Telos announced that Transledger will use its blockchain technology to power an interoperability platform enabling cryptocurrencies to move between blockchains.
The Transledger platform aims to bring improvements to P2P applications like decentralized exchanges.
This will enable the management of cryptocurrencies with faster and more powerful smart contract features to move between blockchains while keeping their value, using proxy tokens on Telos as a medium of exchange.
The cryptocurrencies could take advantage of Telos smart contracts and half-second transaction times without fees.
Decentralized exchanges could provide trading speeds to rival centralized exchanges, but without users having to give up control of their assets.
It can also bring the liquidity of high-market cap coins like Bitcoin onto DEXs for the first time.
Transledger CEO Didier Martin said:
“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.”
Moreover, its further use cases include identity verification, oracles and transfer of assets. According to data from Blocktivity, Telos is ranked as one of the most active blockchains in the world.
Source: Cointelegraph | Image: Unsplash