless as possible. The TF is also happy to announce that we have successfully onboarded a Project Manager who will be responsible for the delivery of TF initiatives as well as helping with general structure and efficiency.
Growing the Telos ecosystem
May has proven to be extremely successful in terms of outreach and onboarding of teams and applications to Telos. Below are a few of the most recent DApps the Telos Foundation has assisted, onboarded or announced in the month of May.
As we strive to continuously improve all of the Telos offerings, Telos.net has been our focus for May. As we mentioned in the quarterly report, we have implemented several new pages and implemented changes to existing pages in hopes of making the site easier to navigate and more dense with information. Most recently we have updated the explore.telos.net to allow users to create wallets and have completely updated the available applications on the site. We have also started integration of BountyBlok(into telos.net) which allows creation of reward systems for both decentralized apps and traditional platforms and business’.
We are very close to releasing a staking mechanism directly on telos.net which will easily allow users to stake their Telos and receive staking rewards.
Telos will soon have access to moonpay to replace Carbon(now defunct) as the most convenient way to purchase TLOS without cryptocurrency. Moonpay is an important solution for app user experience.
Telos Staking Rewards
Currently users interested in earning a staking return must vote for validators(BP’s) before loaning out their network resources to developers. We acknowledge that for new users this extra step(of voting) and the full display of REX leasing mechanics adds unnecessary complexity for new users/stakeholders.The Telos staking rewards platform is an initiative that has come about from discussions with the community and we are excited to release it in June.
Telos Foundations Financials
The USD numbers are fairly low, the marketing cost includes the fiat-based payment of our staff writer and hence is the largest cost to account for. Other than that the costs are representative of ongoing costs for things such as servers, platform licenses, and subscriptions.
Total: 716,139 TLOS
Comments on TF financials:
This month the foundation spent 716,139 or $16,201. Not a huge sum of money but with important marketing, setup and planning work behind the TF, we have been able to aggressively streamline parts of our operations to focus on execution tasks that leverage work already completed.
We are in an exciting phase where despite cost constraints created by market turbulence the foundation is continuing to ramp up deliverables. This is expected to continue for the remainder of 2020 regardless of price.
On that note, whilst we are not banking on price increases we do feel the current low’s are temporary particularly with actions by community stakeholders to reduce the monthly new TLOS circulation to half of what it is now. There are no guarantees of this passing of course. There are also several projects within the Telos ecosystem including initiatives by the foundation that are expected to increase the demand vs supply dynamic.
We have a TLOS based staff wage deficit to pay down starting in June. With these wages negotiated at a 6c TLOS price and now that we are successfully operating with a streamlined staff setup we expect conservatively to have this paid down within 4-5 months. A higher token price will mean paying down the owings faster than this and would hopefully provide key staff such as CEO, CPO, and PM being compensated fairly. Higher price will also allow us to progress with non critical visibility initiatives being temporarily delayed.
It must be said that regardless of price there will be no material effect on the foundation’s ability to deliver key initiatives short or long term. We make plans that take into account the worst-case scenario and best-case scenario(and everything in between) and Telos really is in a great position in the current competitive space. Obviously better conditions would be highly beneficial to the TF and network growth but we are resilient as a foundation and as a network and we have been continually proving that since launch and during the recent pandemic.
An interesting demonstration of network resilience is that since the pandemic, network activity, new applications and several other metrics are up for Telos. Most impressively, Telos user account numbers are up ~40% and we are continuing to outpace larger market cap networks.
Community members have asked us about our current structure. As this can change a lot we will provide an update here and in future monthly reports as things change.
CEO (Vision, Marketing, Investments) – Full Time
Head of Product and Growth (Product, Content and Growth Strategy, Business Development) – Full time
Operations/Project Management (Project Management, Process Strategy) – Part time
CTO – Part time
Treasurer – Part time
IR lead – Part time
Staff Writer – Part Time
Smart contract Developer (on demand)
An army of volunteers/collaborators/supporters
The month ahead(June):
In the coming month we are likely to see the following deliverables.
Release of new services requiring token staking
Telos on Moonpay release
The release of an exciting new social feature
New Social network announcement
Several new platform updates/releases for existing games and social networks
Continued new gaming announcements coming to Telos via the Qudo – Proof Of Gameplay Platform ~ there will likely be up to 10 before full release!
Continued release of new Telos.net features including staking rewards and much much more.