Getting Started With Telos EVM

Bridging

Bridging refers to the process of transferring digital assets from one blockchain network to another. This process is necessary because, although there are many different blockchains, they each operate independently and cannot directly communicate with the others without a bridge. On Telos, users can either bridge between Telos Zero and Telos EVM, or they can choose to bridge assets between Telos and external networks and blockchains.

Block Explorer

A block explorer is like a search engine, but for blockchain transactions. It allows users to view the details of individual blocks and transactions on a given network. Block explorers can be used to look up transaction histories, balances of addresses, the age of a particular block, and more. They provide transparency by allowing anyone to verify transactions and see the overall activity on the blockchain. Each network maintains its own block explorer and Telos is no different, with native block explorers running continuously for both Telos Zero and Telos EVM.

Staking

Staking involves delegating cryptocurrency held in a wallet to support network operations like block validation, security and transactions. In return for staking tokens for set period of time, participants may receive additional tokens as rewards - similar to earning interest in a traditional bank account. With Telos, users can stake TLOS for varying time periods on either Telos Zero or Telos EVM, with the latter option also allowing them to earn additional sTLOS tokens that can be used in DeFi.

Wallets

A crypto wallet is a digital tool that allows users to send, receive and store their digital assets. Cryptocurrency wallets can be software-based (on a computer or mobile device) or hardware devices (like a USB). These wallets interact with various blockchains to enable users to manage their crypto assets, conduct transactions and check their balances. Users can leverage several different wallets within the Telos ecosystem, including the native Telos Web Wallet and the widely used Anchor Wallet desktop and mobile app.

Exchanges

Cryptocurrency exchanges are platforms where you can buy, sell or exchange cryptocurrencies for other digital currencies or traditional currencies, like US dollars or Euros. They function much like traditional stock exchanges, but for digital assets. Exchanges can be centralized (managed by a company) or decentralized (run by smart contracts on a blockchain) and play a crucial role in the cryptocurrency market by providing liquidity and enabling price discovery. TLOS is available across a variety of centralized and decentralized exchanges.

Front Running

Front running is a process wherein network participants can jump the queue and have their transactions processed quicker than other users by upping the fee they are willing to pay. This process creates a less equitable and inclusive experience for all and can also be weaponized by bad actors for nefarious means. With Telos’s fixed gas fee structure, transactions are always processed on a first-come-first-served basis, as they should be.

sTLOS

A key component of Web3 projects that have an active DeFi presence is their liquid staking tokens. On Telos, this token is known as sTLOS and it can be staked for different rates of return as compared to the native TLOS token, while users can also receive governance tokens that can be leveraged for on-chain voting when they stake with sTLOS.