Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53
Hello Everyone,
On the 02nd week of the Crypto Academy, crypto professor @pelon53 has introduced us to one of the popular Blockchain in the crypto world the Telos Blockchain. This is my homework for his lesson's questions.
01. What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token?
- Blockchain Technology
Blockchain technology is a system that makes decentralized information sharing and communication between different computers possible without intermediaries. There is no central server or trusted third party holding information on the blockchain. It is this breakthrough that has allowed Bitcoin to grow this much in crypto world.
- Telos Blockchain
Telos is the first third-generation blockchain and is known as a 2.0 Blockchain. Telos uses EOSIO software to perform CPU-intensive computation and enables an EVM smart contract execution, which drastically reduces the transaction speed from the original Blockchain.
Telos does not claim to have achieved near perfect speed, transaction throughput or scalability, yet it will support more than ten times the amount of transactions of current blockchains and has the ability to handle more than ten million transactions a second. The solution is designed to address these issues in the long term and is a potential solution for many applications that run on top of Blockchains.
Telos operates as a multi-chain, multi-asset platform and trades Ethereum-based assets. Telos uses the Ethereum Virtual Machine (EVM) to facilitate transactions, which involves modifying the protocol. It differs from traditional distributed ledger solutions that use proof of work to validate transactions. Telos is based on open-source code, ensuring it will be accessible to developers. The software will be cross-platform, so the Telos platform will run on a variety of devices, like mobile devices, smartwatches, embedded devices, and VR headsets.
Comparison of blocks production source
Telos aims to be the most cost effective, scalable blockchain protocol available with the goal of supporting every social network, utility, Internet business and IoT network that wants to use a decentralized, peer-to-peer network that runs on blockchain technology.
- My opinion about Telos Blockchain
Telos Blockchain is highly innovative in nature and offers speed and scalability. Telos has features that traditional blockchains lack. Just as VISA delivers fast and secure global payment services using a decentralized system, Telos will also provide quick transactions with minimal CPU utilization.
In addition, the Telos Blockchain will be a fully adaptive system that will allow for developers to innovate and adapt their blockchain technology to suit the market and user demand. As the blockchain increases in popularity, more companies will be able to use Telos Blockchain without having to create their own in-house blockchain.
The Telos Blockchain will have an even greater advantage over the current methods because it has no off-chain transactions, all transactions happen on-chain. This makes the cost of operating a Blockchain very low and efficient.
Considering all these facts, my opinion would be, it is very probable that Telos Blockchain will be one of the primary choice for its users comparing to rival blockchain Bitcoin and Ethereum. It is likely that EOSIO software will be further enhanced and improved until it meets the benchmarks and requirements of the Telos blockchain.
- What do you hope will happen to the Tlos token?
TLOS Token is the native token of Telos Blockchain. It works as the functional token of the Telos platform and used by its developers to incentivize the development of Telos.
TLOS has many uses outside of blockchain applications, we can purchase it on exchanges like Bittrex, Coinrail, HitBTC, and Poloniex. In addition, we can trade it through exchanges like Binance.
As of September 17, 2021, the price of Telos tokens is $0.860 USD. The coin has a market capitalization of around $194 million and a daily trading volume of approximately $4.6 million. The circulating supply is 225,384,826 TLOS and the total supply is 335,208,370 TLOS.
TLOS coin details from Coingecko
When we analyze the past data we can see that there was a huge price increase after the February 2021. This is more than 3418% increase over a year.
The growth of price of TLOS coin over the past years Coingecko
The percentage increase of the price and the healthy market capitalization shows favorable investment opportunities in TLOS coin.
Currently, it is predicted that there will be over 1 million TLOS token holders by end of 2021.
02. 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.
To track the last irreversible block, go to the Telos Tracker.
There we can see number of transaction details. These information change within seconds as per block creation.
Last irreversible block as at 2021-09-17 T 05:23:43.000
- Last irreversible block details
Last irreversible block details
- Transaction details
Transaction details
Head Block (block ID): 173889464
Irreversible Block: 173889137
Block producer : southafrica1
Producer TLOS tokens: 716,863.0755 TLOS
Staked TLOS tokens: 326 TLOS
Date & Time: 2021-09-17T05:23:43.000
03. 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.
