Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53
What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
TELOS BLOCKCHAIN
Telos is a third-generation network platform that aims to help developers create fast, scalable, and distributed applications with no transaction costs. Since it's inception in December 2018, it has consistently worked hard at developing to strengthen the future economies and proffer solutions to worldwide challenges. A way to achieve this goal is by including developing governance features that makes companies to move their influence and decision-making process to a more transparent model.
Telos can be said to be an open network where everyone has equal opportunities to make contributions and to be a perfect network for the real world cutting across different sectors. There are over a hundred projects currently building on telos and the network is managed and operated by technologist, trail blazers, visionaries and builders.
Telos network has over 30 main developers, 10s of validator teams and innovative products with 100s of active community members. These developers are working tirelessly to build over a hundred distributed applications.
Telos Blockchain uses delegated proof-of-stake as it's algorithm and has some merits which includes:
Speed and Accountability
Telos is relatively fast and has about 0.5 second block times which is 24times faster than Ethereum. It has 21 active validators who are ever ready to produce blocks and maintain the network. It is worthy to note that these 21 active validators are voted in by the token holders and there are other validators known as the standby validators who serve as back up. Elections in the Blockchain occurs ever 2.5inutes and any of the backup validators can be voted upwards.
No transaction fees
Unlike other blockchains such as Ethereum that require transaction or gas fee for every action taken, Telos blockchain network doesn't require transaction fees and brings solutions to this problem by letting apps stake resources which invariably is TLOS. This aids the application in purchasing the amount of TLOS that would be sufficient for their users, thereby removing transactional fees and leading to a free and seamless experience for users. More so, the users can be made to stake resources themselves which ends up being pay-as-you-use if the developers don't want to stake.
Scalability
The Telos blockchain is actually very scalable and processes over 10,000 transactions per second. Its capacity actually grows with updates, sidechains and other mechanisms. This speed makes it in equal proportion to some centralized networks such as Visa and Mastercard in their ability to process thousands of transactions per time. This feature (speed and scalability) has.made telos to be widely adopted and used. Consequently, it was named as the most utilized Blockchain globally between 2019 and 2020.
There are some other advantages for some specific sets of people such as developers and token holders.
Developers
The following features are advantageous:
Telos Ethereum Virtual Machine
Leading ESG Compliance (Environmental, Social, Governance)
Telos Web Wallet
A suite of innovative & competitive tools
Equitable governance & arbitration
100+ Applications & Integrations
Tokenholders
The following features are advantageous:
Strong tokenomics
REX rewards APR 15% for staking
Network Grants via Worker Proposal System
Fee-less transactions
10,000 Transactions Per Second, Pre-Sharding
Environmentally friendly
No front-running
Low-cost dApp deployment.
Proper economic decentralization
Public testnet operated by BPs.
My Opinion
Telos blockchain has an amazing scalability, thanks to delegated proof-of-stake. One of the major challenges however, is that it is not yet listed as a valuable cryptocurrency considering how much it has to offer. As of the time of writing this post, Telos is ranked #266 with a market cap of $207,880,425 and priced at $0.7696. I am of the opinion that the speed and scalability together with other characteristics such as eco-friendliness and equitable governance will bring Telos to limelight sooner than later.
The Telos blockchain is built in such a way that it prevents individuals from manipulating the market due to their personal interests and also removes the need for intermediaries which reduces or eliminates transaction fee.
What do you hope will happen to the Tlos token? Justify your answer.
With the current fundamental analysis, it is evident that the Tlos token has a good future. There are critical measures in check for monopoly which I a good way of growing the token. More so, the price has increased steadily fr starting at $0.009753 and reaching it's all time high of $1.02 on the 10th of September, 2021. Furthermore, it has quite a number of advantages over other tokens and this will eventually make it to be adopted massively and as a result, increase its price. I am positive that the token holds a lot more and will be very valuable in the future.
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.
I logged into telos Tracker and took a screenshot of the last irreversible block which is shown below.
The details of this block are as follows:
Block number: 174157094
Block producer: telosarabia1
Date: 2021-09-18
Time: 18:34:11.500
Block ID: 174157094
Producer Signature: SIG_K1_KfBdikwWKDmUrQrxrFe4DAdAoturwwYX5rByFUsou6TM9ZsxYU6bvcUjWjVWswjGcFwS5nPiEXMYLtsuBMWHVJopZj8TNk
Number of transactions: 0
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.
For the question, I will be using the following block explorers; Telos Bloks, Telos EOSX and Telos Tracker.
For Block 15,007,389
Telos Bloks
I opened telos Bloks and imputed the block.
Block 15,007,389 was not found
Telos EOSX
I opened telos EOSX and imputed the block.
The block details was not found
Telos Tracker
I opened telos Tracker and imputed the block
The block detail was found. The block details are found below.
Block number: 15007389
Block Producer: octagontelos
Date: 2019-03-10
Time: 17:56:52.500
Producer Signature: SIG_K1_KYzHeBvtcoMQQXf6LNyZzNQghw5mjtkRMmpmeswRCCr9TRgXThLa9pMjG4z59rMrJGx4D84RCupeBosA4L6ka6Fr9Rt2M1
For BLOCK 171,790,000
Telos Bloks
The detail was found.
Block Producedby teloskitchen on the 5th of September, 2021 at 02:30AM WAST..
Telos EOSX
The detail was also found.
Block producer is teloskitchen on 04 Sept., 2021 at 18:30:15.
Telos Tracker
The detail was also found.
The BP is still teloskitchen
Date: 5th September, 2021
Time: 01:30:15
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?
There are quite a number of steps to achieve this and they are as follows:
Firstly, i clicked on telos swap demo platform and got to the landing page.
Next, I click on the icon that reads connect wallet
Thereafter, I was required to choose my preferred wallet which is Metamask and I clicked on it
My Metamask just wouldn't proceed, it kept saying No provider was found and I don't understand what that means even when I have Metamask installed in my device.
Below is a photo showing as proof that I have Metamask app installed in my device.
I would have really loved to continue with this question but there is nothing within my power that I can do, maybe I can get explanations of what the issue was, for future references.
Conclusion
Telos blockchain is really an amazing third generation Blockchain with a lot of merits that promoted good governance, staking and effective voting. It can be said to be an innovative Blockchain that would thrive in the nearest future in the cryptocurrencies ecosystem. One of the main characteristics of this Blockchain is it's scalability and speed, amongst others. The three block explorers are good and easy to user with an amazing user interface. In addition, the blocks are created a few hours apart of these block explorers. I would have loved to finish up with the demonstration of telos swap demo platform but unfortunately, I couldn't due to reasons beyond my comprehension. I hope you understand, thanks.
Cc: @pelon53