Introduction.
The Telos Blockchain is what we have been introduced to this week by our professor. In this lecture, prof has explained to us what the telos blockchain is, the telos blockchain's block explorers, the token tlos, benefits of telos, telos EVM demo platform, and the EVM and telos blockchain.
I would now like to present my work to the task given.
The Telos Blockchain.
The Telos blockchain is a decentralized blockchain network based on the EOSIO and EVM blockchain protocols primarily introduced or created to solve the problems of the pre existing blockchain systems. Telos saw the launch of its mainnet in December 12 2018.
The first blockchain system as most of us know is the Bitcoin blockchain followed by Ethereum's blockchain system amongst others. These blockchains have had the problems of speed and scalability and so the Telos blockchain in 2018 was launched to solve these and other problems.
One very interesting and notable improvement telos has brought to blockchains is that it creates a block per0.5 second. Another problem telos blockchain has improved has to deal with transaction fees. Transaction fees particularly with the Ethereum blockchain is that it has high fees of up to $50. This is not ideal for everyone and that is why telos provides fast transactions for as low as $0.10. Transactions fees and gas fees will be explored in the subsequent paragraphs.
Because the telos blockchain is a decentralized open source system, users have the freedom to create and use dapps freely.
The telos blockchain system has been created to be as decentralized as possible and to ensure this, airdops of the blockchain's tokens were not distributed to crypto whales. Rather, the tokens were distributed in accounts of EOS where a user who had in his possession EOS was rewarded with a tlos.
Tlos is the native token of the telos blockchain. It is still a penny cryptocurrency though but has seen consistent price rises for the past month.
As at the time of performing this task, tlos was valued at $0.82678 on coinmarket cap. Tlos had a market cap of $223,553,638 , a fully diluted market cap of $294,421,897, and a circulating supply of $270,123,443.84 TLOS .
It had a market rank of #267 and a market dominance of 0.01% which means its volatility cannot affect other coins.
The TLOS token can be found on the KuCoin market, Gate.io, PancakeSwap (V2), UniSwap (V3), Newdex, etc. These are markets or exchanges on which the tlos token is listed.
According to the website of telos, there are more than 100 projects integrated in the telos blockchain. These include wallets, block explorers, DeFi, games, etc.
There are projects like BLOX for android and IOS operating systems, Anchor Wallet, bountyblok, AreaX NFT, ACORN, bitvolo, SEEDS, dStOr etc.
All these projects and others aim to make the telos blockchain so much better.
My Opinion On The Telos Blockchain.
First of all telos uses a delegated proof of stake protocol ( DPoS ). This consensus protocol already explained by the professor is a good protocol and to some extent better than the proof or work consensus protocol. It is eco friendly as it uses less energy and less equipment to mine blocks.
Secondly, telos offers transactions at low fees as already pointed out and explored into detail using 2 transactions in my answer to the fourth task. From that task, we realize that transactions are so much cheaper than those on blockchains like Ethereum's.
Also, telos blockchain is scalable. The blockchain offers transactions at a high speed. It performs 1 transaction or produces a block at 0.5 seconds as compared to its counterparts like btc that has a generation block of 10 minutes.
There are block producers and a governance system which helps to keep the blockchain as decentralized as possible. This has been achieved by not making use of crypto whales and using BPs to validate transactions.
Finally, the fact that telos blockchain has its own token, TLOS means that transactions are performed using that token and since it is listed on markets, a user can acquire it with the anticipation of its increase in the future. It is a penny as already indicated earlier but has great potential of exceeding $1 this year.
For all the reasons stated above and so much more, I strongly believe that the telos blockchain is a blockchain system for the future with so much potential. It is fast, has low commission fees, secure, decentralized, open source, eco friendly, among others.
With time, I believe the telos blockchain would be a very good project used by a lot of people as it solves problems of the bitcoin and Ethereum blockchain systems.
Using The Telos Tracker Block Explorer To Detail The BP And The Date Of The Last Irreversible Block At The Time Of Performing This Task.
According to telos tracker the last irreversible block at the time of performing this task is 174065323.
This block 174065323 with block id 174065323 was produced by kandaweather and the date of production is 2021-09-18T05:49:17.500
The producer kandaweather is number 35 on the producers list is with no information on country of origin but a *website https://kandaweather.org/ *and a percentage of 1.150%.
