Telos Blockchain - Crypto Academy / S4W2 - Homework post for pelon53.

INTRODUCTION

This week's lecture was a wonderful one by professor @pelon53. We were taught about the Telos Blockchain network, and i will now answer the assignment questions.

Question 1.- What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.

^{Screenshot from Telos.net}

The Telos Blockchain is a third-generation blockchain platform for building fast, scalable distributed applications with feeless transactions.^Source:

The Telos network is "Focused on Real World Use and Adoption^Source:" The major aim of the Telos network was the creation of a blockchain which improved greatly on all the limitations faced by the Bitcoin and Ethereum blockchain, as well as the provision of a blockchain network which supports the creation of decentralized applications through the use of smart contracts, and runs at less cost and higher speed with greater scalability, in order to "power the economies of the future and provide human-scale solutions to global challenges.^Source:"

^{Screenshot from Telos.net}

The mainnet of Telos went live in 2018, with no ICO or VC funding, in order to ensure full and complete decentralization. Due to its unique governance structure, holders of the Telos token (TLOS), which is the native cryptocurrency of the network, are given the power to contibute to the direction of the network.

There are already over a hundred projects building on the Telos blockchain currently, and it can, potentially, become greater and be adopted by much more people than the currently more popular blockchains including the Bitcoin, Ethereum and Tron blockchains. This is because it provides the services these Blockchain networks provide and even more, as well as improving upon its limitations.

Some of these limitations that the Telos network improves upon include:

Speed and Scalability: The Telos blockchain is much more scalable than the Ethereum, Bitcoin, and Tron blockchain. This is because the Telos network runs a Delegated Proof of Stake (DPos) consensus algorithm, which provides higher speed and a faster block generation time for the Telos blockchain. The Telos blockchain generates blocks at a speed of 2 blocks per second. This is much faster than the Bitcoin blockchain which generates blocks at a speed of one block every 10 minutes, and even the Steem block chain which generates a block every 3 seconds.

This is why, even though the mainnet of the Telos blockchain was launched in 2018, there have been more than 172 million blocks generated. However the Ethereum blockchain, which was launched in 2015, has had only about 13 million blocks generated.

The Telos blockchain can also run up to 10,000 transactions per second without any slowing down of the network, which is much more than Ethereum's 20/s. This makes it one of the fastest blockchains in existence, and it is currently the second most used blockchain in the world.

Cost and Expenses: The Telos blockchain is much more cost efficient than the Ethereum and Bitcoin blockchains, with no transaction fees on DApps within the blockchain. For transactions on POW networks, there is usually a gas fee charged for each transaction. This usually reduces user interaction. However, on the Telos network, there are no transaction fees for basic tasks in DApps. This is achieved by allowing DApps to stake TLOS for their users. This one time transaction, removes the burden of transactional fees from their applications.

Governance: Another area in which the Telos blockchain has improved upon is the area of governance. the Telos blockchain uses a Delegated Proof of Stake (DPoS) consensus algorithm, which ensures safety, activity and decentralization, as voting is done by active users.

On The Telos blockchain, there are 42 block producers/validators responsible for the creation and verification of blocks and block transactions. 21 out of these 42 block producers are active while the others are on standby. One of the the standby block producers take over block production when an active block producer loses 15% of the block, and elections for these validators are conducted roughly every 2.5 minutes.

Due to all these improvements in blockchain network technology by the Telos blockchain network, it has gained the interest of major companies including Microsoft and Cisco. This is good for the network as it invites more users to take interest in the blockchain network.

^{Screenshot from Telos.net}

With this in mind, if we take a look at TLOS, the native token of the network, we can envision a bright future for the token.

Here are some of the tokenomics details of TLOS:

^{Screenshot from CoinMarketCap.com}

^{Screenshot from Telos.net}

• Market Cap: $226,716,379
• Current price: $0.8393
• 24-hour volume: $1,771,406
• CoinmarketCap ranking: #266
• Total supply: 355,208,371 TLOS
• Circulating supply: 270,123,443.84 TLOS
• All time high: $1.02
• All time low: $0.009753
• Supply Increase Rate: 4,100,000 TLOS/month
• Total Wallet Holders: 942K

Note: All these figures are as at the time of writing this post, and are subject to change.

