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

in SteemitCryptoAcademy3 months ago (edited)

Hey steemians,

In this post i will be submitting my homework task for professor @pelon53.

IMG_20210710_173510.jpg

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

Cryptocurrencies and platforms relevant to crypto assets are gaining the attention of people around the globe and to get chosen by a user nowadays, new technologies, new platforms and new ideas are necessary and we have seen many examples of the different types of blockchain that have their unique features like interoperability in Polkadot and scalability in Cardano, so now I will be giving my opinion about one of the 3rd generations blockchains and that is Telos.


Telos blockchain


Telos blockchain network is a 3rd generation blockchain network and the main purpose of creating Telos blockchain was to take advantage of the limitations of Ethereum and Bitcoin blockchain by mitigating all the limitations or difficulties faced by the users in the Ethereum and Bitcoin blockchain and providing those features at less cost and a higher speed and they also made Telos blockchain network an open source network so that may one can create Dapps on their platform too.


Who developed Telos and what is EOS.IO?


Telos blockchain network or platform was developed by Block.one renowned for developing software such as EOS.IO.

EOS.IO made it possible for Telos to be the 3rd generation blockchain by providing multiple features like; security, fostering sense of adoption of Telos blockchain, decentralised nature, inclusion of smart contracts and scalability.

EOS.IO was able to provide all these features by using a consensus algorithm known as delegated proof-of-stake(DPoS) and the ability of EOS.IO and EVM(demo phase) to run from multiple computer cores make it suitable to be used in Telos.


My opinion about Telos blockchain


Now, in my opinion, the Telos blockchain network has the potential to become a platform that can surpass platforms or blockchains like Ethereum and Tron when it comes to smart contracts, many features make Telos a suitable and profitable blockchain to choose.


Justifying my answer and why Telos is suitable for the users


IMG_20210913_202551.png

Fig1: Telos homepage taken from source

(1) Decentralised nature of Telos blockchain: Decentralisation is the core of the blockchain system and provides equal status or equal rights to all the users present in a blockchain. Higher-ups and some power-holders are unable to control all the blockchain because of the decentralised nature of Telos.

To get immune to the monopoly possessed by whales or bigwigs, distribution of the native token was made equally and no ICO was held to get rid of the monopoly of whales and bigwigs.

Due to the decentralised nature of Telos blockchain mediators or intermediaries can be avoided that can lead to less time and fees of transaction.

(2) Block generation time and scalability: Due to the use of different or multiple computer cores and the consensus algorithm Delegated proof-of-stake(DPoS), the Telos blockchain was able to provide its user with a higher speed than any other famous blockchain along with the scalability.

Block generation time:

(A) Telos: 0.5 second
(B) Steemit: 3 seconds
(C) Ethereum: 15 seconds
(D) Bitcoin: 10 minutes

As you can see the Telos blockchain took very little time to generate a block in comparison to other blockchains and this is what makes Telos blockchain a fast and scalable one.

Another proof that Telos is a faster and scalable blockchain

No of blocks generated since the inception of Telos: ~172M

No of blocks generated since the inception of Ethereum: ~13M

No of blocks generated since the inception of Tron: ~33M

The reason for comparing those 3 was that all of these above blockchains supports smart contracts. I have come to know about this information from the professor's lecture.

(3) Cost-efficient: When it comes to a transaction fee, blockchains like Ethereum and Bitcoin cost you more than you are transferring. We will mainly talk about Ethereum here as both Ethereum and Telos have included smart contracts and provided a platform for Dapps.

Ethereum uses EVM(Ethereum virtual machine) where users wallets and Dapps must connect to the Ethereum node for accessing the P2P network. You can see the whole process of accessing P2P via Ethereum node in the screenshot below.

