Admit it … that just sounds cool, doesn’t it? I mean, how much more macho can one get by using the word “machine” in any sentence. Today, I wanted to talk about this rising crypto star, TLOS, and why I love this project.
Telos (TLOS) is a scaling solution for the Ethereum network. The Ethereum network is the largest blockchain development platform and 2nd in market cap among all tokens. Before I get into it, let’s look at one of the inherent problems with Ethereum so that we can appreciate the benefits of the TLOS Ethereum Virtual Machine or “EVM”.
Here’s an example of how disfunctional the Ethereum network is:
There are several networks, but Ethereum (ERC-20) and Binance Smart Chain (BEP-20) are the main ones on which all transactions in the form of smart contracts occur. In the not too distant past, I didn’t realize that, and accidentally transferred $10 USDT (ERC-20) into my Binance BSC network wallet. I soon realized that it ‘didn’t belong’ so I wanted to transfer that $10 back out to a separate wallet set up on the Ethereum network. Well, in order to transfer $10, the Ethereum network fee is $24.98! And, if I were to hit “Confirm”, the network would have no problem watching me make a losing transaction. Ethereum Network: “Serves you right for not knowing what the heck you were doing! You deserve to lose money.” I’m sorry, but No Thank You!
Herein lies the infamous misgivings of the Ethereum network:
- Expensive network fees, sometimes causing a loss
- No user protection — would allow losing transactions to occur
- Allows Front-Running — you can pay extra transaction fees or “gas fees” in order to bud in line
- Slow transactions per second or TPS
What is TLOS EVM?
The Telos Ethereum Virtual Machine or EVM is like the gears that makes the network go. It is what executes contracts written in coding language like Solidity. As I’ve pointed out above, there is room for improvement. TLOS is the first blockchain to be compatible with both EOSIO and Solidity coding languages, offering developers more breadth and applications.
Ironically, TLOS has processed more blocks of transactions than Ethereum, so in a way TLOS is more mature than ETH, but not necessarily older chronologically. It’s like visiting your 3 year old niece and 6 year old nephew, where the niece is calculating the narrowing radius of a pine cone using only a slice of cheese formed into a makeshift compass, but the nephew is still playing with the plastic thingy that protects plugs in the wall.
Gas Fees and TPS Speed
I’m wondering if a code of ethics is posted in their corporate bathroom, because one of Telos’ tenets called SureProfit does not allow a transaction to process if it will cause a loss to the user. Also, their transaction fees are 1/10 to 1/100 that of the Ethereum network. They don’t allow front-running — sorry, no budding in line. They can handle 100 to 500x the volume as Ethereum. AND, their speed is 30x faster than Ethereum. Their “half-second” transaction speeds means that transactions will appear to be instantaneous. Did I mention they low-energy usage too?
I Can Have My Cake AND Eat It Too?
If you have read any of my other articles, you’ll know I’m big on Yield Farms as a means of passive income. So far, I’ve worked hard to get my crypto passive income up to about $5,000/mo, mostly with Yield Farms, but somewhat with HODLing of ADA and LINK — earn FREE MONEY just by holding tokens! In the picture above, there is a Yield Farm for TLOS-BNB with APR of 139%! It earns in CAKE token, so you harvest that as often as you’d like, then re-invest your earnings to take advantage of compounding interest. If you want to know more, here’s another one of my articles that goes into detail. Click HERE to learn more about Yield Farms and Passive Income.
The second way you can earn passive income is from asset appreciation. The project is Telos.net. Let’s look at their token price chart to see where they stand.
With a market cap of $10 million, I’d say this is a relatively new and budding project. But I am not surprised, and quite pleased, to see the general upward trend of the token TLOS.
With the recent exposure of Ethereum’s shortcomings, and with projects such as Arbitrum and Telos vying to improve the network landscape, I am eager to see increased exposure for this coin and project (and my passive income!).
This is not trade or financial advice. The author has a positions ADA, LINK, and in the TLOS-BNB Yield Farm. The information is provided as educational to showcase the benefits of this token’s project. All trading has risk of loss. Please do your own research.
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