Apparently Telos Works….But Does it? (part 1)

eosDublin
7 min readDec 21, 2019

Background:

eosDublin have been a firm supporter of the idea of a community development fund for EOSIO chains. A way to use a portion of the tokens generated by the network to fund community approved and managed initiatives. Telos launched with a worker proposal system which has been in use for the past year.

We engaged an independent researcher to look at the system, compile data and come up with some conclusions. This was a paid for piece of research funded 100% by eosDublin.

We gave very little direction and plan to follow up this post in a couple of weeks with our opinions and perhaps some improvement suggestions for the programme.

From here down, the report is as we got it, unedited.

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Summary:

In the few short months that the Telos Worker Proposal System (WPS) has been live, 85 individual projects have been proposed and 67.06% (57) of those have been funded, resulting in a TLOS payout of 8,949,800.00.

The current application does not have an adequate system in place for gathering metrics or data beyond that which is required for a proposal submission, so a voluntary survey was created in order to collect as much information as possible from those whose projects have already been approved.

We received 16 responses to our data request which account for 23 funded projects. The following information is based on 40.35% of approved WPs, which while unfortunately not comprehensive, still provides an acceptable snapshot and should illustrate the success of the WPS to date.

Please note that where a numerical range is evident, as in the case of number of people involved per project, I have taken the conservative approach in my calculations.

Projects Funded

As of December 19th, 2019, a total of 85 projects have been proposed. 10 of those projects, approximately 11.76%, were rejected. 57 projects, or 67.06%, have been funded, and 17 are still in the voting process.

People Involved/Geographic Reach:

At least 68 individual people are working or have worked on projects funded through the WPS. My calculations are based on both gathered data, and when data was not available for a given proposal, the assumption that at least one individual is working on each submitted project. I have also made the assumption that groups with multiple proposals are using the same number of people on their projects (therefore I have counted the number of paid workers per proposal group, not per proposal). I feel confident in reporting that the number of paid individuals, while conservative, could be closer to 80. While these projects are based all over the globe and the majority aim for a similar global reach, there is still a measurable effort within over 7 countries and 5 continents with a very strong influence in China.

Conversely, when calculating the number of people reached, I have taken each individual project into consideration. Of the projects voluntarily reporting their reach, an estimated 305,850 people around the globe have been reached by WPS proposals. This number comes from a combination of new accounts generated, clicks, views, and impressions, among other metrics that are unique to each project proposal. Please note that the chart below shows the most liberal numbers from what I was able to gather. Keeping in mind that this accounts for only 40.35% of active proposals, these numbers could easily be closer to ¾ of a million people reached.

Project Categories:

Roman & Anders has taken the liberty to categorize all proposals into the current classes as the current WPS does not require a proposal be labeled or tagged. However, in the future if updates are made to the system to include this it will provide an instant snapshot of where TLOS is being allocated, while also creating a real-time tracking system for identifying focus needs and redundancies.

Impact/Quality of Delivery:

Impact and quality of delivery are difficult to measure in a way that encompasses all of the categories and individual projects due to the decentralized nature of Telos and the Worker Proposal System. I have gathered information from several project leads and am sharing from three separate proposals (in their own words) to illustrate the multiple ways in which impact and quality of delivery can be measured.

It is my hope that the Worker Proposal System will evolve to include quantifiable values that can be applied across the board.

STEEMCHURCH

In excess of 6,000 accounts created for individual users to date — all with ample RAM, CPU & Net for general use for a long time to come.

Two active smart contracts built onto Telos blockchain: revelation21 — HEART & goldencenser. Targeting at least 1,000 new parishioners and Telos accounts per month, on current budget.

Currently 100–200 new individuals signing up daily to join SteemChurch and therefore Telos, more than we are able to create.

Looking for cost saving measures and efficiencies to increase monthly account creation capabilities to meet demand.

MARSHALLLIFE

The goal to which Telos4africa aim on achieving is to promote the Telos blockchain in Africa regions. Empower different Africa devs using the Telos WPS.

We are orchestrating several methods to use on passing this info to more skilled African devs and marketing personnel, to utilize their skills and come work and improve the network powered by the Telos WPS.

We are about to organize different sets of meet ups, performing different activities from entertainment to charity donations to gain traction, and also to make our future on boarding to Telos lot easier.

TELOS BANCOR NETWORK

The Telos Bancor Network was established within the last month and has been integrated into the latest versions of SQRL and CoolX wallets. These releases have happened very recently so it has not been possible to measure the impact yet. The following tokens have been added to the system — TLOS, EZAR, TLOSDAC, QBE, SQRL, SAND, HEART. There is no easy way of performing a transaction count but the Telos Bancor Network entry point (bancor.tbn) occupies 261 pages on telos.eosx.io. A trading bot was added to the system to share the Bancor order book with Newdex. Many of these transactions are the result of trading between Telos Bancor and NewDex. Although no attempt has been made to quantify the impact of this bot it is clear when inspecting the Newdex charts for the tokens listed above that the liquidity has improved since November 19

Total TLOS spent:

As of December 19th, 2019, a total of 14,303,730.50 TLOS has been requested with a 62.57% payout of 8,949,800.00.

TLOS was worth $0.0602 USD at the time of this report.

This number does account for 4,192,300.00 TLOS paid out to projects who failed to respond to our request for information.

TLOS paid out to projects who have responded to our information request totals 4,757,500.00. Please note that this number is higher than the number on chainspector.io as my number takes into account all cycles, previous as well as current.

With the data we were able to gather, I have calculated a WPS-paid individual to potential customer reach ratio of approximately 1:4498. From this number this amounts to an average of 69,963.24 ($4,211.79 USD) TLOS per paid worker (not per project), and an average of 15.56 ($0.94 USD) TLOS per impression.

Please note the fluctuation in these numbers. At the time of this writing several new cycles have just completed and new impressions are occurring daily; this data will soon be obsolete.

While a cost-benefit analysis can’t be done at this time with the data gathered, this information supports that the Telos Worker Proposal System is an efficient means of reaching high numbers of individuals at minimal cost while also creating a demand for the TLOS within the marketplace.

Conclusion:

The Telos WPS, recently dubbed by the community “Telos Works,” has been fascinating to research and report on. The system does work, and in this alpha instance, it works with very few issues. The greatest need for improvement is in the area of impact data tracking. Currently, the system relies on anecdotal reporting by participants. This part of Telos Works could be improved and in fact, there is currently a community work group formed as well as members of the Telos Core Developers working on solutions.

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eosDublin

Block Producer in Republic of Ireland. Here since the beginning. Always looking to add value. If you have read this far, much love.