It's week two of season 4. It my pleasure to submit this homework task to Professor @pelon53 in response to his assignment given after attending his lecture. He taught "Telos Blockchain," and really did a great job because he explained it well. So, I will be responding to the questions given after the lecture. Follow me closely.
What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token? Justify your answer.
In my opinion, Tells blockchain is a good blockchain. I will share few things why I strongly support the blockchain as a good blockchain in the next paragraphs.
Firstly, let's quickly see a little bit of Telos blockchain's history and background.
The founder of Telos blockchain is Douglas Horn. It is one of the newest blockchain that was launched in December, 2018.
Telos is like bitcoin blockchain because of its ability to produce a world class blockchain. Telos didn't do what's called initial coin Offering (ICO) or initial Deposit Offering (IDO) [An event where funds is raised for the project. Simply put, crowdfunding]. The aim of Telos Foundation is to help promote and improve the network – Telos network.
The blockchain has a token called Telos Token (TLOS). The coin is used for various activities such as for voting the block producers, acquiring resources etc. More on this later. Also, Telos blockchain has its own block explorer, where you can view and explore various activities such transaction, formation of blocks etc. happening on the blockchain. These block explorers are Telos blocks, Telos tracker, and tells EOSX.
Let's quickly look at why this blockchain is good in my own opinion.
What actually led to the creation of Telos blockchain was as a result of issues and weaknesses of other blockchains such as bitcoin blockchain, Ethereum blockchain etc. The creators of this blockchain discovered that these issues can be solved and think of how resource together, the technologies that would give them their desired results and to come with a blockchain which would solve the weaknesses. Telos is a decentralized blockchain that uses EOS.IO software.
Telos is a blockchain in which its focus is to empower adoption massively. Telos is a blockchain which aims at providing necessary tools for App developers and leading masses to effective and functioning blockchain.
In Telos blockchain, people have opportunity to participate in governance. And this governance make sure that the transactions and security are guaranteed
Another important factor that makes this blockchain a unique one is because, it operates on a very fast and scalable platform. The applications created on this blockchain are also fast. These applications created on telos blockchain are also permitted to manage their own governance. And this is another important thing which makes this blockchain unique.
One of the importance of EOSIO that telos employed is that, it has ability to perform computations at every 0.5second. It's no wonder Telos blockchain is one of the fastest blockchain. EOSIO can accommodate large networks.
If we talk of the transaction fee, the transaction fee is very low. In fact, we can say that it has no transaction fee. This is another one of the things that makes this blockchain unique. Unlike other blockchains where the transaction fee is higher, in telos, it is negligible.
What do you hope will happen to the Tlos token
I mentioned above that the native token of Telos blockchain is called Telos Token (TLOS), and promised to dive deeper on the token. In this section, we will be looking at Tlos and what I hope will happen to it. Let's begin.
Tlos is a native token of Telos blockchain. Tlos is used for many activities on the blockchain.
- It can be used to vote block producers
- It is used for acquiring resources e.g RAM, CPU, and Network
- It's also used for governance activities etc.
As at the time of writing this article, according to Coinmarketcap, the supply of the token in circulation is 270,123,443.84 TLOS
Tlos rank is 266
Tlos price $0.7849
Tlos market capitalization is $212,014,763
Tlos volume is $3,932,873
See the screenshot below.
Fig. 1: Tlos Price, rank, volume, supply, and market cap by CMC | coinmarketcap.com
Recently, on the 10th of September 2021, Tlos made all time high of $1.02. It all time low was in December 5th 2020 with a price $0.0097. Let's see the see the screenshot below.
Fig. 2: Tlos all time high and low | google.com
Let's see the all time high that Tlos recently made on the chart below.
Fig. 3: Tlos all time high (TLOSUSD chart) | coinmarketcap.com
Looking at the chart above, it can be seen that TLOSUSD has been in uptrend and just made a new high. If the trends continues, then TLOS price will keep shooting high, and there's high probability that it will continue its uptrend due to increase in demand for this token.
In addition, the token will gain more adoption as time goes on as result of its usefulness. So as people get to know and adopt this token, its price will increase in value. So, there's no doubt that the token is a good prospect as an investment vehicle.
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.
In this section of the question, we are going to use one of the telos blockchain explorers, Telos tracker to view last irreversible block and we will detail BP. Now, let's do this together.
To use Telos tracker block explorer, visit Telos tracker. Upon entering the website, the homepage will be shown for you. See the screenshot below.
Fig. 4: Telos tracker homepage | telostracker.io
We can see from the screenshot above that the homepage opens, showing irreversible block, block producers, head block, price of tlos in EOS and in USD etc.
