Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53.
Firstly, we should not forget why the blockchain was introduced, in the first place. The reason why the block was brought into existence was to give you power over your finance by removing all forms of financial third parties when doing any form of transactions. Such Third parties include the banks and other financial institutions. The tedious nature of bank was discovered and that lead to the introduction of block-chain. Ever since the Blockchain came into existence there have different updates to tackle one issue or the other.
This has lead to the development of the Telos Blockchain. The Telos is a unique blockchain, that the developers has worked tirelessly along with the community with the aim to look for the weakness of the already known blockchain’s platforms which includes the bitcoin, Ethereum EOS, and other and find the solutions to that challenge.
They Further look to make Telos different from other platforms, which allows it to be more valueable by making it very attractive for the market. Though the platform was launched in December 2018, Though it may take time for the user to get use to it and explore most opportunities that it bring to the blockchain world.
We should know that Tlos token is used in the Telos Blockchain,
I expect the Tlos token to rise more, you can see that it is ranked, #269 in all the cryptocurrencies and it has a volume of $277,576,963 price is $0.783, with all these in place it is also expected that with time it might be competing with the Likes bitcoin and Ethereum.
From also this chart of Telos to USD, we can see that Tlos that being gaining value and it is wise that with time it will still improve in it value.
- For you to use Telos Blockchain for transaction is way cheaper than the blockchains for Etherum and bitcoin
- Comparing Tlos Blockchain, it has high scalability which can be achieved with the help of Telos node in EVM
- Due to some useful features that Telos blockchain possesses many big companies are now making use of it.
- User participant earnestly in the development of the Telos blockchain.
- Among the three block explorers, I visited Telos tracker
- I saw the Last irreversible block, then I copied the and paste the number on the search bar.
The detail of the last irreversible block can be seen below
Block Number: 173653793
Block Producer: teleologytls
Date: 2021-09-15T20:38:11.500
Block ID: 173653793
Producer Signature: SIG_K1_Kjc5BSTv2GkLZ4JYBH9TchvQoEAzU9wQmf5gitpwxLceUj8qCBAB5973fZBeX41hYhnts6jbigYKAyw94FtA4cuTBL5kcm
No of Transactions: 0
We know that Block explorers is the platform that telos blockchain works on. It allows us do all the necessary things we want to do with Telos blockchain.
But We have 3 block explorers and they are
- Telos Bloks.
- Telos EOSX
- Telos Tracker
I will be checking for the following number and providing their details in the 3 block explorers and the numbers are 15,007,389 and 171,790,000.
I will be starting from the Telos Bloks and I will use 15,007,389
- I entered into the site firstly
- I pasted the number 15,007,389 in the search bar and selected search
The particular number is invalid in the telos.bloks.io
Inputting 171,790,000 on telos.bloks.io
- I pasted the number 171,790,000 in the search bar and selected search
Block producer: teloskitchen
Date: Sep-05-2021, 02:30:15 AM WAST
for block number 15,007,389
- You enter the site of Telos EOSX
- You copy and the paste the block number of the search bar and press enter.
After putting the number, I got a message saying operation failed.
Using telos EOSX
for block number 171,790,000
- You enter the site of Telos EOSX
- You copy and the paste the block number of the search bar and press enter.
- I enter the website first of all
- Then I copied and paste the number on the search bar and press enter.
I will start with the 15,007,389
- I enter the website first of all
- Then I copied and paste the number on the search bar and press enter.
- I will start with the 171,790,000
I will be using Telos Swap Demo
- Enter the website Demo.telos.finance
- The select connect wallet at the top right corner
Testnet EVM Telos
In order for you to get testnet EVM telos, this steps is needed
- You must be connected to metamask,
- Select Get Testnet EVM telos
- Confirm it and then it will show you that Testnet EVM telos sent successfully
- You can now access you metamask
Exchanging of Tlos to FIAT and more using the Demo account.
These are the steps for swapping 20 Tlos to FIAT.
- Make sure you have opened the test Demoswap, if no then you should do that now.
Select Test on Demoswap
- Enter 20 in the Tlos section and select FIAT from the drop down list.
Insert the right amounts
Click the confirm button
Swap on Metamask have been confirmed
Swap on test demoswap have been completed
Swap on test demoswap have been confirmed
Exchanging 100000 FIAT to SOON
- Just open DemoSwap
- Enter the FIAt value as 100000, then change the other section to SOON
Paying for Gas
I swapped 20Tlos to FIAT again
The amount that I paid for gas : 0.07678Tlos($0.066)
The Amount I swapped: 20 Tlos
All the amount cut: 20.07678
Swapping 100000 FIAT to SOON
The amount that I paid for gas : 0.07678Tlos($0.066)
The Amount I swapped: 100000
All the amount cut: 20.07678($0.066) X 2=$0.132.
From the above illustration we can see that the Gas fee for the both swapping despite the difference in their amount. This is one great advantage of Telos blockchain.
In Conclusion, I feel so delighted to be a participant in this topic, my understanding has broaden and a lot has entered, though the topic is too lengthy but really it worth .
I have understood that Telos blockchain provides user transactions that are very fast, with a very cheap amount to be paid, it also allows you to have total authority over your asset just like the normal blockchain but this has more in terms of scalability.. Telos blockchain is always improving because of the constant innovation. There is more to learn about the Telos blockchain, but I’m really grateful to professor for opening my eyes.
Cc: @pelon53