IMG_20210913_222455.png

Fig2: EVM with Ethereum node and source

Whereas, Telos is performing a demo EVM(Ethereum virtual machine) to access the P2P network but to cut down the transaction fees Telos is using Telos node instead of Ethereum node to access P2P. You can see the whole process of accessing P2P via the Telos node in the screenshot below.

IMG_20210913_222510.png

Fig3: EVM with Telos node and source

From the above screenshots and information, we get to know that in the Ethereum blockchain, an Ethereum node is used for accessing P2P which can lead to a higher transaction fee as the transaction charges and the gas fee will be measured in ETH and we all know that how expensive ETH is.

But when it comes to the Telos blockchain a Telos node has been used in demo of EVM to access P2P which cuts the transaction cost or fees down as the transaction charges will be measured in Telos which has a very affordable price.

So by using EOS.IO and multiple computer cores for EVM(demo) Telos can provide its users with high speed and low transaction fees even for the smart contracts.

(4) Consensus and Governance: Telos uses a consensus algorithm called DPoS(Delegated proof of stake) which ensures the safety and decentralised nature of the Telos blockchain via a voting system done by the active users.

Telos has 42 Block producers that are responsible for producing and verifying a block and transactions in it. Out of 42 block producers, 21 are active and 21 are on stand by so that stand by block producers can take place of active block producers when an active block producer loses 15% of the block.

IMG_20210913_203434.jpg

Fig4: Active and standby block producers along with the top 21 block producers and the block producer producing block, source


What do I hope will happen to Tlos token?


Tlos token is the native currency of Telos blockchain and I can only tell about the future of the Tlos token via the fundamental analysis of Telos blockchain and all the necessary and relevant things that an investor look for in a crypto asset before investing and after going thorugh lots of things i can say that due to versatility of the Tekos bockchian and Tlos token being a penny cryptocurrency, Tlos token has a lot of potential that can result in the increase of price of Tlos token.

Tlos token can increase its price via the features provided by Telos blockchain that includes smart contracts, low transaction fees, high transaction speed, good governance and scalability.

So by going through all the underwritten points I will tell about why do i think that Tlos token can grow or increase in terms of price.


Justifying my reason for what i think will happen to Tlos token


(1) Market-related details:


Price: $0.7786(penny cryptocurrency)
Volume 24hr: $3.8M
Market cap: $210M
Ranking: 267
Circulating supply: 270M
All time high: $1.02
All time low: $0.009753

Tlos ROI: 7881%(Return on investment)

High circulating supply shows a very good liquidity.

The number of coin traded in last 24 hours can be seen in volume and it is not that high but good enough to know about the popularity of Tlos.

Price is moving downward for now because of the ongoing bearish trend but it will bounce back and i am sure of it.

IMG_20210913_223551.png

Fig5a: market related details from CoinMarketCap

IMG_20210913_223410.png

Fig5b: Price chart from CoinMarketCap

IMG_20210913_223736.png

IMG_20210913_223651.png


Fig5c: Tlos token stats from CoinMarketCap

(2) Scalability and low transaction fees: Scalability and low transaction fees in Telos blockchain is achieved with the help of Telos node in EVM(demo which is ongoing by the Telos developers and EOS.IO software company) instead of Ethereum node and the accessing EVM in multiple computer cores.

Whereas, a software called EOS.IO was used in Telos too to make it a secure, decentralised and reliable one. EOS.IO focuses on the governance of the Telos blockchain and fosters the sense of adoption among the users or new developers to use Telos blockchain to make Dapps or websites.

Both EVM and EOS.IO have been serving as a trump card for Telos blockchain and Tlos token. Once the demo of EVM via Telos node proves to be successful there are chances that Telos blockchain will reach a higher level of adoption and the popularity of the Tlos token will rise automatically due to the lower fees in Telos blockchain.

(3) Governance: Users that have Tlos tokens or possess Tlos tokens have the right to choose witnesses and give suggestions or permission regarding new updates and changes. So to have good governance in the Telos blockchain users must possess Tlos tokens and that gives the users a chance to participate in the future endeavours of Telos blockchain and helping Telos blockchain in buying resources for it.

