Welcome to this post, where we are going to see how you can buy Telos in an easy, simple and fast way, avoiding high commissions and on reliable platforms. Without complications and step by step, so you can own in a few minutes this cryptocurrency, even if it is your first time buying cryptocurrencies.
After the detailed step-by-step guide on how to buy this cryptocurrency, you can find more information about the project, so you can learn more before you buy and have as much information as possible.
Where to buy Telos
For this, I am going to use two platforms, Binance and gate.io, where you can find all the links just below. You can see below a step by step video of how to do it.
If the video is not available, you will also find a step-by-step in this article so you won’t get lost in any step or moment. If you do not have an account with either of the two platforms, you can create one just below to follow the steps of the guide that we will now see.
Step by Step
Telos can be found in a few exchanges at the moment, and it is possible to find it also in Uniswap, although you will find high ethereum commissions to buy it. That can go from $50 to $300 for just buying the cryptocurrency. Therefore, the best option is to use the centralized Exchange, such as gate.io that has this cryptocurrency listed.
The first thing we have to do is to deposit funds in our gate.io account. In order to have funds in gate.io, the best option is to send them from another Exchange, since the platform does not have the option to buy cryptocurrencies by credit card or wire transfer. You can check if they have already enabled this option in gate.io and thus save you the step of using Binance. If this is not the case, simply follow the steps that we will now see.
For this, I am going to use binance, and I am going to send tether (USDT), since it is the cryptocurrency we are going to need to buy Telos.
In my case, I already have USDT in my binance account, if you don’t know how to buy it, once you have deposited your currency, in my case euros, look for the eur/usdt pair or your currency. Click on this pair, in the computer you must go to markets and fiat markets, and with the mobile in markets, next to home.
Once in this pair, we must click on sell, indicating the amount we want to change our currency for USDT. Indicate the amount, click on sell and you will have USDT in your balance.
With the usdt, go to wallet, spot wallet and click on withdraw.
Now we must go to gate.io, and go to deposit. In deposit we will look for USDT. Here, we click on the tron/TRC-20 network, among all the networks, as it has the lowest commissions and costs only one dollar commission. Copy the address and paste it into binance. Once in binance, enter the address, the tron network, trc-20 and the amount to withdraw the usdt. We confirm with our email and mobile, and that’s it. Remember to indicate the trc-20 network to save on commissions and not have any problems.
At this point, you must wait for the USDT to appear in your gate.io balance, it usually takes a few minutes until you have it ready to use. Once they appear, go to my funds, search for usdt or tether and click on trade.
You will see the panel to buy and sell cryptocurrencies, here, look for TLOS, and you will see the TLOS/usdt pair. We go down and indicate the amount we want to buy Telos. Here, if you want to use all your usdt, just click on the number above and the total will be placed. At the top of Price you will see the current price of the cryptocurrency. With the amount indicated, just click on the buy button.
Sometimes the order may take some time to be executed, if you want to buy instantly, I recommend you to click on the price and indicate +1%, and the same when you want to sell and you want the operation to be executed instantly.
Now, you will own Telos, and to check it, you can go again to my funds to see the amount you have. Once you want to sell it, we must go back to the same panel as before, but this time we will go to the red sell button. We indicate the amount we want to sell, and click on sell. Thus, you can have USDT again and use them to buy other cryptocurrencies, or send them to binance and withdraw the money to your bank account.
What is Telos?
Understanding the Telos arbitration process.
As the blockchain seeks to integrate a broader base of general users, there needs to be a way to address issues such as lost keys or disputes such as erroneous transactions, stolen accounts, contracts that do not work as described, and commercial disputes. EOSIO was built on the promise that it would create a way to address these issues that would not challenge the immutability of the blockchain. Telos takes this promise and has integrated a system of elected arbitrators who can review disputes and mandate action by blockchain producers when there is sufficient evidence to support a clear decision. This chapter discusses the arbitration process so that participants can understand and take part in it.
To resolve disputes, all parties must agree in advance on the system to be used. In Telos, this occurs in two places. First, everyone using Telos agrees to the Telos governance rules, including the TBNOA (Telos Blockchain Network Operating Agreement) and the TBNARP (Telos Blockchain Network Arbitration Rules and Procedures). All Telos governance documents are available for reading at any time, and are presented by wallet applications such as Sqrl wallet on first use. In short, by using Telos, everyone agrees to be mutually bound by these rules, which include agreeing to binding arbitration to resolve all disputes on the Telos network and waiving the right to hear these cases in any national court. This is important because Telos is a global network where users and block producers processing transactions exist in many different jurisdictions and some smart contracts might not exist anywhere. Therefore, it is necessary to have arbitration under Telos rules rather than the rules of the many countries that might be involved. The fact that users can vote to elect arbitrators and to modify the governance rules adds legitimacy to this process.
Thus, under Telos governance we all agree to arbitration. We also agree that unless a different arbitration forum is selected in the readable text of a contract, the forum for this arbitration will be through the arbitrators chosen by Telos as administered by the Telos arbitration system smart contract. Other forums for arbitration may be selected, including the concept of “code is law,” meaning that whatever a program does is considered fair and therefore all parties waive their right to any form of dispute resolution. When interacting with a smart contract, always read the human-readable text to see if a different arbitration forum is mentioned and, if it is, that you are comfortable with it as the way to resolve any disputes. If you are not comfortable with it, don’t execute the contract.
Authority for Telos arbitration, then, comes from the agreement of all users to Telos’s governing documents to use binding arbitration, and from the text of the specific contract in question (if any) which may specify which arbitration forum is to be used. If not mentioned, the forum will be the arbitrators chosen by Telos and TBNARP.
Standard of proof
While Telos intends to add the important ability to reclaim accounts that have lost their private keys or had their private keys stolen, it is essential that these maintain a very high standard of proof before any action can be taken. Otherwise, arbitration, itself, could become a potential exploit for account theft. In blockchain, cryptographic key control is the general standard required to control any value or information recorded in that account. Telos arbitrage aims for a standard of proof of the same caliber in almost all circumstances. In blockchain, it is considered better to take no action and let some funds go astray than to risk transferring control of an account to parties to whom they do not belong. Telos arbitration is intended to provide an avenue to recover accounts and resolve disputes where possible, but it needs to maintain this high standard of proof or else the validity of the entire blockchain may be called into question. We must accept that there will be cases that cannot be resolved because the proof they can offer is not as strong or nearly as strong as cryptographic proof. All forms of dispute resolution have this limitation.
The role of arbitrators, then, especially in cases of dispute over ownership of an account, is to receive arguments and evidence pertaining to the dispute, evaluate the evidence under a very high standard and, where there is sufficient evidence to take action, issue a decision that is promulgated by the block producers.