Telos Blockchain Steemit Crypto Academy / S4W2 - Homework post for professor @pelon53
Welcome once again to another wonderful episode in the crypto Academy community. Before I present my homework post, I would like to acknowledge the professors and the crypto Academy community for making such an educative lecture possible. Today the topic is very technical Telos Blockchain.
Without wasting enough time I would present my homework post systematically based on the questions from the professor @pelon53.
1.- What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
Telos Blockchain
The Telos Blockchain is the new third generation blockchain which is basically build to solve the problem of the other blockchain. The telos blockchain was built to solve the scalability problems on other blockchain and to speed up transactions as well.
The new third generation blockchain (Telos blockchain) was built recently in December 2018 on the EOSIO software. However, the telos blockchain would also run on the EVM that’s the Telos Ethereum Virtual Machine.
The Telos blockchain produces new blocks at approximately every 0.5 seconds. The Telos blockchain is one of the fastest blockchain currently if not the fastest. The telos blockchain supports the Decentralized apps and both the NFTs and other fungible tokens as well.
Why the Telos blockchain one of the best
High scalability: The telos blockchain has improved the scalability compared to both the Bitcoin and Ethereum network. The third generation blockchain (telos blockchain) is able to complete numerous transactions within few seconds. The blockchain produces new blocks within approximately 0.5 second and complete approximately 10,000 transactions within a second.
Reduces Fees: The telos blockchain runs on the Ethereum virtual machine which changes a relatively low transactions fee compared to the other blockchains like the bitcoin and ethereum blockchain.
TLOS Token
Just like many other blockchain, the Telos blockchain has is native token which is known as the TLOS. The telos token has a wide range of usage on the telos blockchain network.
In my opinion, the telos token would grow significantly considering the project and the usage. The Telos blockchain has solved scalability problems and has also reduced gas fees as well. Most people involve in the crypto ecosystem would prefer a network with a better scalability and low gas fees as well.
Moreover, the telos blockchain support some tokens, NFTs and Dapps. These on chain activities supported by the telos blockchain would attract a lot of people and promote the TLOS token in the Future.
Telos Token
- Current prize 0.8654
- current rank 264
- Current market capitalization $233,774,133
- Fully diluted market capitalization $306,613,651
- volume $4,484,817
2.- Using the telos tracker block explorer, take a screenshot of the last irreversible block at the time of performing your task and detail the BP and the date.
The block producer eosriobrazil has 276,164.0543 TLOS and 490.6021 TLOS token staked.
3.- Check in the 3 block explorers, the blocks: 15,007,389 and 171,790,000, show the BP and the date of those blocks. Screenshots required.
1. Telos Bloks
Verifying Block 15007389
The block producer of block 15007389 is octagontelos.
Verifying Block 171790000
The block producer of block 171790000
2. Telos EOSX
Verifying block 15007389
The block 15007389 operation failed.
Verifying block 171790000
The block 171790000 operation failed
3 Telos Tracker
Verifying Block 15007389
The block producer is octagontelos
Verifying block 17179000
The block producer for block 1717900 is teloskitchen
4.- In the Telos swap demo platform, click here . Connect the wallet to Metamask. Then Transfer 20 Tlos to Fiat. And determine the gas you consumed. Then make the 100,000 Fiat to Soon transaction, and determine the gas consumed. Show the screenshots of the whole process that you ran. Was the gas consumption excessive in both cases? Explain?
Steps involved in Telos Swap demo
- Open the demo account using the link from the professor @pelon53
- click connect to connect wallet.
- click MetaMask
- Add extension of MetaMask and login.
- MetaMask would be connected successfully as seen from the screenshot.
Steps involved to swap telos for fiat
- click on Get testnet Telos EVM to enter demo account.
- click on test demoswap now
- choose telos token and fiat as seen in the screenshot.
- type 20 in the amount of telos.
- click swap to swap.
- confirm swap.
- gas fee for the transaction would be 0.05.
The swap is complete
Swapping 100000 Fiat for soon token
- select fiat and soon token
- You need to enable fiat before you can swap.
- Click enable fiat to enable fiat.
- click confirm to enable soon token.
- token enabled.
- click swap to swap the token.
- click confirm swap to confirm transaction.
- Transaction complete
Transaction fees
From the above transaction, we notice that, the gas fees of the transaction is very low. Hence, hence we can conclude that the gas fees of the transaction is not excessive. And we can say that the telos blockchain has indeed reduce transaction gas fees.
Conclusion
Thanks to @pelon53 for such a wonderful lecture. In my opinion, the telos blockchain has indeed solve many blockchain problems. There’s no doubt that, the telos project would turn even bigger in the near future.