Facebook supports the Telos blockchain
Facebook supports the Telos blockchain
Blockchain

Facebook supports the Telos blockchain

By Alfredo de Candia - 5 Jun 2020

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In a recent announcement, the Telos blockchain, a sister chain of EOS, announced its partnership with All_EBT, a company supported by Facebook, to bring the public service industry on the blockchain and thus make data immutable and verifiable.

All_EBT is supported not only by the social network but also by Draper Associates and EOS; the goal of the project is to donate food thanks to meal vouchers, also called food stamps in the Telos announcement, to those who have too low an income to pay for all expenses.

More than 10 thousand people have already been helped with this system, through online shopping for basic necessities using these digital food stamps.

The successes of All_EBT

The company has in the past won several competitions organized by both Facebook and Y Combinator and, back in 2018, during the EOS Global Hackathon in San Francisco, All_EBT won a $3000 prize in the “Best Social Impact” category.

And that’s where Telos comes into play, which has the same features as the main EOS blockchain, but with some differences, such as the maximum of 40 thousand tokens per account.

This feature will allow the platform to be scalable, allowing it to reach millions of users and assist them more easily with the social assistance programs of two other companies connected to All_EBT: Doorcash and Instacart.

The use of the Telos blockchain

Thanks to the Telos blockchain, it will be possible to record all data, verify it and track end-users and businesses operating in the sector to ensure that fraud does not occur but also to mitigate management costs.

In addition, the All_EBT platform will also integrate the so-called on-ramp function for the adoption of crypto and financial services, allowing those who do not have access to a bank or those who have too low an income to access financial instruments, seeing that they could not otherwise have access to them.

The blockchain is a means to narrow the gap between rich and poor, explained the CEO of the Telos Foundation, Suvi Rinkinen:

“Other than inertia, there has been an unwillingness of public entities to move food assistance programs to digital because they have not developed an easy way to do things like verifying recipients, verifying purchase eligibility, and preventing fraud and other abuse. Blockchain can help fill in all of those gaps. The inability of those most in need of food to apply assistance toward safer options right now like online delivery is only deepening the social divide, weakening society’s safety net, and creating unnecessary health risk.”

There are over 50 million people in America living off food stamps, said the CEO of All_EBT, Eli Calderón Morin:

“In America alone, more than 22% of the population, 54 million people, live on food stamps. That number has gone up over the last several weeks and months amid the COVID-19 pandemic, making it even harder for people on food stamps to access healthy food and financial services. Families, women, children, and our hardest workers are struggling to put food on the table. We believe that technology should help solve everyday problems for under-served communities first. Now even more so, All_EBT is helping families access basic financial services and healthy food through its online shopping platform for food stamps so that they can stay safe.”

This is important news for the Telos blockchain and shows how it can be used for projects related to people’s well-being.

The latest news from Telos

It is worth recalling that only a couple of months ago a partnership was established between the Telos Foundation and GenoBank for the development of an open-source application related to Covid-19 that allows to record test information anonymously and protect the privacy of the end-user.

In addition, in the past, the Telos blockchain has also financed, thanks to the Telos WPS (Worker Proposal System), the WordProof project, which allows fighting fake news thanks to its integration in the WordPress system. 

It is a project that has received thousands of funds both in Europe and America, originating from Block.one.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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