(4) Earning interest by lending Tlos and adoption of Telos blockchain: We can lend our Tlos token in the REX platform and can get interest for lending our Tlos token or providing liquidity in the REX platform same as in JustLend and Pancakeswap.

Also, we can get the advantage of Telos blockchain being open-source or available for otter developers to run Dapps or websites on Telos blockchain, so we can easily access all the Dapps that are running on Telos blockchain by using Tlos tokens same as Ethereum token is used for many Dapps that are running on Ethereum network.

(5) Adoption by great software companies: Being a very good platform that provides scalability, fast transactions, low fees and decentralisation, many big software companies started using Telos blockchain for their purpose.

When software companies like Microsoft, Zalando and Cisco are adopting and recognising Telos blockchain as a worthy blockchain that can compete with other blockchains and even perform better than them, it is obvious that the popularity of the Tlos token will increase as well, it's just about time and patience.

IMG_20210914_165948.png

Fig5d: Adoption by big software companies, source

So if Telos blockchain gets adopted by more and more developers to run their Dapps, the popularity of the Tlos token will increase proportionally as well as the price of the Tlos token will increase too.

So I have stated all the positives of the Tlos token above that shows us the importance of the Tlos token and to be brief these positives are Good market stats, governance via Tlos token in Telos blockchain, fostering a sense of adoption in developers along with low transaction fee and higher speed of transaction in Telos blockchain.

Honestly, i think if Telos blockchain gets adopted by the developer the Tlos token popularity and price will increase too and i thunk we will se it in future because of hugh fees and slow speed of transactions in the blockchains that support smart contracts like Ethereum and Tron.

So i have told you about my opinion on Telos blockchain and what could happen to Tlos token along with the justification for my answer.


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.

Steps for exploring the last irreversible block at the time of doing my homework task along with the block producer and date are as follows:

(1) Visit Telos Tracker block explorer.

(2) After visiting the Telos tracker block explorer it will show the last irreversible block, you should copy that number and paste it into the search bar.

(3) The block will appear which is the last irreversible block along with the block producer name and time.

IMG_20210914_010133.png

Fig6a: Copying the last irreversible block number from Telos Tracker

IMG_20210914_010231.png

Fig6b: Details of last irreversible block along with block producer and date from Telos Tracker

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Fig6c: Details of block producer from Telos Tracker

You can see that i have opened tye details of block producer too in the telos tracker block explorer.

Details or stats of last irreversible block:


Block Number: 173291936

Block Producer: teleologytls

Date: 2021-09-13T18:20:29.500

Block Id: 173291936

Producer Signature: SIG_K1_JveT8sfqW8AJPJv8yY9RMA1m1Y1odAk9NKtn45K2zQJDCCQ3h7qqLKGbfYivtrxHr3bnE5iNdsXde2yaCxLR14pGwKmEK8

Number of transactions: 0

So i have provided all the details required or asked in question no 2 which includes block producer and date of last irreversible block.


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.

Block explorers are the very core that serves the true purpose of decentralised nature and transparency of a blockchain, we can get all the relevant information about any transaction that has been made in the blockchain. Like steemit has steemscan, Ethereum has etherscan and Tron has tronscan.

We have 3 block explorers for the Telos blockchain and I have to check for the block numbers 15007389 and 171790000.


(1a)Checking for Block number 15007389 in Telos EOSX


(1) For block no 15007389:

(a) I pasted the block no 15007389 in the search section of Telos EOSX.

(b) After searching it shows that the operation has failed and try again or report a bug.

IMG_20210914_124556.jpg

Fig7a: Putting block no in search section of Telos EOSX

IMG_20210914_124658.jpg

Fig7b: Operation failed for block no 15007389 in search section of Telos EOSX

(1b) Checking for Block number 171790000 in Telos EOSX


(1) For block no 171790000:

(a) I pasted the block no 171790000 in the search section of Telos EOSX.

