Telos Blockchain - Crypto Academy / S4W2 - Homework post for professor [@pelon53]
Glad to learn new concepts in cryptoacademy. Today i am writing homework task for professor @pelon53 which is about Telos Blockchain.
What is your opinion on Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
Telos Blockchain is a third generation decentralized blockchain which was developed in 2018 and runs on EOSIO software and aimed at circumventing the shortcomings of earlier existing blockchains in terms of transactiion speed and scalability. To maintain decentralized nature from the begining, its launch was not marked by ICOs or vC funding. Telos is not limited to finance only but has diverse applications like NFTs, gaming (QUDO) , social media platforms (zeptogram), Appics and many more real world use cases.
Telos blockchain works on delegated proof of stake ( DPoS). We know that in DPoS networks, validatiors are choosen by token holders who validate the transactions and the rewards are shared between token holders and validators. Telos chooses 21 dynamic and active validators and scores of standby validators. Voting can push the standby validators into the active list . Voting takes place every 2.5 minutes and any standby validator who gets requisite number of votes qualifies for active validators . Telos is 24 times faster than Ethereum as block time is 0. 5 seconds and it processes about 10000 transactions per second as of now and is anticipated to increase with each code update.
To facilitate user adoption, Telos allows fee less transaction on Dapps unlike other networks like Ethereum where we have to pay heavy gas fee. It allows users to stake resources Telos offers 15% APR for staking and network grants through worker proposal system. According to blocktivity telos is second most utilized blockchain in the world. Recent adoption of EVM ( Etherium virtual Machine) by Telos would foster interoperability between Etherium and Telos and would increase transaction limit of Etherium from 1.7 million to hundreds of millions per 24 hours.
Behind these giant features, we should not forget the energy efficiency of Telos . EOSIO is 17K times energy efficient than PoW networks. Mining on Telos doesn't require miners to compete for computational power that would otherwise leech energy . Here the validators compete among themselves to solve the complex puzzles. Validators are elected by the token holders as per DPOS protocol.
Telos has a wider user base as it claims to have more than 900 000 user accounts on the network. Telos has a good social outreach as it is said to have thousands of followers on telegram and other social media platforms.
The current price of TLOS token is $0.835 and Rank is 289 . It has market cap of 185,850,624 and circulating supply of 230 Million TLOS coins and a total supply of 355 Million.
Keeping all these features of Telos is view, i would say Telos is going to dominate the future economy . Extrapolating the current exponential expansion of Telos , TLOS token is going to rise in ranks , price and other parameters as well.
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.
Last Irreversible Block
Go to official website of Telos tracker. Cl8ck here.
The last irreversible block on the Telos Block Explorer Tracker at the time of exploring was Block 173935252 . To look for details of the block, search the same block number and details will be seen. The Block Producer ot block 173935252 is eosphereiobp on 2021/09/17.
Screenshot from telos block explorer
screenshot showing block details
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.
For this task, we have to explore three block explorers and look for two blocks and they are block 15,007,389 and block 171,790,000. I'll exploring Telos Tracker , Telos EOSX and, Telos Bloks.
Telos Tracker
Block 15 007 389
From above screenshot taken from Telos tracker we can see that Block Producer of block 15007389 is octagontelos and the block was created at 17:56:52 on 10/03/2019.
Block 17 179 0000
We can see that the Block Producer of block 171790000 is teloskitchen and the block was created at 01:30:15 on 5th September 2021
Telos EOSX
Block 15007389
Operation failed.
Blcok 17 17 90000
The Block Producer of block 171790000 is teloskitchen and the block was created on 5th September 2021.
Block ID
0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
Telos Bloks
Block 15007389
This block couldn't be find on telso bloks.
Block 17 17 90 000
The Block Producer of block 171790000 is teloskitchen and the block was created 5th September 2021.
Block id
0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623
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 connect Tolos Swap demo platform to Metamask, i would mention it in simple and step wise manner.
- Go to your Metamask wallet and log into it.
- Click on top left corner, a drop down menu will appear. Select Bowser. Click on it and it will take you to default browser.
- Search for officlal website of telos demo in browser and that is https://demo.telos.finance/
Click on connect Wallet
Telos demo main page Next confirm the connection of telos demo to Metamask.
Next allow telos demo to add a network by clicking "Approve"
- Next we need to switch network.
- Click on "Get Testnet EVM TLOS" to get TLOS with which transaction can be performed. With each click 100 TLOS is credited to demo account.
- Click on "Test DemoSwap".
- Swap 20 TLOS for FIAT after selecting amount (20} and FIAT. 20 TLOS is equivalent to 7084350 FIAT. A pop-up comes up, click on confirm Swap. After clicking on confirm Swap, the metamask wallet pop up to confirm the transaction. click on confirm, and the Swap is submitted, and the transaction was successful. The gas fee for this swap cost 0.10307 TLOS.
Swap 1 00 000 FIAT for SOON
To swap FIAT to SOON, we first need to get FIAT amount at least 100000 . So perform multiple TLOS to FIAT swaps. Once done. Perform FIAT to SOON swap.
After clicking on Swap, a pop-up shows requesting the swap confirmation. I clicked on confirm Swap
After clicking on confirm Swap, the metamask wallet popped up requesting the transaction to be confirmed.
- Click on confirm, and the transaction was submitted, and than transaction was successful. The Gas Fee for this transaction was 0.024431 TLOS
We concluded that Transaction fee on Telos blockchain is very small when compared to gas fee on other blockchains.
Conclusion
With decentralized and governance for all model of Telos, it has exponentially grown over last 2 years and has widened its use-case to diverse fields and has attracted hundreds of companies and lakhs of users. Telos is aimed at and i believe it is going to play a vital role in economy of future.