Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53.
Hey steemians,
In this post i will be submitting my homework task for professor @pelon53.
1- What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
Cryptocurrencies and platforms relevant to crypto assets are gaining the attention of people around the globe and to get chosen by a user nowadays, new technologies, new platforms and new ideas are necessary and we have seen many examples of the different types of blockchain that have their unique features like interoperability in Polkadot and scalability in Cardano, so now I will be giving my opinion about one of the 3rd generations blockchains and that is Telos.
Telos blockchain network is a 3rd generation blockchain network and the main purpose of creating Telos blockchain was to take advantage of the limitations of Ethereum and Bitcoin blockchain by mitigating all the limitations or difficulties faced by the users in the Ethereum and Bitcoin blockchain and providing those features at less cost and a higher speed and they also made Telos blockchain network an open source network so that may one can create Dapps on their platform too.
Telos blockchain network or platform was developed by Block.one renowned for developing software such as EOS.IO.
EOS.IO made it possible for Telos to be the 3rd generation blockchain by providing multiple features like; security, fostering sense of adoption of Telos blockchain, decentralised nature, inclusion of smart contracts and scalability.
EOS.IO was able to provide all these features by using a consensus algorithm known as delegated proof-of-stake(DPoS) and the ability of EOS.IO and EVM(demo phase) to run from multiple computer cores make it suitable to be used in Telos.
Now, in my opinion, the Telos blockchain network has the potential to become a platform that can surpass platforms or blockchains like Ethereum and Tron when it comes to smart contracts, many features make Telos a suitable and profitable blockchain to choose.
(1) Decentralised nature of Telos blockchain: Decentralisation is the core of the blockchain system and provides equal status or equal rights to all the users present in a blockchain. Higher-ups and some power-holders are unable to control all the blockchain because of the decentralised nature of Telos.
To get immune to the monopoly possessed by whales or bigwigs, distribution of the native token was made equally and no ICO was held to get rid of the monopoly of whales and bigwigs.
Due to the decentralised nature of Telos blockchain mediators or intermediaries can be avoided that can lead to less time and fees of transaction.
(2) Block generation time and scalability: Due to the use of different or multiple computer cores and the consensus algorithm Delegated proof-of-stake(DPoS), the Telos blockchain was able to provide its user with a higher speed than any other famous blockchain along with the scalability.
Block generation time:
(A) Telos: 0.5 second
(B) Steemit: 3 seconds
(C) Ethereum: 15 seconds
(D) Bitcoin: 10 minutes
As you can see the Telos blockchain took very little time to generate a block in comparison to other blockchains and this is what makes Telos blockchain a fast and scalable one.
Another proof that Telos is a faster and scalable blockchain
No of blocks generated since the inception of Telos: ~172M
No of blocks generated since the inception of Ethereum: ~13M
No of blocks generated since the inception of Tron: ~33M
The reason for comparing those 3 was that all of these above blockchains supports smart contracts. I have come to know about this information from the professor's lecture.
(3) Cost-efficient: When it comes to a transaction fee, blockchains like Ethereum and Bitcoin cost you more than you are transferring. We will mainly talk about Ethereum here as both Ethereum and Telos have included smart contracts and provided a platform for Dapps.
Ethereum uses EVM(Ethereum virtual machine) where users wallets and Dapps must connect to the Ethereum node for accessing the P2P network. You can see the whole process of accessing P2P via Ethereum node in the screenshot below.
Whereas, Telos is performing a demo EVM(Ethereum virtual machine) to access the P2P network but to cut down the transaction fees Telos is using Telos node instead of Ethereum node to access P2P. You can see the whole process of accessing P2P via the Telos node in the screenshot below.
From the above screenshots and information, we get to know that in the Ethereum blockchain, an Ethereum node is used for accessing P2P which can lead to a higher transaction fee as the transaction charges and the gas fee will be measured in ETH and we all know that how expensive ETH is.
But when it comes to the Telos blockchain a Telos node has been used in demo of EVM to access P2P which cuts the transaction cost or fees down as the transaction charges will be measured in Telos which has a very affordable price.
So by using EOS.IO and multiple computer cores for EVM(demo) Telos can provide its users with high speed and low transaction fees even for the smart contracts.
