TELOS BLOCKCHAIN-CRYPTOACADEMY/S4W2-Homework Post for @pelon53/Submitted By @meymeyshops

Thank you so much professor @pelon53, I so much appreciate this task. Here below is my homework entry, I hope that I meet your requirements.

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

Having conducted extensive research on Telos network, I have come to the conclusion that Telos is a great block chain.

My reasons are based on what the Telos network offers which makes Telos better than it's competitors. Included in the list are better scalability, evolutionary governance, true decentralized system, low rate of transaction cost, and multi language programing interface for Dapps.

Telos network

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WHAT IS TELOS NETWORK?.

Telos network is an open source blockchain platform that employs a third-generation governace system, a global economy system and a place for building decentralized applications (Dapp), smart contracts and NFTs.

Compared with other blockchain projects Telos is a high capacity network which hardly experience clogs and it combines Eosio software and Ethereum virtual machines EVM to provide developers with a non-language-specific portal for building on Dapps at a very low cost.

Telos network has worked hard to correct most of the core issues facing blockchain which includes true decentralization, interoperability, and scalability. Another issue is high transaction costs due to high gas fees which are often seen in Ethereum chain transactions.

Telos runs on delegated proof of stake consensus algorithm which requires elected block producers. The platform has 42 block producers in all, with 21 being active at a time while the other 21 are standby to substitute in event a block producer get removed.

Telos network

TRUE DECENTRALISATION

True decentralization has truly been a problem in most projects. These tokens has experienced a situation where big investors hijack the process. When a coin is hijacked by few big investors, this undermines decentralization. Whales buy large volume of tokens at its initial coin offerings and thereby being in control of the system afterwards. This gives the idea of
centralisation when few persons are in charge.

One good thing Telos network did in it's initial coin offering is to ensure equity in the method of distributing their token. Their even distribution method was important to cub Whales infiltration. It gives every coin holder power instead of the power relying within few individuals.

GOVERNANCE.

The governance method in telos blockchain is purely democratic in nature. Every aspect of the network's operation can undergo amendment when users deem it necessary. Be it grant proposals, governance, legislative amendments, or voting on validators, all can and is decided through majority vote.

Once a user is a holder of tlos token, he qualifies to participate in the governace of the platform by voting on the decision making of the Telos network.

TRANSACTION SPEED.

Telos blocks are mined within half a second. That means that within a second two Telos blocks are mined. Telos complete an upward of 10000 transaction per second and this speed is upgradable using code updates.

The transaction speed of Telos network is among the few things that sets Telos apart from the rest of other blockchain projects. Compare with most of its competitors; ripple completes up to 1500 transactions per second and bitcoin 7 transactions per second, Telos network therefore is far ahead.

TRANSACTION COST.

Most Proof of Work networks pay high gas fees for transaction, the most being ethereum. This problem and the scalability issue has led to the birth of other consensus algorithm. Although these later mechanisms has reduced cost of transactions it has not eliminated it. Telos network offers transaction without cost. Transactions are done free!

Developers in Telos enjoys a lower transaction cost too. Although Telos employs ethereum visual machines, developers can run ethereum compatible Dapps with a very reduced cost. This definitely will attract good number of developers to the network. As at the present, over 100 developers are already working on Telos network.

EVM AND EOSIO DEPLOYMENT.

Most networks are language code specific. The combination of Eosio and EVM allows for multi language programing interface. Developers has added advantage building Dapps based on language code of choice.

REAL WORLD USES.

Many companies has incooperated Telos coin tlos as their accepted means of transaction. The real world use case is an advantage to telos chain.

WHAT I THINK WILL HAPPEN TO TELOS TOKEN.

I believe strongly that the Telos token will grow faster in it's value in a shortest while. The reason is due to the enormous activities going on in telos blockchain. The points mentioned above are causes for attraction of any crypto enthusiast and developers at large. Mass adoption of this crypto will lead to rapid growth in it's value.

Another plus is that the network has only one token for all transactions. Activities like staking, purchase of resources for Dapps development etc are done using one token.

The native token for Telos is tlos. As at the day of this task tlos is selling at $0.8396.
Ranked #266 in coin market cap.

Starting early this month of September, tlos was in a dip. As at September 03, 2021 tlos price was $0.0022. The price jump is a good sign of mass adoption and it is likely to continue as more and more adoption is expected.

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.

Telos tracker last irreversible block.

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The last block produced as at the time of doing this task is block 174,103 ,770.
The block producer name is Infinitybloc

When I checked the time as I took the screenshot, the time corresponds to 12.12 Am west African time zone.
Date: sep. 18, 2021. Time 12:12 am

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.

In this task I checked block 15,007,389 with the three block explorers and it displayed error messages. It shows that the block is not a valid Telos block.

However, I checked block 171,790,000 with the three block explorers and all explorers have results. Here below are the images.

Telos explorer.

Eos explorer.

Telos tracker.

Block producer: teloskitchen
Time: 2021-sep-04, 18:30:15

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?

I have performed this task in stages:

first stage I connected the Telos demo account to my metamask.

Procedure
I went to demo.telos.finance. I clicked on connect wallet as shown in the image below,

A window will pop up to connect metamask as shown below.

Once the metamask is connected it will show as seen in the photo below.

Next I clicked on get testnet tlos. Once done, a successful message will pop up. 100 demo tlos token was transferred to my wallet.

Next I went to the swap window by clicking on "test demoswap now."

FIRST ASSIGNMENT.

Then Transfer 20 Tlos to Fiat. And determine the gas you consumed.

At the demo window, the default token is tlos, I chose fiat from the list of tokens

Next I confirmed the the transaction and authorize it in metamask. See images below.

The transaction was successful.

• Next I went to the explorer to obtain the gas consumed. See images below.

Gas consumed: 38390000.

ASSIGNMENT 2.

Then make the 100,000 Fiat to Soon transaction, and determine the gas consumed.

I applied same process I used in the previous exercise. This time, I had to choose fiat as the base token and then choose soon token for the swap. See images below.

1: I chose 100000 fiat and selected SOON as the pair.

2: I clicked on "swap".

Next. I confirmed the transaction.

Next: I authorized it in metamask.

Next I viewed the transaction details to obtain gas used.

The result is the image below.

Gas used. 38500000

I have completed this assignment task by showing the following.

• How to connect the Telos demo to metamask.
• How to swap tlos to swap.
• How to convert fiat to Soon
• I also determined the gas in each transaction.

CONCLUSION.

The Telos blockchain has a wonderful project. Its scalability, speed in executing transaction, low transaction cost and their governance system is among the things that set Telos apart from its competitors.

Having tested the block explorers and the demo swap, Telos network is fully functional and scalable.

Thanks again my Prof @pelon53.

I remain @meymeyshops