Crypto Academy / Season 4 / Week 2 - Homework Post for professor @pelon53| Telos Blockchain by @whitestallion

Hello friends and welcome to my assignment task by professor @pelon53, in this assignment I will provide a detailed assessment of Telos Blockchain, I hope you enjoy and learn from my assignment.

Question 1

What is your opinion about Telos Blockchain?

It is safe to say that blockchain technology which has been a revolutionary science in finance is one that has come to challenge the status quo of the financial world. While it may be young and have its shortcomings, in my opinion, it is a vital system with lots of greater good than danger. Nevertheless, the above inquires about my opinion on the Telos Blockchain, and to give my opinion it is best to first understand what it entails.

The Telos blockchain is a revolution to the revolutionary blockchains in existence; that is the leading blockchain belonging to Bitcoin and Ethereum. This is because when Block One; the producing company of Telos Blockchain set to create it, the focus was on tackling the shortcomings of the leading blockchains and one of those shortcomings was speed, while the other was being environmentally safe compared to its predecessors (particularly bitcoin). For the latter reason, the Telos Blockchain is sometimes referred to as “the first ESG Blockchain” (source: www.blockchain.news); ESG meaning: Environmental, Social and Governance basically means being conscious of environment and socialness.

Telos Blockchain is fast as earlier said; built on a smartchain technology that can handle block creation in 0.5 seconds (basically 2 blocks every second), and it retains the decentralized feature of the early blockchain technologies eliminating a middle man/third party who most times benefit from transactions because they regulate it. Through this technology, users are the sole participants and only rely on the blockchain technology features which include guarantee and security for users, certain clear rules.

In order for users to check their operations and actions on Telos blockchain, they use block explorers like Telos Bloks, Telos EOSX, and Telos Tracker.

As said earlier, in my opinion, the Telos Blockchain is a revolution amongst revolutionary blockchains, the reason for this includes:

• The speed at which blocks are created; as earlier stated, 0.5 seconds is a remarkable feat and it is commendable that the fees for transactions are free. The speed makes it beneficial to developers which would assist them in making platforms that are beneficial to humanity at low cost. Below are its feats in relation to ADA, MATIC & ETH.

• The number of blocks created (173 million: source: www.telstracker.io) even when it is a relatively new blockchain, it supersedes the number of blocks created by Ethereum which had been running three years earlier (having 13 million. Source: etherscan), and Tron having 33 million blocks (Source: tronscan).

• It is also worthy of commending that from the onset of the creation of the Telos Blockchain, avoiding crypto whales had always been a priority and so, tokens were distributed in an equitable way amongst users to fight off crypto whales and monopoly.

• It has a system of 21 active block producers as seen below (Source: www.telstracker.io) and has another idle 21 sets to go active on the condition that any of the active ones lose 15% of their blocks.

• Worth commending is the energy usage ratio of the blockchain compared to other competitors like Cardano, Bitcoin, Ethereum, and others. This has become vital in modern times where there have been growing concerns as to processes and energy-intensiveness.

Question 2

What do you hope will happen to the Tlos token? Explain your answer

Source

In my opinion, with its strong foundation and development from the onset, it may prove to be a worthy investment. One of the reasons for the unconfident stance with this token is because, despite its healthy development and revolutionary background, it has several competitions; those who have surpassed it way ahead. The Tlos Token is rated as the 299th largest crypto according to Dailycoin and expecting it to supersede the entire 298 cryptos before it may just be a fallacy. Nevertheless, this is not to say that it is not a token worth investing in. In fact, it is believed according to Dailycoin that the token will push up to be a $1 coin. While this is not a totally way too impressive prediction, it is worth investing prior to this milestone if one recalls the movement of BNB and Matic in a similar light.

The Tlos token has a market capitalization of $163 million dollars with a coin circulation of 270 million coins (according to www.dailycoin.com). As of the beginning of 2021, it was barely $0.015 but ever since it has made rapid progress and as of the time of this essay, it is $0.78827.