Now, let's look at the last irreversible block at the time of writing this article (13th September, 2021 | 12:30 pm WAT). Below is the screenshot of the last irreversible block.
Fig. 5: Last irreversible block | telostracker.io
The last irreversible block is 173242450
The block producer is "teleologytls"
Scrolling down the page, you will see the list of this block producers. The block producer, teleologytls is 9 on the list.
Fig. 6: List of block producers | telostracker.io
As it can be seen in figure 6 above, the last block producer in view at the time of the screenshot is in number 9. You can click on that block producer to view his details.
Upon clicking on it, you will see many things about him. Clicking on the block producer, and scrolling it down, you will see the latest block the block producer produced, the date, time, and his data
See the screenshot below.
Fig. 7: Latest block Produced by teleologytls | telostracker.io
Now, let's see details of this block producer, teleologytls. Once you click on the block producer in figure 6. The page that will be loaded for you contains all his details. Let's see this in the screenshot below.
Fig. 8: Details of teleologytls | telostracker.io
As it is seen in figure, the teleologytls has a total number of 716.1123 TLOS out of this 674 TLOS is staked and 42.1123 TLOS unstaked.
We can see other details such as bandwidth, CPU etc. of this blockchain producer shown in the screenshot.
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 the section of this question, we are going to use the three block explorer of telos blockchain to search for block 15,007,389 and 171,790,000 and show the block producer (BP). So, let's do this together once again. Follow me as i walk you through this.
The block explorer for telos blockchain are
So we are going to use these block explorers one after the other. Let's begin with the first one.
For Blocks: 15,007,389
Using Telos tracker.
Now, let's search for block 15, 007, 389 on telos tracker. To do this visit Telos tracker website (https://telostracker.io). Upon entering the website name, you will be launched to the homepage. At the top of the homepage, search for block 15007389
Fig. 9: Searching Box on Telos tracker | telostracker.io
As you input the block number in the search box and load it, it will bring in the details of the place. Let's see it in the screenshot below.
Fig. 11: Block 15007389 's details | telostracker.io
From the figure above, we can see the details of this block, "15007389."
Block Producer is octagontelos(boxed with red rectangle in figure above).
Date in which this block was produced is 2019 – 03 – 10 and time is 17:56:52 (boxed with blue rectangle in figure above)
Block id is 15007389
Using Telos EOSX
Now, visit https://telos.eosx.io. Upon entering the website name, you will see the homepage of the block explorer, Telos EOSX. At the top of the homepage, search box is provided where we can search for blocks, transaction etc.
Fig. 12: Telos EOSX search Box | telos.eosx.io
The next thing is to input the block number in the search box.
Upon inputting it, it should load the block details. But here, the block details for block 15007389 couldn't be found. It's loading and doesn't bring in any information. I tried many times. Same thing that means the block details is not on this block explorer.
Fig. 13: Block 15007389 not found on Telos Eosx | telos.eosx.io
Let's quickly look at the next block explorer.
Using Telos Bloks
Now, to use this block explorer, visit https://telos.bloks.io/. Upon entering the homepage, you will see where to search for the block you want to search for.
Fig. 14: Search Box on Telos Bloks | telos.bloks.io
Now, the next thing is to input the block number in the search box and click search.
Fig. 15: Block 15007389 not found on Telos bloks | telos.bloks.io
For Blocks: 171,790,000
Using Telos tracker.
The same process should be followed just as we did for block 15007389. But in this case, we are going to search for block 171, 790, 000.
Below is the screenshot showing the details of this block using telos tracker block explorer.
Fig. 16: Block 171, 790, 000 's details | telostracker.io
As It can be seen in figure 16 above, the block producer of block 171, 790, 000 is teloskitchen. (Boxed with red rectangle)
The date in which the block was produced is 2021 – 09 – 05 and the time is 01:30:15
Using Telos EOSX
Same process should be followed to search for block 171790000 just as we did for block 15007389. So just enter or input block 171790000. Let's see the screenshot below for the block producer and date in which the block was produced.
Fig. 17: Block 171790000 ' s details | telos.eosx.io
As seen in the figure above, the block producer is **teloskitchen.** The date and time some is ** 2021 - Sept - 05 | 1:30:15**
Using Telos Bloks
Also, we are going to input the block 1717900000 in the search box of the telos bloks. As soon as you input it and click on search, the details of the block will appear right in your front.
Fig. 18: Block 171790000 ' s details | telos.bloks.io
The block producer is teloskitchen.
The date and time some is 2021 - Sept - 05 | 02:30:15 (AM WAST)
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?
Fig. 19: telos swap demo home page | demo.telos.finance
You must have metamask wallet because we are going to connect our metamask wallet on this platform. If you don't have, you can download it on play store and Install it.