Investors in, and users of, the Telos blockchain who have TLOS tokens are given the right to participate in the choosing of validators, and also given the right to give suggestions concerning new changes and upgrades in the network.

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Due to all these that I have elaborated on above, and more, in my opinion, there is a very high chance of the Telos blockchain network and the TLOS token seeing mass adoption.

Question 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.

For this task, I have to visit Telos Tracker

• Upon getting to the Telos Tracker, the page we are greeted with is shown below:

• As we can see from the above image, the last irreversible block at the time of my performing this task is Block 174041685.
  Due to the high transaction and block generation speed of Telos, this quickly changes. So, in order to get information about this block, we can search for it in the Telos Tracker search function.

• Upon searching for this block (174041685), we are able to find out some important information about the block, as seen below:

Here are some of the information we have found about the block by searching it up:

• Block Number: 174041685
• Block Producer: teleologytls
• Date: 2021-09-18T02:32:17.500
• Block Id: 174041685
• Producer Signature: SIG_K1_KhJRsWhWXF1S3MunSoAcLc3iswqEiFrfvY7Y2uSBjEJGdKSb15QZ3erxZ8u7W6yKNikA47QhMSyhMyu9LfH5hPSdxHJG7N
• nº of transactions: 1

To find out more about the Block Producer, we just have to search for their name on the Tracker, and information about the block producer at the point in time of searching is displayed as such:

Question 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.

A block explorer is a tool that people use to view all cryptocurrency transactions online.^Source:

There are 3 block explorers for the Telos blockchain network. These are:

1. Telos Tracker
2. Telos EOSX
3. Telos Bloks.

Telos Tracker:

a. Block 15,007,389

b. Block 171,790,000

Telos EOSX:

Here is the landing page for Telos EOSX, and so i will just search for the blocks.
a. Block 15,007,389

As we can see above, upon searching for this block, the block explorer responded with an error message that reads "Operation failed. Please try again or report a bug: https://t.me/Polar_io"

b. Block 171,790,000

As we can see above, upon searching for this block, the block explorer responded with an error message that reads "Operation failed. Please try again or report a bug: https://t.me/Polar_io"

Telos Bloks:

Here is the landing page of the Telos Bloks. platform

Searching for the block information on this platform was a little tedious, as at first it didn't recognize the block numbers. However, when I searched with the commas, and then removed them the block information was displayed.

a. Block 15,007,389

b. Block 171,790,000

Question 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?

On entering the Telos swap demo platform, we are met with the landing page.

We can then connect our Metamask wallet by clicking the "Connect Wallet" button at the top right.

After the process, our Metamask wallet is successfully connected.

We can now check our wallet, and we see that it is empty

To fund it for the demo transaction, we click on the "Get Testnet EVM TLOS" button.

After this, our wallet is funded with demo tokens for the demo transaction.

If we check our wallet, we can then see some demo TLOS tokens in there.

We can now conduct the demo transactions. In order to do this, we click on the "Test DemoSwap now"

We are then taken to this page:

We can then click on "Select currency" to select the currency we want to use. For the first task, the currency is FIAT, and so we select that.

Then we input the amount of TLOS we intend to swap for FIAT, which for this task is 20 TLOS.

We can now see the amount of FIAT which we will be getting for the 20 TLOS, which is = 7073450. This is at a price of 0.00000282747 TLOS per FIAT. Some other information we see is the Liquidity Provider Fee, the Minimum amount received, and the Price impact.

We can then connect our wallet to the Swap platform

The "Confirm Swap" pop up then comes up.

After we click on Confirm, we are directed to Metamask, where we can see the gas fee of 0.10296 TLOS bringing the Total to 20.10296.

After clicking on Confirm, the transaction is carried out.

Now, in order to carry out the second transaction of swapping 100,000 FIAT to SOON token, we have to select FIAT, as the currency at the top, and SOON below. We also need to put in the amount we intend to swap.

When I click on Swap, the Confirm pop up comes up again.

It redirects us to Metamask.

We can see the gas fee of 0.10329 TLOS. Upon clicking confirm, our order is confirmed, and the tokens are swapped.

CONCLUSION

I have talked extensively about the Telos blockchain. This is definitely a blockchain I would be keeping my eye on from now on. Thanks once again to Professor @pelon53 for the lecture.

NB: Unless otherwise stated all pictures were taken from the respective websites, or designed by me on Canva.com.