Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53
1. What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
The Telos blockchain built using the EOSIO software was launched in 2018 with the aim of solving popular blockchain issues such scalability problem, high commission costs
The telos blockchain has an incredible scalability which enables it to process up to 10,000 transaction in a second. This is an improvement on most previously existing blockchain such as the bitcoin blockchain which process 4.5 transaction per second, ethereum which process 313 transactions per second and the Tron with 2000 transactions per second.
Telos uses a Delegated Proof of Stake (DPoS) consensus algorithm which in time past has proven to be more efficient than the proof of work and proof of stake consensus protocols. This enables more decentralization and help more users take actively take part in the blockchain. To avoid monopoly and whale assertion, as at the time of launching the blockchain, users of the EOS blockchain were given 1 Telos for every EOS coin they posses with a cap of 40,000 Telos- this prevent the whale problem that already existed on the blockchain.
Another attractive characteristics of the Telos blockchain is that it allows the implementation of the Ethereum Virtual Machine (EVM) which help reduce the cost of ethereum transactions greatly, however, gas fee is not in ETH but TELOS.
What do you hope will happen to the Tlos token?
Tlos is the native token of the Telos blockchain. As at the time of writing this post, the value of 1 Tlos is %0.858. It is one value token with a promising future and this is can be acknowledge through its ranking on coinmarketcap as #263.
The trading volume withtin the las 24 hours is $4,958,479 and a market cap of $231,865,901. It is available on a number of exchanges which includes but not limimeted to KuCoin, Uniswap, Gate.io, PancakeSwap and MexC.
Telos is a good project which has solved a lot of previously existing blockchain problems and it is definite its token Tlos will increase in value in the years to come.
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.
Using the Telos Tracker explorer, telostracker.io, I took a screenshot of the last irreversible block as at the time the homepage loaded on my browser. The last irreversible block as at the time of performing this task is 173825129 with the same number as Id.
Using the search box, I searched for the last irreversible block Id to get the details of the block such as the producer, date and time of block creation.
| Block ID | 173825129 |
|---|---|
| Block Producer (BP) | Eosriobrazil |
| Date | 2021 - 09 - 16 |
| Time | 20 : 27 : 35 |
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.
TELOSTRACKER.IO
- 15007839
- 171790000
TELOS.BLOKS.IO
- 15007839
- 171790000
TELOS.EOSX.IO
- 15007839
- 171790000
From the above different Telos Explorers, the following constant data were derived:
| Block ID | Block Producer (BP) | Date | Time |
|---|---|---|---|
| 15007839 | Eosvibesbloc | 2019-03-10 | 18:00:37 |
| 171790000 | Teloskitchen | 2021-09-05 | 01:30:15 |
NB: The transaction time for block 17179000 was recorded as 01:30:15 on telostracker.io while the other explorer recorded it as 02:30:15.
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?
Connecting Telos Swap Demo Platform to Metamask
- I opened the Demo link https://demo.telos.finance/ on my browser.
- I clicked on the Connect Wallet button at the right hand corner of the screen, a small window popped up and I clicked on the Metamask option.
- My Metamask account alerted me to approve the linking of the wallet to the demo platform. I clicked on the approved button.
- Now my wallet is connected to the platform as shown with in the screenshot below. My metamask wallet address now appears on the site.
Obtaining Demo TLOS
- To obtain demo TLOS to perform this task, I simply clicked on the Get Testnet EVM TLOS button at the center of the webpage and the demo TLOS was deposited in my account.
Transferring 20 Tlos to Fiat
- I clicked on the Test Demo Swap Now button at the center of the webpage.
- A new page opened, here I edited my input, exchanging 20 Tlos to FIAT
- A confirmation window popped up and I clicked on the Confirm Swap button.
- A confirmation window from my Metamask wallet appeared, here I can see the gas fee for exchanging 20 TLOS to FIAT costs 0.10307 TLOS. Hence the total cost of the TLOS Spent is 20.10307.
- A transaction receipt appeared to prove successful transaction / exchange.
Transferring 100,000 Fiat to Telos
Was the gas consumption excessive in both cases? Explain
In the end after performing these transactions, the gas few consumed were relatively low- this includes the gas fee for the exchange of FIAT to TLOS and from TLOS to FIAT. The amount of gas fee consumed was almost relatively the same.
Conclusion
The telos blockchain is gaining popularity as a result of the existing blockchain problem it solves. So, many investors are attracted towards the project and this shows promise for the blockchain's future. While the price of the token TLOS is below a dollar, it is adviceable to take part of the good project as many investors speculate a future appreciation of the token.
Thank you.