Today we’re happy to announce that Transledger will use the Telos blockchain to power fast, secure cross-chain transactions, including ones involving bitcoin, ether, and other heavily traded tokens globally.
Transledger is an interoperability platform that enables cryptocurrencies to move between blockchains, much like how fiat money can be moved from bank to bank. Use cases include peer-to-peer networks like decentralized exchanges, which allow cryptocurrency users to trade tokens without centralized, third-party exchanges, as well as the management of coins like bitcoin on blockchains with faster and more powerful smart contract features.
With Transledger, cryptocurrencies including bitcoin (BTC), ether (ETH), and Tether (USDT) can move between blockchains while keeping their value, using proxy tokens on Telos and other networks as a mechanism of exchange. By moving tokens like BTC and ETH to Telos, Transledger can fuel half-second transaction times without fees and control through Telos smart contracts. This allows trading on decentralized exchanges to happen at speeds rivaling centralized exchanges, but without users needing to give exchanges any control over their assets.
Along with allowing tokens to securely move between blockchains, Transledger acts as a scaling mechanism for slower networks like Bitcoin and Ethereum, and brings liquidity from high market cap coins like BTC onto decentralized exchanges for the first time. Transledger enables inter-blockchain communication (IBC), allowing chain interoperability to enable multiple use cases, including identity verification, oracles, and the transfer of assets. Decentralized exchanges can use Transledger IBC to operate peer-to-peer networks across multiple blockchains.
“Cryptocurrency users shouldn’t have to rely on a centralized exchange to trade their assets when we have the ability to create secure, peer-to-peer networks,” said Didier PH Martin, CEO at Transledger. “Transledger works to allow tokens to move freely from anywhere while maintaining their value, and Telos’ advanced features make this possible.”
“Supporting decentralized technologies and empowering people with the freedom to manage their digital assets is a key part of the Telos mission,” said Douglas Horn, the Telos chief architect. “I and other Telos core developers have stayed in close contact with Didier and his team for over a year as he developed what I think is the most robust and secure IBC solution to date. The ability to now use these currencies at Telos speeds and to let DAOs manage higher liquidity tokens like Bitcoin using Telos Decide governance tools is a huge step forward in governance and DeFi.”
Transledger has also selected Telos as the blockchain to operate its utility token and sale on to further expand and improve the Transledger IBC technology. Holding the Transledger TLD utility token confers cost savings on the Transledger IBC system. As a Telos-based token, the Transledger utility token could also use the Telos Decide governance engine to allow powerful token-holder voting features in the future.
To learn more about Transledger’s utility token, please click here to read their whitepaper.