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Hello Everyone,
On the 02nd week of the Crypto Academy, crypto professor @pelon53 has introduced us to one of the popular Blockchain in the crypto world the **Telos Blockchain**. This is my homework for his lesson's questions.
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<center><h2>01. What is your opinion about Telos Blockchain? What do you hope will happen to the Tlos token?</h2> </center>
- **Blockchain Technology**
Blockchain technology is a system that makes decentralized information sharing and communication between different computers possible without intermediaries. There is no central server or trusted third party holding information on the blockchain. It is this breakthrough that has allowed Bitcoin to grow this much in crypto world.
- **Telos Blockchain**
Telos is the first third-generation blockchain and is known as a **2.0 Blockchain**. Telos uses **EOSIO software** to perform CPU-intensive computation and enables an **EVM smart contract** execution, which drastically **reduces the transaction speed** from the original Blockchain.
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https://cdn.steemitimages.com/DQmPjc89jkG3PV4WAWaJ81f4KpjLRGAcBxJW7ZBL9awdVYG/image.png
<center><sup>https://www.telos.net/</sup></center></div>
Telos does not claim to have achieved near perfect speed, transaction throughput or scalability, yet it will support more than **ten times the amount of transactions of current blockchains** and has the ability to handle more than ten million transactions a second. The solution is designed to address these issues in the long term and is a potential solution for many applications that run on top of Blockchains.
Telos operates as a multi-chain, multi-asset platform and trades **Ethereum-based assets**. Telos uses the **Ethereum Virtual Machine (EVM)** to facilitate transactions, which involves modifying the protocol. It differs from traditional distributed ledger solutions that use proof of work to validate transactions. Telos is based on **open-source code**, ensuring it will be accessible to developers. The software will be cross-platform, so the Telos platform will run on a variety of devices, like mobile devices, smartwatches, embedded devices, and VR headsets.
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<sup>Comparison of blocks production [source](https://docs.telos.net/evm/comparing-telos-to-other-evm-chains)</sup></center>
Telos aims to be the most cost effective, scalable blockchain protocol available with the goal of supporting every social network, utility, Internet business and IoT network that wants to use a decentralized, peer-to-peer network that runs on blockchain technology.
- **My opinion about Telos Blockchain**
Telos Blockchain is highly innovative in nature and offers **speed and scalability**. Telos has features that traditional blockchains lack. Just as VISA delivers fast and secure global payment services using a [decentralized system](https://www.investopedia.com/visa-adds-cryptocurrency-to-its-settlement-platform-5181149), Telos will also provide quick transactions with minimal CPU utilization.
In addition, the Telos Blockchain will be a fully adaptive system that will allow for developers to innovate and adapt their blockchain technology to suit the market and user demand. As the blockchain increases in popularity, more companies will be able to use Telos Blockchain without having to create their own in-house blockchain.
The Telos Blockchain will have an even greater advantage over the current methods because it has no off-chain transactions, all transactions happen **on-chain**. This makes the cost of operating a Blockchain very low and efficient.
Considering all these facts, my opinion would be, it is very probable that Telos Blockchain will be one of the primary choice for its users comparing to rival blockchain Bitcoin and Ethereum. It is likely that EOSIO software will be further enhanced and improved until it meets the benchmarks and requirements of the Telos blockchain.
- **What do you hope will happen to the Tlos token?**
TLOS Token is the native token of Telos Blockchain. It works as the functional token of the Telos platform and used by its developers to incentivize the development of Telos.
TLOS has many uses outside of blockchain applications, we can purchase it on exchanges like Bittrex, Coinrail, HitBTC, and Poloniex. In addition, we can trade it through exchanges like **Binance**.
As of September 17, 2021, the price of Telos tokens is **$0.860** USD. The coin has a market capitalization of around **$194 million** and a daily trading volume of approximately **$4.6 million**. The circulating supply is 225,384,826 TLOS and the total supply is 335,208,370 TLOS.
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<sup>TLOS coin details from [Coingecko](https://www.coingecko.com/en/coins/telos)</sup></center>
When we analyze the past data we can see that there was a huge price increase after the February 2021. This is more than **3418%** increase over a year.
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<sup>The growth of price of TLOS coin over the past years [Coingecko](https://www.coingecko.com/en/coins/telos)</sup></center>
The percentage increase of the price and the healthy market capitalization shows favorable investment opportunities in TLOS coin.
Currently, it is predicted that there will be over 1 million TLOS token holders by end of 2021.
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<center><h2>02. 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.</h2> </center>
To track the last irreversible block, go to the [Telos Tracker](https://telostracker.io/).
There we can see number of transaction details. These information change within seconds as per block creation.