A visit to Telos’ home page (www.telos.net) gives an insight into the promising future of the network

As can be seen from the above, there is a vision crafted out for Telos, and it is my belief that the actualization of these visions will serve to push Tlos Token further. Some of these visions include: the creation of a Telos Decide (to facilitate voting), Telos Wallet, Telos EVM, dStar, Telos Private, and Telos ID; these boil down to how Telos is being used to tackle human problems and shows how relevant it will be continued to the world

Question 3

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.

As at the time of attempting this, the last irreversible block was 173,669,939 and the block producer was telosunlimit. On further inquiry, the below was found:

Explaining that the irreversible block was created on the 15th of July, 2021 around 23:13

To summarize it:

IRREVERSIBLE BLOCK: 173,669,939

BLOCK PRODUCER: telosunlimit

TIME: 15th of July, 2021. (23:13).

Question 4

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.

Adopting the block explorers mentioned in the class, my finding will be made using the following block explorers:

• Telos Bloks

On the Telos Bloks website, it looks like the below:

Source

• When in the search Account, Key, or TX gap, I attempt to input the figure: 15,007,389, I am informed that it is invalid.

Source

• On the second figure, 171,790,000; I am visited with the same error post as stated above.

• Telos EOSX
  For the 15,007,389 figure, I first access the block explorer; visited with the image below:

• Telos Tracker

On the Telos Tracker website, the home page looks like the below:

Source

The circled area indicating the most recent irreversible block and others, including the search icon is our area of interest. In the search icon, I inputted the numbers and the result is what I stated below:

** Scanning for block 15,007,389**

Source

• From the above, it shows zeroes on all input, indicating that it does not exist perhaps.

• Scanning for block 171,790,000

• The same result is obtained in the search for the 171,790,000.

Question 5

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?

To perform a demo trade on Telos blockchain, first, you need to access the demo trade page and link your meta mask account to telos, the images below provide a step-by-step process of how to access the page and link your meta mask account.

• Log in to Telos demo page using the link below
  https://demo.telos.finance/

• Navigate to the top right corner to connect your meta mask wallet by clicking on Connect

• Click on Meta mask to fire up your meta mask extension.

• Click on Next to connect your wallet

• Click on Connect to complete the progress

After accessing the Telos Swap Demo platform and linking it to my Metamask wallet, I am provided with the image below:

• From this stage then, I clicked on “Test DemoSwap now”. On the Telos Swap demo platform, I initiated a transfer of 20TLOS to Fiat of which 7112620 FIAT is shown to be the equivalent. As seen below.

• Having clicked “Swap”, the next pop up as can be seen below gives a detailed analysis on the exchange including the Fiat rate to TLOS which is 355631FIAT/TLOS and makes a charge fee of 0.05 TLOS.

• At clicking Enable Fiat, a pop-up immediately shows indicating that $0.08 would be the gas fee for that transaction as indicated below.

• It is important to state that the amount of Fiat to be transferred is barely 1.3% of that which was early transferred. Therefore, in the case of the first transfer done, from Telos to Fiat, the gas fee is lesser, owing to the fact that it is built on a blockchain that has one of its advantages to below cost. In a nutshell, on the first exchange, the price is not excessive as it appears on the second exchange.

Conclusion

From the intricate examination of the Telos Blockchain, it is safe to state that indeed it is a revolutionary technology in the discourse of blockchains. Its superb technological difference captured in the motto stated on its homepage (“Fast, Scalable, Decentralised Finance is here with Telos”) as well as the road maps and yearly agendas will influence its token (TLOS Token) to make gigantic moves in the market in a long term view. Nevertheless, it can do better by increasing user’s awareness of its importance thereby increasing its user base.

Unless otherwise stated all the images used in this post were extracted and edited from Telos official website.

Thank you professor @pelon53for this amazing lecture.