|Telos Blockchain| - Crypto Academy / S4W2 - Homework post for pelon53 by @kayduke

Hi mates, week 2 of season 4 is here and I believe it is exciting already. This is my submission for @pelon53 homework task on Telos blockchain.

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What is your opinion about Telos Blockchain, what do you expect to happen with the Tlos token? Justify your answer.

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The Telos Blockchain has been described as a third generation Blockchain that has come to solve the many problems like scalability and speed on the other blockchain networks. Since its introduction in 2018, Telos runs on EOSIO software and will be Ethereum compatible once the Ethereum Virtual Machine (EVM) is adopted.
The Telos blockchain network is a decentralized system that promises safety and higher security for its users.

On the Telos blockchain network there is a high transaction speed as compared to other blockchain networks. The network boasts of 0.5 second block time which is 24 times faster than Ethereum.

The Telos network also uses a Delegated Proof of Stake network which ensures a higher scalabilty as compared to other blockchain networks. The network currently can handle over 10,000 transactions per second which is very fast and worth noting.

Also, the Telos blockchain network is energy sufficient as compared to other networks like Ethereum and Bitcoin. The software the blockchain netwrok uses, EOSIO requires lesser energy and is estimated to be over 17,000 times more energy efficient than networks like Ethereum.

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The TLOS token

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The TLOS token is the natve token of the Telos Blockchain network. It is the utility token that powers the Telos blockchain network. Dapps developed on the Telos Blockchain network uses the TLOS token for in-app activities and other users can also stake the token for returns in the future.

With a growing adoption of the Telos Blockchain by many dApp devellopers, the TLOS token promises to do better in the near future.
Below is how the TLOS token is performing on CoinmarketCap at the time of doing this work.

_{screenshot from coinmarketcap}

From the screenshot above, at the time of doing this work, the TLOS token ranked #265 and priced at $0.8219. The circulating supply is 270,123,443.84 TLOS and a total of 355,208,371 TLOS.
Like I earlier said, the growing adoption of the Telos Blockchain network can see the TLOS token do well sooner than later.

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Using the telos block explorer tracker, take a screenshot of the last irreversible block at the time of your task and detail the BP and date.

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Follow the Telos Block Explorer link to undertake this exercise.

At the time of doing this work, the Irreversible block is 173989882 and the Block Producer, goodblocktls. Below is the screenshot.

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The block producer goodblocktls has 8.2001 TLOS and 8.2000 TLOS staked on the Telos blockchain. See screenshot below.

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Verify in the 3 block explorers, the blocks: 15,007,389 and 171,790,000, show the BP and date of those blocks. Screenshots are required.

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Using the Telos Block Explorer

To do this we use Telos Bloks website.

Verifying Block 15,007,389

Enter the Block number 15,007,389 in the search box

This block failed on the Telos Block explorer as seen in the screenshot above.

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Verifying Block 171,790,000

Enter the Block number 171,790,000 in the search box

From the screenshot above, we see the Block Producer to be teloskitchen and it was created on September 4, 2021 06:30:15 PM PDT.

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Using Telos EOSX

This is the link to the website.

Verifying Block 15,007,389

A search of the block reported an Operation failed feedback as seen in the screenshot below

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Verifying Block 171,790,000

From the screenshot above, we see the Block Producer to be teloskitchen and timestamp September 4, 2021 06:30:15 PM.

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Using Telos Tracker

Use the linkto the website.

Verifying Block 15,007,389

Enter the block number 15007389 in the search box

The block was found and the block producer is octagontelos with a blockdate 2019-03-10T17:56:52.500.

See screenshot below

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Verifying Block 171,790,000

The block was found and the block producer is teloskitchen and block date, 2021-09-05T01:30:15.000.

See screenshot below

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On the Telos swap demo platform connect the wallet to Metamask. Then transfer 20 Tlos to Fiat. And determine the gas you consumed. Then perform the transaction from 100,000 Fiat to Soon, and determine the gas consumed. Show the screenshots of the whole process you executed. In both cases the gas consumption was excessive? Explain?

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First visit the telos demo website using this link

Connecting Metamask to Telos Demo swap.

• Tap Connect Wallet at the top right corner from the landing page of the website

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• Choose Metamask from the dialogue box that appears

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• Enter your password and tap unlock

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• Tap on Next

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• Tap connect to connect metamask to the telos demo website

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• Metamask is added successfully

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• Back on the homepage, tap Get Testnet EVM TLOS

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• To swap TLOS to Fiat, Tap Test DemoSwap Now on the landing page of the Telos Demo site

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• Select the currencies you want to swap, in this case TLOS to Fiat and enter the amount. For the purpose of this work, I use 20.

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• Tap Confirm Swap to confirm the transaction

• We then confirm the swap again in a Metamask window that appears . Tap Confirm.
  

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• Swap completed successfully

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• To swap Fiat to SOON, Tap Test DemoSwap Now on the landing page of the Telos Demo site

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• Select the currencies you want to swap, in this case Fiat to SOON and enter the amount. For the purpose of this work, I use 10,000. Usually you Tap on Enable Fiat to be able to complete the exchange. (I already done that so it does not appear in my steps)

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• Once Fiat is enabled we can continue and swap fiat for SOON. Tap Swap to swap fiat for SOON.

Tap on Confirm Swap to confirm the swap

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• Again we confirm the swap in the Metamask window that pops up.

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• Swap completed successfully

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ISSUES

With the first swap ( TLOS to FIAT) the gas fee was 0.07667TLOS and in the second instance also(FIAT to SOON), the gas fee 0.10329TLOS. These gas fees are relatively low and not excessive as compared to what other blockchain networks like Ethereum charge and this is one of the advantages the Telos network brings, less gas fees.

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Conclusion

The Telos Blockchain network is really a wonderful piece of work considering the numerous advantages it has over the traditional blockchain networks like Ethereum and Bitcoin that we are familiar with. You can talk about the scalability, speed of transactions and how energy efficient it is. The Telos Blockchain network I believe will be widely adopted sooner than later in the blockchain ecosystem. Its native token is one that is worth investing in too.

Thanks for reading and kudos to @pelon53 for this insightful lecture. Waiting for the next lecture.

Regards

@kayduke