(b) After searching it shows every detail of the block number of 171790000 and those details are:

Block number: 171790000

Block producer: teloskitchen

Timestamp: 2021-Sep-05, 07:00:15

Total CPU Usage: 5 ms 675 µs

Total NET Usage: 179 B

Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623

Number of transactions: 1

Transaction that took place: Transaction 1

IMG_20210914_124742.jpg

Fig7c: Putting block no in search section of Telos EOSX

IMG_20210914_124912.jpg

Fig7d: Details of block 171790000 in search section of Telos EOSX


(2a)Checking for Block number 15007389 in Telos bloks


(1) For block no 15007389:

(a) I pasted the block no 15007389 in the search section of Telos bloks.

(b) After searching it shows that Account names must be less than or equal to 12 characters, be lowercase and only contain the characters a-z, numbers 1-5 or. source

IMG_20210914_133412.jpg

Fig8a: Putting block no in search section of Telos bloks

IMG_20210914_133449.jpg

Fig8b: invalid account name in search section of Telos bloks


(2b)Checking for Block number 171790000 in Telos bloks


(1) For block no 171790000:

(a) I pasted the block no 171790000 in the search section of Telos bloks.

(b) After searching it shows every detail of the block number of 171790000 and those details are:

Block number: 171790000

Block producer: teloskitchen

Timestamp: 2021-Sep-05, 07:00:15

Total CPU Usage: 5 ms 675 µs

Total NET Usage: 179 B

Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623

Number of transactions: 1

Transaction that took place: Transaction 1

IMG_20210914_134332.jpg

Fig8c: Putting block no in search section of Telos bloks

IMG_20210914_134448.jpg

Fig8d: Details of block in the search section of Telos bloks

IMG_20210914_134524.jpg

Fig8e: Transaction in the block of Telos bloks

IMG_20210914_134603.jpg

Fig8f: Deatuls of block producer of Telos bloks


(3a)Checking for Block number 15007389 in Telos tracker


(1) For block no 15007389:

(a) I pasted the block no 15007389 in the search section of Telos tracker.

(b) After searching it shows the following details:

Block Number: 15007389

Block Producer: octagontelos

Date: 2019-03-10T17:56:52.500

Block I'd: 15007389

Producer Signature: SIG_K1_KYzHeBvtcoMQQXf6LNyZzNQghw5mjtkRMmpmeswRCCr9TRgXThLa9pMjG4z59rMrJGx4D84RCupeBosA4L6ka6Fr9Rt2M1

Number of transactions: 0

IMG_20210914_140002.jpg

Fig9a: Putting block no in search section of Telos tracker

IMG_20210914_140101.jpg

Fig9b: Block producer of Telos tracker

(3a)Checking for Block number 171790000 in Telos tracker


(1) For block no 171790000:

(a) I pasted the block no 171790000 in the search section of Telos tracker.

(b) After searching it shows every detail of the block number of 171790000 and those details are:

Block number: 171790000

Block producer: teloskitchen

Timestamp: 2021-Sep-05, 07:00:15

Total CPU Usage: 5 ms 675 µs

Total NET Usage: 179 B

Block ID: 0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623

Number of transactions: 1

Transaction that took place: Transaction 1

IMG_20210914_140741.jpg

Fig9c: Putting block no in search section of Telos tracker

IMG_20210914_140852.jpg

Fig9d: block details in Telos tracker

IMG_20210914_140928.jpg

Fig9e: Transaction detail of Telos tracker

So I have shown you all the block explorers for block numbers 15007389 and 171790000 with all the required details.

There might be some change in the time of block creation because of the difference in geographical time. It could be in IST(Indian standard time) and UTC(Coordinated universal time).