Telos Tracker
- Block: 15,007,389
Block 15007389 details taken via Telos Tracker
| Details | Block 15007389 |
|---|---|
| Block producer | octagontelos |
| Num of transactions | 0 |
| Date & Time | 2019-03-10 T17:56:52.500 |
- Block: 171,790,000
Block 171790000 details taken via Telos Tracker
| Details | Block 171790000 |
|---|---|
| Block producer | teloskitchen |
| Num of transactions | 1 |
| Date & Time | 2021-09-05 T01:30:15.000 |
Telos Blocks
- Block: 15,007,389
Block 15007389 details taken via Telos Blocks
The specific transaction cannot be tracked due to the invalidity of Account name. However, I checked the block producer name and that account exists. Reason for this error could be that for this particular block there was NO TRANSACTION.
Block producer details taken via Telos Blocks
- Block: 171,790,000
Block 171790000 details taken via Telos Blocks
| Details | Block 171790000 |
|---|---|
| Block producer | teloskitchen |
| Block ID | 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623 |
| Date & Time | Sep-05-2021, 07:00:15 AM IST |
Telos EosX
- Block: 15,007,389
Block 15007389 details taken via Telos EosX
As expected Telos EosX also didn't recognize the Block 15007389. The error indicated as "Operation Failed".
- Block: 171,790,000
Block 171790000 details taken via Telos EosX
| Details | Block 171790000 |
|---|---|
| Block producer | teloskitchen |
| Block ID | 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623 |
| Date & Time | Sep-05-2021, 07:00:15 |
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?
01. Visit Telos Demo Swap website & click Connect Wallet. Make sure you have Metamask wallet installed as a chrome extension and logged into the wallet first.
Telos Homepage
02. On the pop-up window we have an option to choose Metamask.
Connecting to Metamask
03. Grant permission to connect in next 03 pop-ups
Approvals to connect
04. Now to use this demo account we should have some demo TLOS, to receive click Get Testnet EVM TLOS
Obtaining demo TLOS
05. Once we have successfully received, we can see the wallet details top of the right corner.
Wallet details
06. As a next step click the Test DemoSwap Now
Connecting the wallet to demo account
07. There we can see to options, one for Exchange / Swap and the other one for Liquidity. For this exercise we are going to choose the Swap. From the 100 TLOS we received we are going to place 20 TLOS. Next Click Select a currency to choose FIAT as the currency.
Trade window
08. After entering the price details, click Swap, there will be a pop-up to confirm the Swap.
Ready to Swap
09. After clicking the confirm Swap, there will be pop-up from Metamask wallet to confirm the transaction. Click on Confirm to submit the transaction.
Confirmation to Swap
10. Transaction submitted and it was successful. Gas fee for the transaction is 0.024201 TLOS
Transaction Details
- From FIAT to SOON
01. This time we are going to Swap 100,000 FIAT token into SOON token. I entered the amount and selected respective currencies. Next I have clicked _enable FIAT _ because I must give the authorization to Metawallet to do so. Then there was pop-up to confirm. Note that there is a transaction fee implies to this confirmation.
FIAT to SOON Swap
02. After I have given the permission to spend FIAT, as a next step I clicked Swap
FIAT to SOON Swap
03. Then Confirm Swap
Confirm Swap
04. After the pop-up from Metawallet select the Confirm
Transaction Details
05. Transaction submitted and it was successful. Gas fee for the transaction is 0.024431 TLOS
Transaction Details
- Was the gas consumption excessive in both cases?
Gas consumption was for the both transaction as follows,
TLOS to FIAT - 0.024201 TLOS
FIAT to SOON - 0.024431 TLOS
Total gas fee for both transaction = 0.048632 TLOS | 0.04 USD
So, the answer for the question is Not at all, instead it was extremely cheap.
Conclusion
The Telos blockchain solution provides a powerful and scalable platform to store and exchange data with the flexibility to operate on any EOSIO platform.
The Telos Blockchain will provide users with much better access to transaction processing, storage, and search capabilities than is possible on Ethereum. With further enhancement, Telos has immense potential to become the largest blockchain in the world.
I have gained many knowledge from this homework. Thank you prof. @pelon53 for sharing your knowledge with us.
Amazing!!!
Thanks @ftz
Welcome.