Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53
Hello everyone. Our world has been fighting a big epidemic for almost 2 years. I hope all of you are in good health. Stay healthy!
Today I will share with you the my homework given by the professor @pelon53
1-)What is your opinion about Telos Blockchain? What do you hope will happen to the Telos token? Justify your answer.
Every day, technology is developing and becoming more widespread. As a result, structural changes occur in many areas, especially in the financial structure. Technologies in social media, financial systems and many other fields began to generate large amounts of data. The speed of processing, control, security and management of this data has become one of the most important issues today. New technologies have emerged to address such issues. Blockchain technology is one of the best examples of this.
Telos Blockchain was launched in December 2018. Telos, a 3rd generation blockchain network, is a blockchain developed for use in multiple fields. Telos blockchain-based tokens are used in NFTs, games and DeFi. There are more than 100 active applications and projects working with the Telos blockchain.
Working with the DPoS consensus model, Telos blockchain has 21 active BP (block producers) and 21 additional spare BP. Spare BP are tested for readiness through a continuous process. If any of the first 21 BP miss 15% of the blocks, they will be kicked off the net and the 22nd BP will be activated. Each BP receives an equal amount of rewards. BP serving as a reserve receives half the reward. BP are voted and ranked by TLOS holders.
In the screenshot below, you can view the votes, daily rewards and rankings of the block producers. You can see all of the block producers and other block producers that are kept ready by going to the source I gave below the screenshot.
Working with EOS.IO, Telos blockchain offers many conveniences for dApp developers and users. In addition, telos blockchain-based dApps have many advantages.
Telos EVM (Ethereum Virtual Machine) running on Ethereum is currently in the testnet phase. It is expected to work with EOSIO in the near future. With EVM, it is planned to carry out transactions much faster and with much lower gas fee compared to ethereum.
Let's list the benefits of Telos Blockchain in substance:
Transaction Speed: Transactions on the Telos blockchain are very fast and with a transaction volume of 10,000 tx per second, it is very advantageous compared to other blockchains.
Fees: Telos token transactions are free of charge. Telos EVM is an ethereum virtual machine that will run on the telos blockchain and gas fees are expected to be much lower.
Low Energy Usage: As you know, it is a topic that has come to the fore in recent years. Especially with the tweets of Elon Musk on twitter, the issue of energy has attracted a lot of attention. In fact, the negative tweets of Elon Musk about the high energy used by some networks caused the crash of bitcoin. Telos, the EOS.IO-based blockchain, uses DPoS instead of traditional consensus PoW. Therefore, the energy use is very low.
What do you hope will happen to the Telos token?
First, let's do fundamental TLOS analysis.
Current CoinMarketCap Rank: 267
Current TLOS Price: 0.8302$
Current Market Cap: 224,242,991$
Current Volume: 4,338,228$
Circulating Supply: 270,123,443.84 TLOS
Total Supply: 355,208,371 TLOS
One of the most popular cryptocurrencies of recent days is TLOS. We can also understand this from the increase in volume. We see a 150% volume increase in CoinMarketCap. As you know, the increase in the volume of an asset in the stock markets means that the use of the asset by people increases and it is used by larger masses.
It is currently listed on very few exchanges. Listing TLOS on exchanges, especially on large exchanges such as Binance, CoinBase and Huobi, will have a great impact on the price of TLOS. Let's take an example on the crytpo market listing and price change of TLOS in the past.
On May 16, the KuCoin exchange announced that it had listed TLOS. After this announcement, there were huge increases in the price and volume of TLOS.
Telos is currently seen as the most advanced smart contract system among other blockchains. At the same time, the Telos blockchain is constantly being developed day by day, making it faster and more convenient than its current state.
As a result, TLOS needs to be listed on major exchanges such as Binance, Huobi and CoinBase, as I mentioned above. As long as there is such a solid project behind TLOS, I think it's only a matter of time before it gets listed on these exchanges. After being listed on these exchanges, I think the TLOS price may approach $5 in a short time.
2-)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.
I will answer this question with step by step screenshots.
First, go to the telostracker website.
After entering the site, copy the block number written in the Irreversible block tab and search for it in the search bar above.
Irreversible Block:173760535
After searching for the block number, we can access information such as the bp, its date, the bp signature.
Block Number: 173760535
Block Producer: infinitybloc
Block Date: 2021-09-16T11:28:05.500
Producer Signature:
SIG_K1_Jzta3ENMQSgToWzLXQ18x9AT3EVU2id9UeYr2GFBPe1vkTfkCAcyWKrqEL3TUZMNkDtQsGpi441ViYENgKxnewHKHghvdb
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.
I will answer this question step by step with screenshots from 3 blocks explorer.
Telos Bloks
Block Number: 15007389
First, we go to the telos bloks website.
Then paste the block number(15007389) in the search tab that I showed in the screenshot.
This block number has failed on telos.bloks.io.
