Telos Blockchain - Crypto Academy / S4W2 - Homework post for @pelon53.
Hello Steemians
Hope you all are healthy and happy enjoying Crypto Academy!
Here I am submitting my homework task about Telos Blockchain. Hope it will be up to the required standard.
1. What is your opinion about Telos Blockchain? What do you hope will happen to the TLOS token? Justify your answer.
Blockchain is a revolutionary technology of the 21st century that has given the option of secure and decentralised transactions but at the same time itself it has many challenges and new developments are going on in the blockchain industry to overcome its limitations. Scalability and the transaction speed is the main concern from the starting of the blockchain but new blockchains like Telos is trying to solve these major issue of any blockchain.
Telos Blockchain
The feature-packed Telos blockchain is a highly advanced and huge capacity network. It is one of the most active platforms among the various popular blockchain network. Keeping in mind the cons of other blockchains it is built for speed and scalability and this advancement makes it ideal for mass adoption.
Telos main net was launched in Dec 2018 and has a team of more than 30 core developers and over 50 validators. Today Telos have a community of more than half a million users.
Telos' governance voting system is one of the most advanced voting systems as compared to other blockchains which include fully configurated smart contracts to meet the requirements of any developer. Telos based tokens, NFTs and its smart contract used for DeFi, Social Media and gaming makes it an ideal network for real-world use. More than 100 projects are already built on the Telos blockchain which includes Zeptagram - music rights-trading platform, Sesacash -the payments system, Appics - social media platform, and QUDO - gaming platform.
The next generation Telos Decide™ makes it a state-of-the-art blockchain for all its DApps and provide the best user experience in the market. Its incubator programme helping to develop an ecosystem by providing community-based grants to the developers of decentralized applications. The network work on A Delegated Proof-of-Stake allows the 0.5s block time and speed of 10,000 transactions per second, which makes it highly scalable for its user and DApps developers.
After launching the Telos EVM ( Ethereum Virtual Machine), it will support EVM and EOSIO for smart contract development. and will be the only blockchain of this kind. The majority of the top dApps uses this technology.
Telos as compare to other smart contract platform
TLOS token
It is a native token of the Telos blockchain. As discussed above Telos is one of the most advanced blockchains ideals for DApps developers and users. Due to this, it has tremendous potential to grow in future. The value of the TLOS token was few cents before a couple of years and market value is growing continuously as the new developments happening on the chain.
The future of the TLOS is bright and it is reflected in its fundamental analysis. According to the CoinMarketCap website, we can have an overview of statistics of the currency.
| Parameter | Value |
|---|---|
| Current market price | $0.8363 |
| All time high/low | $1.02/$0.009753 |
| Circulating Supply | 270,123,444 |
| Total Supply | 355,208,371 |
| Market cap | $224,984,191.23 |
| Market Rank | 266 |
| 24 hrs Trading Volume | $2,142,701.96 |
TLOS token was at 0.009$ before 9 months and has given about 100 times return.
Keeping in mind the technology is used by Telos blockchain which allows one of the quickest transactions in the industry with various real-world use cases TLOS token seems undervalued. As the DApps will increase on the blockchain it will catch the eyes of the investors and from here it can go to a new high. It can be accumulated on dips for medium to long term investment.
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
- To complete this task visited https://telostracker.io/monitor
- At the time of taking the screenshot there was an irreversible block no 174094327
- Copied the block no and searched in the search bar to explore details about the block.
Search by block no fetched the following details about irreversible block
| Parameter | Value |
|---|---|
| Irreversable Block no | content2 |
| Block ID | c174094327 |
| Block producer | southafrica1 |
| Date | 2021-09-18T09:50:59.500 |
| No of transaction | 1 |
| Transaction ID | 56f77a76550bebc4a49400125a98731add6840d8032fb67c73d50d3774cfb68b |
By searching block producer southafrica1 it fetches all details about block producer as shown in the screenshot below.
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
To complete this task I am going to use 3 block explorers of the Telos blockchain
Blocks number to be explore 15,007,389 and 171,790,000
1. Block no 15,007,389 and 171,790,000 with telos.eosx.io
Not fetching any information of block no 15,007,389 on telos.eosx.io, showing message Operation failed. Please try again or report a bug: https://t.me/Polar_io
Block no 171,790,000 fetches following information
Block Producer - teloskitchen
Date - 2021-Sep-05, 07:00:15
2.Block no 15,007,389 and 171,790,000 with telostracker.io
Block no 15,007,389
Block producer - octagontelos
Date - 2019-03-10T17:56:52.500
Block no 171,790,000
Block producer - teloskitchen
Date - 2021-09-05T01:30:15.000
3. Block no 15,007,389 and 171,790,000 with telos.bloks.io
Block no 15,007,389 fetches the following information
Telos Account Name Invalid
Account names must be less than or equal to 12 characters, be lowercase and only contain the characters a-z, numbers 1-5 or .
Block no 171,790,000 fetches the following informations
Block producer - teloskitchen
Date - Sep-05-2021, 07:00:15 AM IST
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?
To perform this task I will use https://demo.telos.finance/
To connect Metamask wallet with demo.telos.finance, steps are as follows
Click on the "connect wallet" on the top right-hand side.
Choose Metamask to connect with Metamask wallet.
- Confirm and click on the Next button. Approve in the next step
- Wallet is connected
Getting Testnet EVM TLOS
Now to get Testnet EVM TLOS clicked on Get Testnet EVM TLOS a confirmation message popped up and 100 TLOS credited in the wallet.
Demo Swapping
TLOS to FIAT
- Clicked on "Test Demo Swap Now"
- Filled 20 TLOS and selected FIAT, for 20 TLOS I will get 7073360 FIAT
- Clicked on swap and confirmed the transaction.
20 TLOS swapped and got the confirmation.👇
Transaction confirmed! 👇
Swapping of 100,000 FIAT to SOON
- Selected FIAT and filled 100000 FIAT
- I will get 1.84573 SOON for 100000 FIAT
- First FIAT need to be enabled so clicked on Enable FIAT and confirmed the transaction. 👇
- Transaction confirmed 👇
Gas fee deducted in all the transactions
1. Swap from TLOS to FIAT
TLOS spent - 20.0000
FIAT Received - 7073360
Total TLOS deducted - 20.10296
Gas Fees deducted 0.10296 TLOS
2. Swap from FIAT to SOON
FIAT spent - 100000
SOON received - 1.84613
Gas fees deducted - 0.10329 TLOS
Total gas fees charged for 2 transactions
0.10296 + 0.10329 = 0.20625 TLOS
From the above 2 transactions, gas fees was very nominal 0.20625 TLOS equivalent to 0.1705 USD at the current rate of TLOS (0.827$). This fee is very less as compared to other blockchain transactions like Ethereum. Here transaction fee is lesser than TRON which is considered to be cheap.
Conclusion
After learning about Telos blockchain I came to know that it is one of the advanced blockchains with shorter block time, fastest transaction and very affordable transaction fees. It has the capability to overcome the challenges like scalability faced by other blockchain like Ethereum.
The task of various block explorers was also very knowledge gaining and helped us to clear the concepts of block explorers.
In the last task, swapping of tokens on the demo account was interesting as the transaction was very quick and affordable.
I am thankful to prof @pelon53 for one more informative and interesting lecture.
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