Telos Inactive Account Reclamation has begun!

The Telos BPs have started the reclamation process for all genesis accounts that have never made a transaction. You can still claim your account up until 12/31/2019 @ 0300UTC if needed by checking the claim portal (link below).

During the initial launch of the Telos blockchain over a year ago, the system was designed so that all original EOS genesis account holders would also be granted a respective (but capped) number of Telos tokens on the Telos blockchain. But as the Telos Blockchain Networking Operating Agreement (TBNOA) states:

“The Telos Initial Distribution will include all accounts from the EOS Snapshot. However, it is unknown which EOS Snapshot account owners may wish to opt in and become Members of the Telos network. Because all token holders must agree to become Members by accepting the mutual representations of this Agreement, accounts that have no transactions 63,000,000 blocks (approximately 365 days) after the activation of the Telos network are subject to deletion by the Block Producers at that time or in the future, provided no transactions have yet been made.” https://medium.com/telos-foundation/telos-blockchain-network-operating-agreement-tbnoa-e3d3cd4f4831

So in order to “claim” your Telos account and prevent it from the reclaim process, all one had to do is simply USE your Telos account by doing anything on chain, such as voting, staking to T-REX, etc. But as of December 26th @ 1500UTC, this process no longer works as the reclaim snapshot has been generated and the list of accounts slated for removal has been generated.

DETAILS OF RECLAMATION PROCESS

A smart contract that processes the account reclamation process was developed by the Telos Core Devs group and has been thoroughly tested originally on the Telos Stagenet and then again on the Telos Testnet to confirm the logic and processes. The snapshot of all accounts considered inactive has been created and after one final review by all Telos BPs, the “sudo” level permissions will be granted to the contract and the reclaim process initiated.

There will be an unkown amount of time before that multisig is executed (we estimate roughly 2 days or on/around 12/28/2019), but once it is executed, it will start another 3 day unstaking process and then all the accounts in that table will have their TLOS reclaimed (estimated on/around 1/1/2020)
*** UPDATE *** The reclaim approval/processing has been initiated and is progressing faster than previously estimated. New estimated completion date for reclaim is 12/31/2019 @ 0300UTC.

Between now and the end of that 3rd day of the unstaking time (now plus the time to get BPs to execute, plus 3 days), any account on the list can remove itself by calling the “removeme” action on the contract, seen here:

The reclaimed genesis tokens are slated to be utilized to continue the 0% inflation policies voted into place by the token holders which is funding the Telos Works (WPS) system, BP pay, Telos Foundation, and most visibly the 18%+ (currently) returns for users staking their tokens into T-REX (all without creating any new tokens via inflation!)

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