Using The 3 Block Explorers To Show The BP And The Date Of Blocks 15007389 and 171790000.
To show the BP and the date of the blocks above, I would be using the 3 block explorers; Telos Blocks , Telos EOSX and Telos Tracker.
The Telos Blocks;
Search for block 15007389 in the search box of telos at the top right corner.
The result I obtained was that the telos account name is invalid.
Search for block 171790000 in the search box of telos.
The BP for this block is teloskitchen and date Sep-05-2021, 01:30:15 AM CUT.
The Telos EOSX;
Search forblock 15007389 in the search box and wait for results.
The operation failed and there was no information on BP and date of block due to errors.
Search for block 171790000 in the search box of telos eox and wait for results.
There was no error for this block and so the BP obtained is teloskitchen and the date is 2021-Sep-05, 01:30:15.
The Telos Tracker;
Search for block 15007389 in the search box of telos tracker and wait for results.
Unlike the first 2 block explorers where there was no BP for block 15007389, the BP using telos tracker is octagontelos and date is 2019-03-10T17:56:52.500.
Search for block 171790000 and wait for results.
Just like the first 2 block explorers, the BP is teloskitchen but date is 2021-09-05T01:30:15.000.
The difference in date of the blocks is because the block producers (BP) have different time zones.
Using The Telos Swap Demo Platform To Connect Wallet To Metamask, Transfer 20 Tlos To Fiat, Determine The Gas Consumed And Make The 100,000 Fiat To Soon Transaction And Showing The Gas Consumed.
How To Connect Wallet To Metamask.
- Launch the telos demo platform or click here
- At the top right corner, click on connect wallet.
- From the displayed options, click on Metamask.
- Unlock metamask by inputting password and clicking on unlock.
- Click on next and then on connect.
- Click on approve and then click on switch network.
- Metamask is then connected to the tlos demo platform wallet.
- Next is to click on Get Testnet EVM TLOS.
- TLOS is deposited to wallet.
Transferring 20 TLOS to fiat.
- Click on Test DemoSwap now.
- The Telos DemoSwap page is opened. From this page, select TLOS on the from section and Fiat from the to section.
- Next is to enter the amount of tlos to swap to fiat. So per the task requirement, enter 20 in the tlos section. Click on swap.
- Click on confirm swap.
- Click on confirm from opened metamask extension. The fees or commission required to execute this transaction is 0.10296TLOS which takes the total transaction to 20.10296TLOS.
- After clicking on confirm, transaction is successful and fiat is deposited in our wallet as shown below.
- The gas consumed or used for this transaction was 51480000 which was obtained from here with a gas price of 2000000000.
Swapping From FIAT To SOON.
- From the swap page on telos demo swap, change the tlos currency in the from section to fiat and select soon in the to section.
- Click on enable fiat.
- Click on confirm from metamask extension. A transaction fee of 0.10274 tlos is need which is equivalent to $0.09.
- Now click on swap to swap fiat to soon.
- Click on confirm swap.
- Metamask is opened once again for you to sign transaction. A gas fee of 0.10329 tlos is consumed. Click on confirm.
- Transaction is confirmed and executed. Soon is deposited to wallet.
- Gas used is 51645000 with gas price 2000000000according to testnet.telos.net
For all the 3 transactions executed; swapping 20 tlos for fiat, enabling fiat and swapping fiat for soon, the total gas that was consumed was 0.10296+0.10274+0.10329 = 0.30899 tlos. 0.30899tlos is equivalent to $0.26 on coinmarketcap. This is very cheap as compared to other networks and platforms considering about 2 different transactions were made. The total gas fees used was 103125000.
This shows that transactions with telos is very economical. Comparing this to the Ethereum blockchain, it is very cheap because transactions on Ethereum network can cost more than $40 depending on how fast you want your transaction to get completed.
Conclusion.
I must say thank you to professor @pelon53 for this very informative lecture.
The telos blockchain was created to solve the problems of the bitcoin and ethereum blockchain systems. It is more scalable and offers less transaction fees.
Telos needs exposure to the general public so that it can gain more users. It is eco friendly and the fact that it offers less fees should be a good selling point. The network has over 100 projects but in general is still in continuous development to make more improvements.
I believe Telos will be a good blockchain for the future which just needs time to develop.
Thank you.