(4) Consensus and Governance: Telos uses a consensus algorithm called DPoS(Delegated proof of stake) which ensures the safety and decentralised nature of the Telos blockchain via a voting system done by the active users.
Telos has 42 Block producers that are responsible for producing and verifying a block and transactions in it. Out of 42 block producers, 21 are active and 21 are on stand by so that stand by block producers can take place of active block producers when an active block producer loses 15% of the block.
Tlos token is the native currency of Telos blockchain and I can only tell about the future of the Tlos token via the fundamental analysis of Telos blockchain and all the necessary and relevant things that an investor look for in a crypto asset before investing and after going thorugh lots of things i can say that due to versatility of the Tekos bockchian and Tlos token being a penny cryptocurrency, Tlos token has a lot of potential that can result in the increase of price of Tlos token.
Tlos token can increase its price via the features provided by Telos blockchain that includes smart contracts, low transaction fees, high transaction speed, good governance and scalability.
So by going through all the underwritten points I will tell about why do i think that Tlos token can grow or increase in terms of price.
(1) Market-related details:
Price: $0.7786(penny cryptocurrency)
Volume 24hr: $3.8M
Market cap: $210M
Ranking: 267
Circulating supply: 270M
All time high: $1.02
All time low: $0.009753
Tlos ROI: 7881%(Return on investment)
High circulating supply shows a very good liquidity.
The number of coin traded in last 24 hours can be seen in volume and it is not that high but good enough to know about the popularity of Tlos.
Price is moving downward for now because of the ongoing bearish trend but it will bounce back and i am sure of it.
(2) Scalability and low transaction fees: Scalability and low transaction fees in Telos blockchain is achieved with the help of Telos node in EVM(demo which is ongoing by the Telos developers and EOS.IO software company) instead of Ethereum node and the accessing EVM in multiple computer cores.
Whereas, a software called EOS.IO was used in Telos too to make it a secure, decentralised and reliable one. EOS.IO focuses on the governance of the Telos blockchain and fosters the sense of adoption among the users or new developers to use Telos blockchain to make Dapps or websites.
Both EVM and EOS.IO have been serving as a trump card for Telos blockchain and Tlos token. Once the demo of EVM via Telos node proves to be successful there are chances that Telos blockchain will reach a higher level of adoption and the popularity of the Tlos token will rise automatically due to the lower fees in Telos blockchain.
(3) Governance: Users that have Tlos tokens or possess Tlos tokens have the right to choose witnesses and give suggestions or permission regarding new updates and changes. So to have good governance in the Telos blockchain users must possess Tlos tokens and that gives the users a chance to participate in the future endeavours of Telos blockchain and helping Telos blockchain in buying resources for it.
(4) Earning interest by lending Tlos and adoption of Telos blockchain: We can lend our Tlos token in the REX platform and can get interest for lending our Tlos token or providing liquidity in the REX platform same as in JustLend and Pancakeswap.
Also, we can get the advantage of Telos blockchain being open-source or available for otter developers to run Dapps or websites on Telos blockchain, so we can easily access all the Dapps that are running on Telos blockchain by using Tlos tokens same as Ethereum token is used for many Dapps that are running on Ethereum network.
(5) Adoption by great software companies: Being a very good platform that provides scalability, fast transactions, low fees and decentralisation, many big software companies started using Telos blockchain for their purpose.
When software companies like Microsoft, Zalando and Cisco are adopting and recognising Telos blockchain as a worthy blockchain that can compete with other blockchains and even perform better than them, it is obvious that the popularity of the Tlos token will increase as well, it's just about time and patience.
So if Telos blockchain gets adopted by more and more developers to run their Dapps, the popularity of the Tlos token will increase proportionally as well as the price of the Tlos token will increase too.
So I have stated all the positives of the Tlos token above that shows us the importance of the Tlos token and to be brief these positives are Good market stats, governance via Tlos token in Telos blockchain, fostering a sense of adoption in developers along with low transaction fee and higher speed of transaction in Telos blockchain.
Honestly, i think if Telos blockchain gets adopted by the developer the Tlos token popularity and price will increase too and i thunk we will se it in future because of hugh fees and slow speed of transactions in the blockchains that support smart contracts like Ethereum and Tron.
