Telos Blockchain- Crypto Academy/ S4W2 - Homework post for pelon53
QUESTION 1
What is your opinion about the telos blockchain? What do you hope will happen to the tlos token. Justify your answer.
The Telos Blockchain
Definition
The Telos Blockchain is known a high capacity network and known to be the most active blockchain platform in the world. The reason the Telos blockchain is noted for this is because the Telos Blockchain features are actually robust and include advanced voting features as well as smart contracts when talking in relation to the blockchain governance.
When It comes to decentralization, the Telos blockchain is platform is known to be the most decentralized platform when compared to other blockchains such as the bitcoin blockchain and the ethereum blockchain. With this, we can say telos blockchain came into play to take advantage of the limitations of the other blockchains such as the bitcoin and the ethereum.
Characeristics of the Telos blockchain
- They Foster sense of adoption
- Highly Secured
- Highly Scalable
- Smart contracts
- A very good Decentralized nature.
My Opinion on the Telos Blockchain
In terms of smart contracts, I see the Telos Blockchain to surpase the other blockchains such as the ehereum, bitcoin and tron blockchain.
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Justification
With the decentralized nature of the telos blockchain which provides equal rights as well as status to the users and also taking out the presence of any third party. This makes the distribution of the native token being made equal and no ICO is held as well. With this, we see removal of the whales power putting equal status to all the users.
Going to scability and the block generation time, when we put the usage of multiple computers cores and the delegated prove of stake algorithm, we have a high delivering speed if compared to other blockchains. I will bring out some of the block genearation time below.
- Telos blockchain: 0.5s
- Ethereum blockchain: 15s
- Bitcoin blockchain:10m
Looking at the blockchain times, we that the telos blockchain has the smallest time making it more efficient.
Also the cost of transaction in the Telos blockchain is far less in relation to the other blockchain. We will see that in the next questions below.
My hope for the Tlos token
I see the Tlos token to reach at least $3 before the end of next year. I will explain below vividly why I see this to happen, but before that lets take a view on the current parameter of the Tlos token
- Price; $0.8
- Market capitalization; $223,127,859.8
- Volume; $1400,033.43
- Ranking; 267
- Circulating supply; 270,123,444 TLOS
As I said above, I see a bullish movement of the Tlos token, this is becaue when we compare the tlos blockchain and the other blockchains it has relatively lower transactions and more secured and scalable. With all this It will attract more investors to the tlos token which will taken it to a bullish move.
QUESTION 2
Using the telos tracker block explorer, take a screenshot of the last irreversible block as the time of performing your task and detail the BP and the date
Last Irreversibe block on the telos blockchain tracker.
Step 1
We begin by logging into the telos tracker blockexplorer
Step 2
After logging in, we copy the last block number and paste on the search section to view the various details.
Details;
Block number
174099690
Block producer
teloskitchen
Date
18/09/2021
Block ID
174099690
Number of transactions
0
QUESTION 3
Check in the 3 block explorers, the blocks: 15,007389 and 171,790000. Show the BP and the date of those blocks (screenshot required)
B) Using the Telos EOSX block explorer
Checking block 15007389
Step 1
We start by logging into the Telos EOSX
Step 2
We then copy and paste the block 15007389 in the search section.
Results:
Error message as shown on screenshot above.
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Checking block 171790000
Step 1
We start by logging into the Telos EOSX
Step 2
We then copy and paste the block 171790000 in the search section.
Results:
- Block number; 171790000
- Block producer; teloskitchen
- Timestamp; 2021-sep-05
- Total CPU usage; 5 ms 675 us
- Total NET usage179 B
- Number of transactions; 1
B) Using the Telostracker block explorer
Checking block 15007389
Step 1
We start by logging into the Telos EOSX
Step 2
We then copy and paste the block 15007389 in the search section.
Results:
- Block number; 15007389
- Block producer; octagontelos
- Timestamp; 2019-03-10
- Number of transactions; 0
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Checking block 171790000
Step 1
We start by logging into the Telos EOSX
Step 2
We then copy and paste the block 171790000 in the search section.
Results:
- Block number; 171790000
- Block producer; teloskitchen
- Timestamp; 2021-09-05
- Block id; 171790000
- Number of transactions; 1
C) Using the Telos bloks block explorer
Checking block 15007389
Step 1
We start by logging into the Telos
Step 2
We then copy and paste the block 15007389 in the search section.
Results:
Invalid account as shown on the screenshot above.
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Checking block 171790000
Step 1
We start by logging into the Telos EOSX
Step 2
We then copy and paste the block 171790000 in the search section.
Results:
- Block number; 171790000
- Block producer; teloskitchen
- Timestamp; sept-05-2021
- Cpu/net; 5675/1432
- Number of transactions; 1
QUESTION 4
In the telos swap demo platform, click here connect the wallet to metamast, then transfer 20 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.
Connecting Metamask
We can connect the wallet to the metamask in the following procedures;
Step 1
We log into the teslo website and clicking in connect.
Step 2
We click on metamask.
Step 3
We then finalize it in the following procedures.
By clicking on the get testnet EVM TLOS and we wil see the successful sent message.
Transfering 20 Tlos to FIAT
We can transfers 20 Tlos to FIAT in the following steps. We begin by clicking on the test demoswap now button.
we then input 20 on the exchange and take wap which we will confirm it in the next pop up.
Transaction successful
Changing 100000 FIAT to SOON
we still begin by clicking on the test demoswap button, we input the amount to swap which is 100000 FIAT
we then veify the process by following the steps below.
Gas fee consumption
20Tlos to FIAT = 0.1Tlos : 0.08$
100000FIAT to SOON = 0.1Tlos : 0.08$
When looking at the gas fee consumed, we see a very minimal consumption especially when compared with the gas fee of other blockchains.
Conclusion
To conclude, so far we have seen the tlos blockchain and its decentralized nature. We have also see how effective the telos blockchain could be when in terms of scalabiliy, smart contracts, transactions fee, with all this we see that tlos token is a great token to invest in.