Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53.
TELOS BLOCKCHAIN
TELOS blockchain is a programmable blockchain powered by EOSIO software. It supports NFTs, tokens, DeFi smart contracts, social media smart contracts, and gaming applications. It was built to address the issues of previous blockchain projects, especially scalability and speed. The blockchain is also compatible with EVM.
TELOS was built by the popular crypto outfit, Blockone and was launched in December 2018. It block completion speed records up to 1 block for every 0.5 seconds or 2 blocks every second (2 bps). For transaction speed, it boasts 500+ transactions per second.
One unique thing about the TELOS blockchain is that it combines the functionalities of EOSIO C++ and Ethereum solidity smart contracts. These two blockchains are two of the most popular as far as smart contracts are involved and they provide just about any feature a smart contract needs to run effectively.
Currently, TELOS has over 100 dApps running on its blockchain, many more than Cardano, Polkadot and XTZ.
TELOS is completely decentralized, meaning that governance is in the hands of users. It has no miners as all the coins are already produced. However, it has block producers who verify, authorize and audit transactions.
Block producers on the TELOS blockchain are of two categories, the active block producers and the standby block producers. Both categories have 21 members each. An active block producer can be substituted if they lose upto 15% of the blocks.
MY THOUGHTS ON THE TELOS BLOCKCHAIN TOKEN (TLOS)
The TLOS token is the native token of the TELOS blockchain. It essentially powers the TELOS blockchain as it is used to access the numerous functions and features of the blockchain.
Token holders have the right to vote based on the percentage of tokens they hold and since the blockchain's consensus is Delegated Proof of Stake, they also need the blockchain to participate in the network. Each of the block producer will have to have staked the TLOS token to be able to participate in block producing.
Lending is possible on some platforms built on the TELOS blockchain e.g REX. On these platforms, TLOS is lent for interest.
Considering the features of the TELOS blockchain and the functionalities of it's native token TLOS, one would expect this token to have some appreciated market value, especially since it has been around since 2018. Well, here's the current status
TLOS with a maximum total supply of 355,208,371 and a current circulating supply of 273,123,443.84 is ranked 264 on CoinmarketCap as it has a market cap of $222,044,807, a figure that is less than its circulating supply.
A unit of the TLOS token is valued below $1 meaning that it is still a penny cryptocurrency.
With all the functionality and applicability of the TELOS blockchain and with TLOS being it's native token, the token is expected to be more valuable than it's current $0.82 worth.
The value is however impeded by the faact that the developers of the blockchain have not been able to get the token to major exchanges like coinbase and binance. It actually only start trading on recognised recently as can be seen from CoinmarketCap all time chart.
Talking about the chart, you can notice a bullish trend in the price of TLOS just shortly after it began trading on popular exchanges. And this coin wasn't even presold, it was shared among EOS genesis account.
The TELOS blockchain has more functionalities than Ethereum, Cardano, Polkadot, XTZ, and Trim. It also has more dApps than Cardano, Polkadot and XTZ. And once it's EVM is completed, it will be the cheapest ethereum EVM available. The only thing hindering the price is being listed on major exchanges.
MY THOUGHT ON THE TLOS TOKEN
My thoughts on TLOS is that as the TELOS blockchain continues its development and completes its EVM, it will see increased demand, eventually get listed on exchanges and then shoot up to $10B in market cap. The price could get as high as $10 in no time.
I think it's the penny cryptocurrency that should be in every portfolio. Not like I'm giving an investment advise but, it's already on my watchlist as you can see below
BLOCK DETAILS FROM TELOS TRACKER BLOCK EXPLORER
The last irreversible block was - block 173980006
The block producer was - caleosblocks
The time this was recorded was - 17-09-2021 7:01 PM
BLOCK DETAILS FROM NUMEROUS BLOCK EXPLORERS
I'll be checking the details of two blocks on three block explorers for the TELOS blockchain. The blocks are:
15,007,389 and 171,790,000
TELOS TRACKER
TELOS TRACKER was the only block explorer that returned data for both blocks.
Block 15007389
| Block producer | octagontelos |
|---|---|
| Time | 2019-03-10T17:56:52.500 |
Block 171790000
| Block producer | teloskitchen |
|---|---|
| Time | 2021-09-05T01:30:15.000 |
TELOS BLOKS
TELOS BLOKS returned data for only one of the blocks.
Block 15007389
Block not found
Block 171790000
| Block producer | teloskitchen |
|---|---|
| Time | Sep-05-2021, 02:30:15 AM WAST |
TELOS EOSX
TELOS EOSX was the only block explorer that returned no data for both blocks.
Block 15007389
The block explorer kept searching for this block unending. I'm still waiting for the data from the block. Other blocks however returned data.
Block 171790000
As can be seen in the image above, on my device, the Current block number is far below 171790000 and thus the reason why TELOS EOSX didn't return any data.
USING TELOS EVM DEMO PLATFORM
Let's do some demo transactions with the TELOS EVM. You'll need a metamask wallet for these transactions.
Open your metamask wallet and search https://demo.telos.finance/ I'm the wallet browser.
The TELOS testnet page will be opened, then click on connect to connect your wallet to the testnet.
- Next, we have to set up our demo wallet so we can have so virtual funds for demo transactions. Click on 'Get testnet EVM TLOS'
- Now we can proceed making the transactions. Click on 'Test DemoSwap now'
We're going to first exchange 20 TLOS for fiat.
- So we select the tokens accordingly and enter the amount, then we click on swap an confirm the transaction.
In this first demo transaction where we exchanged 20 TLOS for FIAT, the gas fee was
0.10307 TLOS
Let's do a second transaction. This time, we exchange 100,000 FIAT for SOON.
- So we select the tokens accordingly and enter the amount of FIAT. We have to enable FIAT to complete this transaction.
Clearly we can see that there's a gas fee involved in approving fiat, about 0.10274 TLOS
After approving FIAT, then we select 'Swap' and confirm the Swap.
In this second demo transaction where we exchanged 100,000 FIAT for SOON, the gas fee was
0.10329 TLOS
OBSERVATIONS ON THE FEES
For the first demo transaction, we had to pay only one gas fee of 0.10307 TLOS. This was because only one transaction was involved in swapping TLOS for FIAT.
For the second demo transaction however, we had to first approve our FIAT before swapping it to SOON. This meant that we carried out two transactions. In approving our FIAT, we paid a gas fee of 0.10274 TLOS. After the approval, for the swapping of FIAT for SOON, we paid a gas fee of 0.10329.
Thus the total gas fee for the second demo transaction was 0.20603 TLOS.
Because we carried out two transactions in the second demo swap, the gas fee was significantly higher than that of the first demo swap where we carried out only one transaction.
CONCLUSION
TELOS is one of the most innovative blockchain project in the crypto space. It runs on EOSIO software and is also working on completing its EVM. Its cheap and super fast. Faster than the likes of TRON and Ethereum. It has more dApps running on its blockchain than Cardano and XTZ.
The token however is still a penny cryptocurrency but that's because of how it started and where it can be acquired. The TLOS token, native to the TELOS blockchain, was not presold at an ICO but was shared among EOS genesis accounts. It is yet to debut on popular exchanges like Binance and Coinbase.
I'm very optimistic that once the TELOS EVM is completed, there's going to be more adoption of the TELOS blockchain and also massive increase in value of the TLOS token.
Thanks for reading
Cc: @pelon53