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<sup>Last irreversible block as at 2021-09-17 T 05:23:43.000</sup></center>
- **Last irreversible block details**
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<sup>Last irreversible block details</sup></center>
- **Transaction details**
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<sup>Transaction details</sup></center>
- Head Block (block ID): **173889464**
- Irreversible Block: **173889137**
- Block producer : **southafrica1**
- Producer TLOS tokens: **716,863.0755 TLOS**
- Staked TLOS tokens: **326 TLOS**
- Date & Time: **2021-09-17T05:23:43.000**
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<center><h2>03. 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.</h2> </center>
### <center>[Telos Tracker](https://telostracker.io/)</center>
- **Block: 15,007,389**
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<sup>Block 15007389 details taken via [Telos Tracker](https://telostracker.io/)</sup></center>
Details | Block 15007389
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Block producer | octagontelos
Num of transactions | 0
Date & Time | 2019-03-10 T17:56:52.500
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- **Block: 171,790,000**
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<sup>Block 171790000 details taken via [Telos Tracker](https://telostracker.io/)</sup></center>
Details | Block 171790000
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Block producer | teloskitchen
Num of transactions | 1
Date & Time | 2021-09-05 T01:30:15.000
### <center>[Telos Blocks](https://telos.bloks.io/)</center>
- **Block: 15,007,389**
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<sup>Block 15007389 details taken via [Telos Blocks](https://telos.bloks.io/)</sup></center>
The specific transaction cannot be tracked due to the invalidity of Account name. However, I checked the block producer name and that account exists. Reason for this error could be that for this particular block there was **NO TRANSACTION**.
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<sup>Block producer details taken via [Telos Blocks](https://telos.bloks.io/)</sup></center>
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- **Block: 171,790,000**
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<sup>Block 171790000 details taken via [Telos Blocks](https://telos.bloks.io/)</sup></center>
Details | Block 171790000
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Block producer | teloskitchen
Block ID | <sup>0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623</sup>
Date & Time | Sep-05-2021, 07:00:15 AM IST
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### <center>[Telos EosX](https://telos.eosx.io/)</center>
- **Block: 15,007,389**
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<sup>Block 15007389 details taken via [Telos EosX](https://telos.eosx.io/)</sup></center>
As expected Telos EosX also didn't recognize the Block 15007389. The error indicated as "Operation Failed".
- **Block: 171,790,000**
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<sup>Block 171790000 details taken via [Telos EosX](https://telos.eosx.io/)</sup></center>
Details | Block 171790000
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Block producer | teloskitchen
Block ID | <sup>0a3d4eb028bdf79864d0774636fa986847d4a58bf569491d2e62f88591262623</sup>
Date & Time | Sep-05-2021, 07:00:15
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<center><h2>4.- In the Telos swap demo platform, [click here](https://demo.telos.finance/) . 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?</h2> </center>
**01. Visit [Telos Demo Swap](https://demo.telos.finance/) website & click _Connect Wallet_. Make sure you have Metamask wallet installed as a chrome extension and logged into the wallet first.**
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<sup>Telos Homepage</sup></center>
**02. On the pop-up window we have an option to choose Metamask.**
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<sup>Connecting to Metamask</sup></center>
**03. Grant permission to connect in next 03 pop-ups**
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<sup>Approvals to connect</sup></center>
**04. Now to use this demo account we should have some demo TLOS, to receive click _Get Testnet EVM TLOS_**
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<sup>Obtaining demo TLOS</sup></center>
**05. Once we have successfully received, we can see the wallet details top of the right corner.**
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<sup>Wallet details</sup></center>
**06. As a next step click the _Test DemoSwap Now_**
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<sup>Connecting the wallet to demo account</sup></center>
**07. There we can see to options, one for Exchange / Swap and the other one for Liquidity. For this exercise we are going to choose the Swap. From the 100 TLOS we received we are going to place 20 TLOS. Next Click _Select a currency_ to choose FIAT as the currency.**
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<sup>Trade window</sup></center>
**08. After entering the price details, click _Swap_, there will be a pop-up to confirm the Swap.**
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<sup>Ready to Swap</sup></center>
**09. After clicking the confirm Swap, there will be pop-up from Metamask wallet to confirm the transaction. Click on _Confirm_ to submit the transaction.**
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<sup>Confirmation to Swap</sup></center>
**10. Transaction submitted and it was successful. Gas fee for the transaction is 0.024201 TLOS**
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<sup>Transaction Details</sup></center>
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- **From FIAT to SOON**
**01. This time we are going to Swap 100,000 FIAT token into SOON token. I entered the amount and selected respective currencies. Next I have clicked _enable FIAT _ because I must give the authorization to Metawallet to do so. Then there was pop-up to confirm. Note that there is a transaction fee implies to this confirmation.**
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<sup>FIAT to SOON Swap</sup></center>
**02. After I have given the permission to spend FIAT, as a next step I clicked _Swap_**
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<sup>FIAT to SOON Swap</sup></center>
**03. Then _Confirm Swap_**
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<sup>Confirm Swap</sup></center>
**04. After the pop-up from Metawallet select the _Confirm_**
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<sup>Transaction Details</sup></center>
**05. Transaction submitted and it was successful. Gas fee for the transaction is 0.024431 TLOS**
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<sup>Transaction Details</sup></center>
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- **Was the gas consumption excessive in both cases?**
Gas consumption was for the both transaction as follows,
TLOS to FIAT - 0.024201 TLOS
FIAT to SOON - 0.024431 TLOS
Total gas fee for both transaction = **0.048632 TLOS | 0.04 USD**
So, the answer for the question is **Not at all**, instead it was extremely cheap.
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<center><h2>Conclusion</h2> </center>
The Telos blockchain solution provides a powerful and scalable platform to store and exchange data with the flexibility to operate on any EOSIO platform.
The Telos Blockchain will provide users with much better access to transaction processing, storage, and search capabilities than is possible on Ethereum. With further enhancement, Telos has immense potential to become the largest blockchain in the world.
I have gained many knowledge from this homework. Thank you prof. @pelon53 for sharing your knowledge with us.
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