Block Number: 171790000
First, we go to the Telos Bloks website.
Then paste the block number(171790000) in the search tab that I showed in the screenshot.
I was able to access information on telos.bloks.io with block 171779000.
Block Producer: teloskitchen
Block Date: Sep-05-2021, 04:30:15 AM G00
Telos EOSX
Block Number: 15007389
First, we go to the Telos EOSX website.
Then paste the block number(15007389) in the search tab that I showed in the screenshot.
This block number has failed on telos.eosx.io.
Block Number: 171790000
First, we go to the Telos EOSX website.
Then paste the block number(171790000) in the search tab that I showed in the screenshot.
I was able to access information on telos.eosx.io with block 171779000.
Block Producer: teloskitchen
Block Date: 2021-Sep-05, 04:30:15
Telos Tracker
Block Number: 15007389
First, we go to the Telos Tracker website.
Then paste the block number(15007389) in the search tab that I showed in the screenshot.
I was able to access information on telos.tracker.io with block 15007389.
Block Producer: octagontelos
Block Date: 2019-03-10T17:56:52.500
Block Number: 171790000
First, we go to the Telos Tracker website.
Then paste the block number(171790000) in the search tab that I showed in the screenshot.
I was able to access information on telos.tracker.io with block 171790000.
Block Producer: teloskitchen
Block Date: 2021-09-05T01:30:15.000
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?
I will answer this question with step by step screenshots.
First, we enter the telos demo platform.
We connect our Metamask wallet to the platform.
How to connect Metamask wallet to Telos demo?
After entering the site, click on the Connect Wallet link in the upper right corner.
We choose MetaMask from the window that opens.
Click Next in the MetaMask window.
Click Connect in the MetaMask window.
The MetaMask wallet has been successfully connected.
To get Testnet EVM TLOS, click Get Testnet EVM TLOS, which I have shown in the screenshot.
After a short wait, it was successfully added to our wallet. Notification comes as in the screenshot above right.
How to Swap TLOS to FIAT?
First, click Test DemoSwap Now on Telos Demo site.
From the page that opens, we choose TLOS and FIAT to swap.
Since 20 TLOS was requested for the homework, I wrote 20 in the swap amount.
Click Confirm Swap to confirm the swap.
Then we confirm the operation from the MetaMask window that opens.
Our swap from TLOS to FIAT has been completed.
Result
- Price: 0.00000281345 TLOS per FIAT
- Amount of TLOS swapped: 20
- Amount of FIAT received: 7,108,700 FIAT
- Gas Fee: 0.10318 TLOS
- Total amount of TLOS used: 20.10318
How to Swap FIAT to SOON?
First, click Test DemoSwap Now on Telos Demo site.
From the page that opens, we choose FIAT and SOON to swap.
Since 100,000 FIAT was requested for the homework, I wrote 100,000 in the swap amount.
In order to be able to use the FIAT we have for swap, we need to enable it. Click on Enable FIAT.
We confirm from the MetaMask window.
FIAT's enable notification came in the upper right corner. Now we can use it for swap.
Click Swap to swap SOON with FIAT.
Confirm the swap by clicking Confirm Swap.
We also approve the swap from the MetaMask window.
Our swap from FIAT to SOON has been completed.
Result
- Price: 121051 FIAT per SOON
- Amount of FIAT swapped: 100,000
- Amount of SOON received: 0.8261 SOON
- Gas Fee(Swap Transaction): 0.10351 TLOS
- Gas Fee(Enable FIAT Transaction): 0.10296 TLOS
First, we made TLOS to FIAT swap. We paid 0.10318 TLOS gas fee for this transaction. Then we made FIAT to SOON swap. While performing this swap, we paid gas fee twice. In the first one, we made enable transaction to be able to use FIAT. While doing this transaction, we paid 0.10296 TLOS gas fee. In the second, we completed the swap and paid 0.10351 TLOS gas fee. When swapping FIAT to SOON, we paid a total gas fee of 0.20647 TLOS.
I think we pay a very low gas fee for these transactions. From the transactions we made on the Telos demo platform, we see that Telos will perform very successful works with EVM. While transactions to be made on Ethereum are paid a very high gas fee, we will perform transactions by paying a very low gas fee with Telos EVM.
Conclusion
In this homework, we learned about the Telos blockchain. Using Telos Bloks, Telos EOSX and Telos Tracker explorers, we accessed and analyzed information such as date, block producer, and energy consumed. In this way, we have confirmed the issue of less energy use, which we mentioned in the 1st question. Also in the last question, we confirmed why Telos EVM is called the more efficient version of ethereum due to the low gas fee.
I think Telos Blockchain will come to a much better place, especially due to the low energy use issue that has been on the agenda lately. Environmentally friendly technologies are always preferred and should be preferred. I may even plan to buy TLOS for long-term trading in the near future. It was a very informative homework for me.
Thanks.
CC:
@pelon53