So i have told you about my opinion on Telos blockchain and what could happen to Tlos token along with the justification for my answer.
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.
Steps for exploring the last irreversible block at the time of doing my homework task along with the block producer and date are as follows:
(1) Visit Telos Tracker block explorer.
(2) After visiting the Telos tracker block explorer it will show the last irreversible block, you should copy that number and paste it into the search bar.
(3) The block will appear which is the last irreversible block along with the block producer name and time.
You can see that i have opened tye details of block producer too in the telos tracker block explorer.
Details or stats of last irreversible block:
Block Number: 173291936
Block Producer: teleologytls
Date: 2021-09-13T18:20:29.500
Block Id: 173291936
Producer Signature: SIG_K1_JveT8sfqW8AJPJv8yY9RMA1m1Y1odAk9NKtn45K2zQJDCCQ3h7qqLKGbfYivtrxHr3bnE5iNdsXde2yaCxLR14pGwKmEK8
Number of transactions: 0
So i have provided all the details required or asked in question no 2 which includes block producer and date of last irreversible block.
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.
Block explorers are the very core that serves the true purpose of decentralised nature and transparency of a blockchain, we can get all the relevant information about any transaction that has been made in the blockchain. Like steemit has steemscan, Ethereum has etherscan and Tron has tronscan.
We have 3 block explorers for the Telos blockchain and I have to check for the block numbers 15007389 and 171790000.
(1) For block no 15007389:
(a) I pasted the block no 15007389 in the search section of Telos EOSX.
(b) After searching it shows that the operation has failed and try again or report a bug.
(1) For block no 171790000:
(a) I pasted the block no 171790000 in the search section of Telos EOSX.
(b) After searching it shows every detail of the block number of 171790000 and those details are:
Block number: 171790000
Block producer: teloskitchen
Timestamp: 2021-Sep-05, 07:00:15
Total CPU Usage: 5 ms 675 µs
Total NET Usage: 179 B
Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
Number of transactions: 1
Transaction that took place: Transaction 1
(1) For block no 15007389:
(a) I pasted the block no 15007389 in the search section of Telos bloks.
(b) After searching it shows that Account names must be less than or equal to 12 characters, be lowercase and only contain the characters a-z, numbers 1-5 or. source
(1) For block no 171790000:
(a) I pasted the block no 171790000 in the search section of Telos bloks.
(b) After searching it shows every detail of the block number of 171790000 and those details are:
Block number: 171790000
Block producer: teloskitchen
Timestamp: 2021-Sep-05, 07:00:15
Total CPU Usage: 5 ms 675 µs
Total NET Usage: 179 B
Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
Number of transactions: 1
Transaction that took place: Transaction 1
(1) For block no 15007389:
(a) I pasted the block no 15007389 in the search section of Telos tracker.
(b) After searching it shows the following details:
Block Number: 15007389
Block Producer: octagontelos
Date: 2019-03-10T17:56:52.500
Block I'd: 15007389
Producer Signature: SIG_K1_KYzHeBvtcoMQQXf6LNyZzNQghw5mjtkRMmpmeswRCCr9TRgXThLa9pMjG4z59rMrJGx4D84RCupeBosA4L6ka6Fr9Rt2M1
Number of transactions: 0
(1) For block no 171790000:
(a) I pasted the block no 171790000 in the search section of Telos tracker.
(b) After searching it shows every detail of the block number of 171790000 and those details are:
Block number: 171790000
Block producer: teloskitchen
Timestamp: 2021-Sep-05, 07:00:15
Total CPU Usage: 5 ms 675 µs
Total NET Usage: 179 B
Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
Number of transactions: 1
Transaction that took place: Transaction 1
So I have shown you all the block explorers for block numbers 15007389 and 171790000 with all the required details.
There might be some change in the time of block creation because of the difference in geographical time. It could be in IST(Indian standard time) and UTC(Coordinated universal time).
4.On the Telos trade demo platform, click here. Link the wallet to Metamask. Then transfer the 20 TL to Fiat. And determine the gas you consume. Then do 100,000 Fiat to Soon transactions and determine the gas consumed. Show screenshots of the entire process you are running. Was the gas consumption excessive in both cases? Explain?
To perform the required raks as per asked in the question, i am using Telos Swap Demo.