4.On the Telos trade demo platform, click here. Link the wallet to Metamask. Then transfer the 20 TL to Fiat. And determine the gas you consume. Then do 100,000 Fiat to Soon transactions and determine the gas consumed. Show screenshots of the entire process you are running. Was the gas consumption excessive in both cases? Explain?

To perform the required raks as per asked in the question, i am using Telos Swap Demo.

Steps to connect metamask with wallet

(1) Click on the connect wallet option on the right-hand side.

(2) Choose Metamask to connect Metamask with the wallet.

(3) Confirm the Metamask account and click on the Next button.

(4) Give Permit to access Metamask on the site.

(5) Our wallet is connected to Metamask.

IMG_20210913_234110.jpg

Fig10a: Connect Wallet, screenshot taken from Demo


IMG_20210913_234234.jpg

Fig10b: Choose Metamask, screenshot taken from Demo


IMG_20210913_234352.jpg

Fig10c: Give confirmation, screenshot taken from Demo


IMG_20210913_234429.jpg

Fig10d: Click on connect, screenshot taken from Demo


IMG_20210913_234538.jpg

Fig10e: Metamask connected , screenshot taken from Demo

Get Testnet EVM telos

Steps to get testnet EVM telos are as follows:

(1) Connect Metamask and click on Get Testnet EVM telos.

(2) A notification will pop up giving confirmation of Testnet EVM telos sent succesfully.

(3) Check in metamask.

IMG_20210914_170740.png

Fig11a: Click on Get Testnet EVM telos and Source


IMG_20210914_170804.png

Fig11b: Notification and Source


IMG_20210914_170844.png

Fig11c: Check metamask and Source

Demo swapping of Tlos to FIAT and FIAT to SOON

Steps for swapping 20 Tlos to FIAT are as follows:

(1) Open Test DemoSwap now.

(2) Now swap option will open with one of the pairs as Tlos as default now choose FIAT as the other pair.

(3) Enter amount 20 in the amount section of Tlos.

I was getting 8817640 FIAT for 20 Tlos.

(4) I gave confirmation from Metamask.

(5) The process of swapping was completed.

IMG_20210914_171441.png

Fig12a: Click on Test demoswap and Source


IMG_20210914_171528.png

Fig12b: fill amount on Test demoswap and Source


IMG_20210914_171608.png

Fig12c: Confirm swap on Test demoswap and Source


IMG_20210914_171701.png

Fig12d: Confirm swap on Metamask and Source


IMG_20210914_171736.png

Fig12d: Complete swap on Test demoswap and Source


IMG_20210914_171816.png

Fig12e: Confirmation of swap on Test demoswap and Source

Steps for swapping 100000 FIAT to SOON are as follows:

(1) Open Test DemoSwap now.

(2) Now swap option will open with one of the pairs as Tlos as default now choose FIAT as one of the other pairs and the other pair as SOON.

(3) Enter amount 100000 in the amount section of FIAT.

I was getting 0.821814 SOON for 100000 FIAT.

(4) I enabled FIAT and confirmed it on Metamask.

(5) Now I click on swap button and confirmed swap.

(6) I gave confirmation from Metamask.

(7) The process of swapping was completed.

demo3.png

Fig13a: Click on Test demoswap and Source


IMG_20210914_172935.png

Fig13b: Approve FIAT on Test demoswap and Source


IMG_20210914_173105.png

Fig13c: Confirm on Metamask and Source


IMG_20210914_173132.png

Fig13d: Confirmation and click on swap on Test demoswap and Source


IMG_20210914_173229.png

Fig13e: Confirm swap on Test demoswap and Source


IMG_20210914_173316.png

Fig13f: Confirm swap on Metamask and Source

IMG_20210914_173504.png

Fig13g: Completion of swap on Test demoswap and Source

Now for confirming my transactions I'm showing you my Metamask wallet.

