News Release
Revolutionizing Inter-Blockchain Communication
Telos Foundation
Trustless Inter-Blockchain Communication (IBC) is a cutting-edge technology that holds the potential to revolutionize the way different blockchains interact with each other. It’s a major advancement over current IBC solutions as it eliminates the need for intermediaries and provides a secure and trust-free way for blockchains to communicate with one another. Telos’ vision for Trustless IBC is to provide a scalable and highly efficient solution that fully leverages the benefits of IBC, providing the best possible user experience for developers and users alike. This technology was built by the UX Network team and will initially interconnect all Antelope coalition chains in a trustless way. This technology is important in enabling Telos to achieve its vision of a truly decentralized, secure, and connected world. The goal is to create a network effect that has the potential to connect with other ecosystems. Multiple Side Chains Potential Trustless IBC’s capacity to support multiple side chains is one of its most alluring features. This means that developers can create new and innovative solutions by constructing new side chains that interact with the main chain, offering limitless growth and innovation opportunities. With Trustless IBC, developers are unrestricted in their ability to create solutions that take advantage of the unique benefits of each side chain. Horizontal scaling via side chains is just the tip of the iceberg, connecting these existing chains will create a network effect with the possibility of other ecosystems like Cosmos also on the horizon. App Specific Chains As a project grows, it becomes increasingly important for it to have the ability to handle larger amounts of user data and transactions. For example, as digital platforms like VirtualStaX or Appics attract more users, the challenge of handling large amounts of data and transactions becomes more pressing. Scaling a platform to meet this growing demand while maintaining security and efficiency is critical for success. This is where Telos’ Trustless IBC comes into play, offering a solution that enables these platforms to have their own side chain that operates independently, yet securely connected to other blockchain networks. With Telos’ Trustless IBC, these platforms can scale to accommodate millions of users without sacrificing performance or security, providing a secure and scalable solution for their future growth. Use Case Specific Chains Use-case specific side chains have the potential to revolutionize the way transactions are made and processed. For instance, a privacy chain specifically designed for secure transactions would provide a much-needed solution to users who value their financial privacy. Transactions made on this chain would still use TLOS but would require code changes and technologies such as ZK snarks to obscure transaction data, making it difficult for anyone to track and monitor the transactions. With Telos’ Trustless IBC, new chains like a privacy chain can be easily added to the network, providing greater flexibility and scalability for users who require specific use-cases. This ability to add new chains and connect them securely with our transparent mainnet makes Telos’ Trustless IBC an ideal solution for developing use-case specific side chains and unlocking their full potential. Unlimited TPS and Scalable Solutions Another major benefit of Trustless IBC is its ability to provide unlimited transaction per second (TPS) and scalable solutions via horizontal scaling. With Trustless IBC, developers can build high-performance solutions that are designed to meet the specific needs of their users. This makes it possible to create fast, efficient, and scalable solutions that can handle the increasing demands of the modern world. Specific Use Cases for Developers Trustless IBC has numerous specific use cases that developers can use to create new and innovative solutions. Developers, for example, can build solutions that enable the transfer of digital assets between blockchains, thereby creating new investment opportunities and opening new markets. Developers can use Telos to create decentralized exchanges, prediction markets, gaming applications, and more. These applications can then be connected to the Telos network, leveraging the benefits of decentralized technology and the ability to transfer data and assets between side chains, without requiring users to trust a third party. Multichain Exchanges / Atomic Swaps Through implementing Telos’ Trustless IBC, both multi-chain exchanges and atomic swaps could gain numerous benefits. For atomic swaps, Telos’ Trustless IBC could provide increased security and reliability, making it easier and more secure to execute swaps across different chains. The trustless nature of the IBC connection reduces the risk of transactions being compromised, and the ability to create use-case specific side chains for added security and efficiency. Telos’ Trustless IBC offers a more flexible and scalable solution for atomic swaps, allowing for easy integration of new chains and assets as the ecosystem evolves. For multi-chain exchanges, Telos’ Trustless IBC offers a more seamless and secure experience for trading digital assets across different blockchains. No longer relying on slow and potentially vulnerable centralized bridges, users can securely and instantly move assets through IBC in a trust-free way without intermediaries, reducing the risk of lost or stolen assets in transit. This provides a more comprehensive and user-friendly platform, while also allowing multi-chain exchanges to add new chains and assets more easily and efficiently, thereby increasing their competitiveness and appeal to users. Trustless Bridges Trustless bridges, such as Telos’ Trustless IBC, offer a major advantage over traditional bridges that require oracles and trusted intermediaries. The trustless nature of the connection between blockchains eliminates the risk of transactions being compromised or tampered with, as there is no need to rely on a trusted third-party to act as an intermediary. Trustless bridges are also faster and more efficient, as they eliminate the need for potentially slow and insecure centralized bridges, and allow for seamless, instant, and secure asset transfer between blockchains. Historically, centralized bridges and oracles have been vulnerable to security breaches, leading to significant losses. Telos’ Trustless IBC solves this problem by eliminating the need for middlemen and providing a secure and trustless connection between blockchain networks. This enhances the security of cross-chain transactions, reducing the risk of assets being lost or stolen. Below you can find a list of historical examples of these security vulnerabilities and the losses. Conclusion Telos’ vision for Trustless IBC is to provide a highly efficient, scalable, decentralized, and secure solution that opens a whole new world of possibilities for developers. With its ability to support multiple side chains, unlimited TPS, and its wide range of use cases, Trustless IBC is set to be a game-changer in the world of blockchain technology. By leveraging this powerful technology built by the UX Network, Telos has the potential to significantly impact the future of decentralized technology. Join us in creating a better-decentralized future together. About Telos The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG-compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Build with us. Follow Telos Website | Twitter | Discord | Telegram | Medium About Telos Live since 2018, Telos Blockchain (ticker: TLOS) is an ESG compliant Layer 1 smart contract platform that offers full-service compatibility with Solidity, Vyper and Native C++ smart contracts. The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Come build with us. About The Foundation The Telos Foundation is a Decentralized Autonomous Organization established as a promotional and funding body to advance the Telos Blockchain Network and provide support to network applications. Contact Details The Team hello@telosfoundation.io Company Website https://www.telos.net/
February 08, 2023 11:08 AM Eastern Standard Time
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