(1) Click on the connect wallet option on the right-hand side.
(2) Choose Metamask to connect Metamask with the wallet.
(3) Confirm the Metamask account and click on the Next button.
(4) Give Permit to access Metamask on the site.
(5) Our wallet is connected to Metamask.
Steps to get testnet EVM telos are as follows:
(1) Connect Metamask and click on Get Testnet EVM telos.
(2) A notification will pop up giving confirmation of Testnet EVM telos sent succesfully.
(3) Check in metamask.
Steps for swapping 20 Tlos to FIAT are as follows:
(1) Open Test DemoSwap now.
(2) Now swap option will open with one of the pairs as Tlos as default now choose FIAT as the other pair.
(3) Enter amount 20 in the amount section of Tlos.
I was getting 8817640 FIAT for 20 Tlos.
(4) I gave confirmation from Metamask.
(5) The process of swapping was completed.
Steps for swapping 100000 FIAT to SOON are as follows:
(1) Open Test DemoSwap now.
(2) Now swap option will open with one of the pairs as Tlos as default now choose FIAT as one of the other pairs and the other pair as SOON.
(3) Enter amount 100000 in the amount section of FIAT.
I was getting 0.821814 SOON for 100000 FIAT.
(4) I enabled FIAT and confirmed it on Metamask.
(5) Now I click on swap button and confirmed swap.
(6) I gave confirmation from Metamask.
(7) The process of swapping was completed.
Now for confirming my transactions I'm showing you my Metamask wallet.
My Metamask wallet has:
79.927 Tlos(Got 100 from tester EVM and swapped 20)
8717646.4 47 FIAT(8817646FIAT for 20 Tlos and 100000 swapped)
0.821 SOON(from swapping 100000 FIAT)
(1) For swapping 20 Tlos to FIAT.
Gas fee paid: 0.10362 Tlos(0.082$)
Amount swapped: 20 Tlos
Total amount cut: 20.10362 Tlos
(2) For swapping 100000 FIAT to SOON.
Gas fee paid: 0.10362 Tlos(0.082$)
Fees for approving FIAT: 0.10362 Tlos(0.082$)
Amount swapped: 100000
Total amount cut: 0.10362(0.082$) × 2 = $.164
As we can see that we paid the same amount of gas fee in both the swapping irrespective tube of the no of assets we are swapping and all this is thanks to the EVM of Telos blockchain and Hyperion an additional fee for approving or enabling FIAT was paid that was also a meagre amount of 0.082$.
So honestly I don't think that an amount of 0.082$ or 0.164$ is a greater amount that cannot be paid by anyone. Anyone can afford to lose a meagre amount of 0.082$ for swapping their assets.
I don't think that the gas fee is excessive at all as it is a payable amount for anyone. Unlike in Ethereum where you lost your tens of dollars for only one swapping or a transaction or Tron where you lose tens of TRX for swapping your asset, Telos swapping is very cost-efficient and easy to use.
So my final words are that using swapping by Telos node in EVM saves a lot of amounts of the users and I think an amount of 0.082$ is a very small amount and the gas fee is not at all excessive in telos blockchain or telos swap.
First I would like to thanks the professor for telling all of us about the Telos blockchain that possesses a lot of potentials and has room for growth. Telos is providing its users with faster transactions with fewer fees, scalability, decentralised nature, security and good governance.
All the features provided by the Telos blockchain will ultimately result in the rise of the Telos blockchain and an increase in the price of the Tlos token due to increasing demand for Tlos tokens, EVM using Telos node can prove as an ace in the world of blockchain for Telos.
The Three-block explorer of Telos gives accurate and precise data that serves the feature of transparency in a blockchain. Demo swap of Telos blockchain is very essential for the new user as it tells us about the low transaction fee involved in a transaction in comparison to other blockchains.
Thank you
That was all from my side
For the attention of professor @pelon53.
Gracias por participar en Steemit Crypto Academy Season 4, Semana 2:
Muy buen trabajo, tus respuestas fueron muy acertadas, debes continuar esforzándote. Felicitaciones.
Muy bien 👇
Recomendaciones:
Debes seguir así, haciendo muy buenas tareas.
Espero seguir leyendo tus publicaciones.
Calificación: 10
Thank you professor @pelon53.