My Metamask wallet has:

79.927 Tlos(Got 100 from tester EVM and swapped 20)

8717646.4 47 FIAT(8817646FIAT for 20 Tlos and 100000 swapped)

0.821 SOON(from swapping 100000 FIAT)

IMG_20210914_173614.png

Fig14: My Metamask wallet

Gas fee involved or paid in both swapping


(1) For swapping 20 Tlos to FIAT.

Gas fee paid: 0.10362 Tlos(0.082$)

Amount swapped: 20 Tlos

Total amount cut: 20.10362 Tlos

IMG_20210914_171701.png

Fig15: Gas fees and Source

(2) For swapping 100000 FIAT to SOON.

Gas fee paid: 0.10362 Tlos(0.082$)

Fees for approving FIAT: 0.10362 Tlos(0.082$)

Amount swapped: 100000

Total amount cut: 0.10362(0.082$) × 2 = $.164

IMG_20210914_173316.png

Fig16: Gas fees and Source

As we can see that we paid the same amount of gas fee in both the swapping irrespective tube of the no of assets we are swapping and all this is thanks to the EVM of Telos blockchain and Hyperion an additional fee for approving or enabling FIAT was paid that was also a meagre amount of 0.082$.

So honestly I don't think that an amount of 0.082$ or 0.164$ is a greater amount that cannot be paid by anyone. Anyone can afford to lose a meagre amount of 0.082$ for swapping their assets.

I don't think that the gas fee is excessive at all as it is a payable amount for anyone. Unlike in Ethereum where you lost your tens of dollars for only one swapping or a transaction or Tron where you lose tens of TRX for swapping your asset, Telos swapping is very cost-efficient and easy to use.

So my final words are that using swapping by Telos node in EVM saves a lot of amounts of the users and I think an amount of 0.082$ is a very small amount and the gas fee is not at all excessive in telos blockchain or telos swap.

Conclusion

First I would like to thanks the professor for telling all of us about the Telos blockchain that possesses a lot of potentials and has room for growth. Telos is providing its users with faster transactions with fewer fees, scalability, decentralised nature, security and good governance.

All the features provided by the Telos blockchain will ultimately result in the rise of the Telos blockchain and an increase in the price of the Tlos token due to increasing demand for Tlos tokens, EVM using Telos node can prove as an ace in the world of blockchain for Telos.

The Three-block explorer of Telos gives accurate and precise data that serves the feature of transparency in a blockchain. Demo swap of Telos blockchain is very essential for the new user as it tells us about the low transaction fee involved in a transaction in comparison to other blockchains.

Thank you
That was all from my side

For the attention of professor @pelon53.

Sort:  
 3 months ago (edited)

Gracias por participar en Steemit Crypto Academy Season 4, Semana 2:

NoPreguntas.Puntaje.
1¿Cuál es su opinión sobre Telos Blockchain? ¿Qué esperas que pase con el token Tlos? Justifique su respuesta.1.5/1.5
2Usando telos tracker, tome capture de pantalla del último bloque irreversible y detalle el BP y la fecha.1.0/1.0
3Verifique en los 3 exploradores de bloques, los bloques: 15.007.389 y 171.790.000, muestre el BP y la fecha de esos bloques.1.5/1.5
4Luego Transfiera 20 Tlos a Fiat. Y determine el gas que consumió. Luego realice la transacción de 100.000 Fiat a Soon, y determina el gas consumido.3.0/3.0
5Profundidad del tema.1.5/1.5
6Presentación / originalidad1.5/1.5
7Total10/10

Muy buen trabajo, tus respuestas fueron muy acertadas, debes continuar esforzándote. Felicitaciones.

Muy bien 👇

Hyperion se pagó una tarifa adicional por aprobar o habilitar FIAT eso también fue una cantidad exigua de 0.082 $.

Recomendaciones:

  • Debes seguir así, haciendo muy buenas tareas.

  • Espero seguir leyendo tus publicaciones.

Calificación: 10

Thank you professor @pelon53.

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