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

in SteemitCryptoAcademy3 months ago

** Introduction**

Innovation has always been common to man. Right from early years of man's existence here on earth, he has committed himself to discovering new methods and tools of handling issues and making his life more comfortable. It is with this trend that blockchain technology has found its root into every aspect of man's life.

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Very rapidly, blockchain technology has grown into a formidable system in global economies. On a very regular basis, more and more blockchains are being developed and integrated into different areas. These developments come with higher modifications in accessibility and usability.

A recent and very promising blockchain is the Telos Blockchain. The Telos blockchain has come to solve some inherent problems found in other blockchains. Though still very young, it has incorporated a lot of functionalities making a lot of blockchain inclined persons to rush to its patronage.

The Telos blockchain is making a very strong presence in the blockchain industry. Its promising features and platforms cannot be ignored because of the obvious advantages it has. Prof. @pelon53 has thought it wise to expose the intricacies of this platform to us and I for one is quite happy to get this information.

Thus, I will be demonstrating my understanding of the lesson and familiarity with the Telos blockchain by answering the homework questions on the sections below.

1. What is your opinion about Telos Blockchain? What do you hope will happen to the TLOS token? Justify your answer.

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I personally have a very strong opinion about Telos blockchain. I believe that this is a blockchain that has come to stay and that is has the potential to become very successful and functional. I am of the opinion that in a matter of few years to come, Telos blockchain would have emerged as a dominant blockchain in the blockchain industry.

I have some reasons having this mindset and impression. Some of my reasons for seeing Telos blockchain as a viable and progressive blockchain include:

  • Telos blockchain offers a more comprehensive range of user options and functionalities. Telos has incorporated a lot of features and systems on its platform. Telos support a number of operations in a very smooth and easy way. Actions and operations like converting tokens, building softwares and others are quite straightforward and direct.
  • There are less complexities and procedures when using the Telos blockchain. In very simple steps, a user can engage comfortably in the blockchain. The blockchain is very flexible, adaptable and easy to navigate with a very compatible user interface.
  • In just few years of existing (3 years), among the multitude of blockchains developed within the last couple of years which runs into thousands, the Telos blockchain is said to be currently the second most used network when judging based on the volume of transactions. It is therefore evident that the blockchain paltform is really gaining prominence. Telos blockchain came online in December, 2018.
  • Telos blockchain currently has in excess of a hundred different decentralized applications. Also, a number of reputable companies have registered their presence in the Telos blockchain by investing in it and building software on it. Some of the reputable apps and company include; Taikai, Qudo, Qubicles, Appics, Wordproof, Seeds, Zeptagram, NewLife, etc. This shows a very wide level of acceptability the blockchain enjoys.
  • With Telos blockchain, users can conduct voting, store their files, access locations and do a number of other activities.
  • Telos blockchain also has the advantage of being very adaptable to human needs and real life adoption. More regular human functions can be carried out using Telos blockchain.
  • When transacting within the Telos blockchain, the charges and fees are quite very small. Cost of operational is really low. Everything happening on the blockchain is at a very reduced cost. This is an important plus for the blockchain network.
  • There is a very transparent and effective governance system within the Telos blockchain. Everything is highly decentralized and secure. There is also greater participation by individuals as there are voting options.
  • Telos have the characteristics of higher speed of operation as well as improved scalability which makes it better fiited for some actions. Telos blockchain operates at a speed of 0.5 seconds per block. With this, gaming, chatting and other speed-dependent activities fit better.
  • Telos blockchain is about to become the first and only blockchain technology to support EVM and EOSIO smart contract standards which are the two leading smart contract protocols.

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  • The outlook of the Telos token, TLOS is very promising. It had reached an all time high of $1.02 though the current price is $0.8409. This implies that the token has potential of going even higher in price.
  • TLOS is ranked at #266, with a market capitalization of $227,136,846.48 and circulating supply of 270,123,444. All these shows a huge potential for the blockchain. Some other data and details about TLOS are given in the screenshot below.

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These are some of the favourable attributes that the Telos blockchain enjoys which positions it to experience huge expansion and growth in the coming years.

2. Using the tlTelos 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.

The last irreversible block as at when doing this homework is 174175681.

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The block producer is telosgreenbp having a 120,898.4482 TLOS. He has staked 60.0000 TLOS and has 180.0000 TLOS unstaked. The producer makes use of 0.13 KB/1.20 GB bandwidth. The block producer also has 120,658. 4483 TLOS in REX. There is a memory usage of 0.71% and a CPU usage of 0.14 ms/ 0.05hrs.
Other details are displayed in the screenshot below.

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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.

  • a . Blocks 15007389 and 171790000 in Telos Bloks block explorer.

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The result came out as invalid when searching for the block 15007389.

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The results for the block 171790000 came out as shown above in the screenshot. The block was producer by *teloskitchen on September 5, 2021.

  • b. Blocks 15007389 and 171790000 in Telos EOSX block explorer

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It was not possible to verify the two blocks with this particular explorer. The site kept hanging and the page refused to load for a long time.

  • c. Block 15007389 and 171790000 in Telos Tracker Block explorer.

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The block 15007389 was actually verified with this tool. As shown above, the block producer was octagontelos. It was produced on 10th March, 2019. Other details are shown in the screenshots.

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I was also able to verify block 171790000. It was produced on 5th September, 2021 by teloskitchen.

I noticed that, the first block (15007389), was not appearing on the first block explorer tool.However it came up in the last block explorer used.

I was unable to access the second block explorer tool where I could search the details of the two stated blocks.

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?

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This question gave me much frustration. Even after downloading three different browsers, my wallet could not be connected.

Conclusion

Ever since I got exposed to the crytopcurrency world, I have held very little doubt about the potential that this industry holds. It is virtually impossible to subdue ita impact or stall its growth as it has so many factors working in its favour. A lot of abstract concepts are becoming quite real now in blockchain cycle.

As more blockchain networks are getting set up, some variability and enhancement are being attached to them. In this way, we see some blockchain networks possessing some attractive features that were lacking in other blockchains.

This is the case with the Telos blockchain. By just researching about it and getting some information, I am seriously convinced that this is a blockchain to reckon with. There are just too many mind-blowing innovations built into this blockchain.

With the rate of progress, Telos blockchain will soon become the primary blockchain for a great majority of individuals, firms and corporate bodies. I am certain that Telos blockchain had drawn a lot of attention already and it is only a matter of time before it saturates the crytopcurrency space.

This lesson has been quite interesting. Great job Prof. @pelon53. I am quite unhappy for whatever the causes are that made me unable to access some online platforms and sites as I would have loved to. I was really looking forward to answering all the questions comprehensively. I really hope I won't have similar issues again. I even had to wait for some time to see if the situation will change but nothing happened.

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