There are many versions of blockchain platforms, and it can seem difficult to move assets at will. Now, London-based blockchain platform Telos has been working with cross-chain system pNetwork, allowing assets to move freely between different blockchains.
Telos intends to create an ERC-20 version of its TLOS token, connecting it to the Ethereum network and expanding its accessibility. This initiative will help Telos, which has over 600,000 accounts, to expand its network further while maintaining decentralization.
Telos plans to list its new ERC-20 token on the decentralized trading platform Uniswap in March 2021. Telos also plans to tap into the Ethereum community while making it easier for anyone to buy or build on its platform.
The company recently raised more than $200,000 in the sale of its T-Bonds asset.
T-Bonds are liquidity NFT (non-fungible tokens) invented by Telos, which enables it to fund its token listing on exchanges, starting with the creation of a large TLOS:ETH liquidity pool on Uniswap.
The Telos-Ethereum bridge will enable TLOS to be moved into Ethereum's DeFi ecosystem. There is almost $30 billion locked into DeFi and the Uniswap platform.
Uniswap touts a 24-hour trading volume of $1 billion, with over 30,000 token pairs and total liquidity of over $4 billion.
Douglas Horn, Telos chief architect, said: "Our integration with pNetwork and Uniswap listing allows Telos to reach new heights as a DeFi and developer-focused network as well as the world's most advanced blockchain governance platform for dapps."
Advances in blockchain interoperability will allow companies like Telos to keep the blockchain network decentralized. The Telos network is one of the most active blockchain platforms in the world, according to Blocktivity.
Decentralization will be useful for developers who, in the future, wish to upload Ethereum bytecode to Telos EVM (Ethereum Virtual Machine) on an EOSIO blockchain, slated to release in Q1 2021.
With the Ethereum Virtual Machine soon to be on the live mainnet after its private beta testing, Telos EVM will enable developers to use Solidity to run smart contracts on a platform.
Thomas Bertani, the founder of pNetwork, said: "Telos and pNetwork share a similar vision, that interoperability and ease of use will play a major role in blockchain adoption."
Allowing Ethereum users to interact with the Telos EVM directly will certainly make blockchain interoperability easier so that blockchain developers provide integration across blockchains. Users will then be able to move their assets from one blockchain to another without any hassle.
Having transparent interaction among major blockchain protocols, including Bitcoin and Ethereum, and scalability through the EVM could benefit all users as interoperability and transparency increase across blockchains.
Disclosure: I have an account on blockchain social media platform Twetch, which has earned $36 from posts made on the platform since October 2019. I use these funds to pay to post and like other posts on the posts on the platform. I have never purchased, sold, or traded any type of Bitcoin.