At the top of the homepage, you will see "connect wallet." Click on it.
Fig. 20: "Connect wallet" in the home page | demo.telos.finance
The next thing is to click on the "metamask" that will be shown for you upon clicking "connect wallet."
Fig. 21: Metamask Tab | demo.telos.finance
Click on this "metamask" as pointed at in the figure above. Connect your metamask wallet. If you have connected your wallet successfully, you will see an icon where there was "connect wallet" before change. See the screenshot below.
Fig. 22: Wallet Connected Successfully | demo.telos.finance
In the screenshot above, we can see **wallet, transaction, disconnect** you can click on the wallet to see the status of the wallet. You can click on "disconnect" to disconnect your wallet.
Now, the next thing to do is to click on "Get testnet EMV TLOS"
Fig. 23: Getting Testnet EMV TLOS | demo.telos.finance
Upon clicking on it, you will see pop up message saying "testnet EMV TLOS sent successfully"
Fig. 24: Testnet EMV TLOS sent successfully 's message | demo.telos.finance
Now, let's get in right to transactions.
Transfer of 20TLOS to FIAT
Now once you see the message, you can now click "Test Demo Swap Now," which is the next step.
Fig. 25: Clicking on Test Demo Swap | demo.telos.finance
Upon clicking on this, you will be directed to a page where you will begin your transaction.
Enter the amount of TLOS, 20TLOS in this case, you want to transfer to FIAT. And make sure "from" is in TLOS. Then, select "to" to be "FIAT," then click on swap.
Fig. 26: Transfer Page | demo.telos.finance
Once you click on swap a new page will be shown. In this page, you are going to confirm. Click "confirm."
Fig. 27: Confirmation Page | demo.telos.finance
Once you click on it, a page will be loaded where you will see the details of the transaction. The estimated gas
Fig. 28: Transaction detail with Estimated Gas Fee | demo.telos.finance
The estimated gas fee is 0.10373 TLOS
Transfer of 100 000 FIAT to SOON
To transfer FIAT to SOON, click on the "Test Demo Swap Now," just as we clicked it when we wanted to transfer 20TLOS too fiat. Now upon clicking on it, you will be taken to a page where you will enter the amount of FIAT you want to transfer.
Firstly, enter the amount of FIAT you want to transfer, (in this case, it is 100, 000FIAT) which I the box "from." Then, select SOON in the "to" box. Then, click enable.
Fig. 29: Sending 100, 000 FIAT to SOON (Enable Button) | demo.telos.finance
Upon clicking on "enable," you will be taken to the side where you can click on "swap. Click on it.
Fig. 30: Sending 100, 000 FIAT to SOON (Swap Button) | demo.telos.finance
Upon clicking on "swap", a new page will be shown for you where you will confirm the transaction. Click on confirm.
Fig. 31: 100, 000 FIAT to SOON confirmation page | demo.telos.finance
Then, upon clicking on it, you will see a new page. In this page, you will see estimated gas fee.
Fig. 32: 100, 000 FIAT to SOON details of transaction with estimated gas fee | demo.telos.finance
As seen in the image above, the estimated gas fee is 0.10373 TLOS.
Now, let's do comparison.
It can be seen that the estimated gas fee for the transaction of 20TLOS to FIAT is 0.10373 TLOS (see figure 28)
The estimated gas fee for the transaction of 100, 000 FIAT to SOON is 0.10373 TLOS (See figure 32).
This means that the same estimated gas fee was deducted for both transaction.
The estimated gas fee, which is 0.10373 TLOS TLOS is not excessive at all. The price of TLOS at the time of compling the article is $0.79. what means 1 TLOS is just $0.7849 and if we compared it to the estimated gas fee, it means 0.10373 TLOS is just $0.0814
So In essence, a transaction of 20 TLOS which worth $15 and its estimated gas fee is $0.0814 (0.10373TLOS), that is not an excessive estimated gas fee.
Telos blockchain is a blockchain developed to solve most of the problems or weaknesses associated with the old blockchains such as ethereum and bitcoin blockchain. Telos blockchain is so useful because of the EOSIO based blockchain which it is built on.
The blockchain has been very useful because it offers high speed, very fast and scalable. Telos blockchain allows app developer to develop various applications which are very fast and reliable. The users also have control over what they develop because the blockchain is a decentralized system.
Telos token known as TLOS is another important factor that makes the blockchain unique. This token can be used for various activities on the blockchain. It can be used to vote the block producers, acquire RAMS CPU and Network etc.
The latest development on the blockchain I the launch of telos demonstration platform. Thanks to Professor @pelon53 for bringing the course at a time like this. I have been able to explore the platform and performed various transactions on it. I really enjoyed exploring the platform and making the transaction.
Written by @msquaretk