Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53.
Good day steemains and professor @pelon53, i'm glad learning from your lecture about Telos blockchain, it was well detailed and i will able to read and understand it. Below is my homework post.
What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
Source
First of all, what is Telos blockchain?
On Saturday December 8th telos network launched its main network and makes use of EOSIO software.
Telos blockchain is a sister blockchain to EOS, EOSIO is the software which was created by block 01, though EOS is not the only blockchain and network that has been created with the EOSIO software and telos is another instance of a blockchain created with the same EOSIO software. A couple of other examples of this happening are kyc aml network and the wax network which has wax token and its mainly for gaming.
What is my opinion about telos blockchain?
Telos is its own version of a new blockchain based on the EOSIO software which aims to improve on the shortcomings for EOS. Telos is very important not for only all users but especially EOS genesis snapshot token holders, because they will acquire some tokens, a 1:1 ratio of telos token which is TLOS for each EOS token that you owned at the time of the snapshot and up to 40,000 telos token cap. The reason for this cap is to prevent the whales situation that is currently present on the EOS network. The solution to this was to literally just cap any account that had over 40,000 tokens which turns out to be only 0.67 of every account. The 0.67 of all account are those whales that own million of token who are able to earn or currently voting in block producers(BP) on the EOS network as whales and controlling things to some degree.
Image source | Telos token
About two-thirds of the current 21 block producers on the EOS network are voted in by whales. A lot of block producers who are not necessarily whales are not currently voted into the top 21 by only the fact that they don't have their whale vote behind them. So telos aims to solve that and that is one of the ways by capping the tokens. Another way is by inverse weighted voting which is a method whereby on telos only and EOS adopt this but basically what happens on telos is, when you vote, the more votes you cast up to so the heavier the weight for each vote. So you are incentivised to vote for a full 30 block producers, instead if just a single or 2 as in the case of many of these whales on the EOS blockchain who just vote in themselves or for their friends and do not cast a full 30 vote, that simply results in a gap spread, and its even wider between the top block producers and those that are trying to get into the top positions, so telos solves that inverse weighted voting and i think is a genius solution from telos.
Final thought on telos blockchain
I am very delighted about what telos brings to the table. It brings or offers competition to EOS. Its a sister blockchain, they both have compatible everything, you can create the same smart contract on EOS and transfer it to the telos network and have it run on there and it offers competition for example, Ram price, so if EOS Ram price are very high, maybe customers and users will then go to the telos network to get the same functionality with a low cost to developers.
It's healthy and any market to have competition, the free market creates ingenuity and a good product at a good cost. So telos competing with EOS will do that, it will make both of them more strong and more resilient and also a better network for everyone and developers.
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.
Source
First of all we need to visit https://telostracker.io/monitor in order to review the latest irreversible block.
Screenshot from telostracker
When you open the site(the homepage) you can see the latest block showing on the screenshot above. All we need to do is to write the block number on the search column at the top of the page, to view the details.
Screenshot from telostracker
Then now we are able to access the data or all information about it.
| Block number | 173325708 |
|---|---|
| Block producer | telosarabia1 |
| Date | 2021-09-13 |
| Time | 04:01:500 |
| N° of transaction | 1 |
Producer signature
SIG_K1_KiS5LG5Noz65b9EPXufqs1UN6JeAGqVhHLoGXdiSgswJDEhTeTcroto9T7gJtUT8DqBwNWuSa59CaeFezhyi2QJVhH6Tij
trx ID
87b09b8bdc574f2a27b527f158b21410c51e04a39d2e3b89d181a10630058191
Check the 3 blocks explorer, blocks: 15.007.389 and 171.790.000, it shows the BP and the date of these blocks. Screenshots required.
Source
These are the 3 block explorer that i will be using for this section.
| Telos blockari | SITE |
|---|---|
| Telos EOSX | SITE |
| Telos tracker | SITE |
Using Telos block
Block 15007389
When i typed in the block number, i gat no information about it. See the screenshot above.
Block 171790000
When i searched for Block 171790000 , it gave me all information about it.
| Block number | 171790000 |
|---|---|
| Block producer | teloskitchen |
| Date | Sep-05-2021 |
| Time | 02:30:15 AM |
ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
using Telos Tracker
Block 15007389
Using telos tracker, i was able to access the information about this particular block number
| Block number | 15007389 |
|---|---|
| Block producer | octagontelos |
| Date | 2019-03-10 |
| Time | 17:56:52.500 |
Producers signature
SIG_K1_KYzHeBvtcoMQQXf6LNyZzNQghw5mjtkRMmpmeswRCCr9TRgXThLa9pMjG4z59rMrJGx4D84RCupeBosA4L6ka6Fr9Rt2M1
Block 171790000
Using telos tracker, i was able to access the information about this particular block number
| Block number | 171790000 |
|---|---|
| Block producer | teloskitchen |
| Date | 2021-09-05 |
| Time | 01:30:15.000 |
Producers signature
SIG_K1_KWiZrzjeLk3pJGm51WXkXd46wjibGNRgSrxniAZug4bmvb9F6K7w2DCkQwjA1FKHpwXZ1QoGmUYTKyw5AsTymAzPPeDTMS
Using Telos EOSX
Block 15007389
I couldn't find any details in this block number
Block 171790000
Still couldn't find any detail in this block number
On the Telos trade demo platform, click here. Link the wallet to Metamask. Then transfer the 20 TL to Fiat. And determine the gas you consume. Then do 100,000 Fiat to Soon transactions and determine the gas consumed. Show screenshots of the entire process you are running. Was the gas consumption excessive in both cases? Explain?
Source
In this question, i will first of all explore demo telos https://demo.telos.finance/ after that, the next thing is to connect metamask wallet. **see screenshot below
You have to get a metamask wallet for this question.
I have successfully connected metamask wallet to the platform. Now, i clicked on test demo swap as you can see from the screenshot above
I put in the 20 TLOS which is the required amount , to convert it to FIAT. And i displays the transaction details under, both the transaction fee that was required.
| Minimum received | 8773000 FIAT |
|---|---|
| Price impact | 0.87% |
| Liquidity provider fee | 0.1496 TLOS |
Now, i want to change 100,000 FIAT to SOON, using the same method.
I put in the 100,000 FIAT which is the required amount , to convert it to SOON. And i displays the transaction details under, both the transaction fee that was required.
| Minimum received | 0.818 SOON |
|---|---|
| Price impact | 0.01% |
| Liquidity provider fee | 748.1 FIAT |
Actually, during my first transaction, i converted 20 TLOS to FIAT and a gas fee of 0.496 TLOS was paid which is the median ir standard swap.
Then during my second transaction, i converted or swap 100,000 FIAT token to SOON, and this transaction requires a gas fee of 499.3 FIAT
In other words, i must say that the gas fee that was required is not extravagant during the 2 transaction i made.
IN CONLUSION
The lecture about telos blockchain was awesome. Telos blockchain like i said before is a sister blockchain, which solves inverse weighted voting and is one of the best which provides intelligence solution. I was able to learn a lot about telos blockchain. I really appreciate professor @pelon53 for this wonderful lecture. It was well explained.
THANKS FOR GOING THROUGH MY POST
CC: Professor @pelon53
Written by
@ruggedangel