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What is the Telos (TLOS) cryptocurrency used for?

Firstly as a utility token representing ownership or ‘stake’ of the networks considerable compute power. The networks utility is provided by 50+ independently operated enterprise grade servers/nodes which keep an immutable consensus of transactions and data for the platforms, networks and economies built with Telos.

If an entity or individual was to own 1% of TLOS, they essentially have the right to utilize 1% of the networks capability at any given time.

The second primary function of TLOS is as a governance token. Any individual or entity controlling TLOS also is capable of proportionally influencing the direction of the network via changes to governance, choice of block producers(nodes) and selecting works proposals (initiatives).

For simplicity sake it might make sense to imagine Telos(TLOS) like digital land. Instead of being the platform for physical buildings such as offices, houses and hotels Telos (TLOS) is used as the platform for hosting digital web 3.0 entities and their digital structures in terms of smart contracts, tokens, transactions, records and digital items. Just like with owning land or an apartment, users have proportional voting rights to influence the direction of the community/network.

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