On Friday, June 24th, we had the pleasure to welcome to our Telegram chat:
Cooper, A member of the team at Teleport Network.
We asked him questions about the development of Teleport Network.
Q~ Thanks for joining us today, could you give a brief introduction of yourself and the team behind Teleport Network to our community firstly ?
A~ Teleport Network is an infrastructure for cross-chain interoperability. It consists of an external blockchain, cross-chain messaging protocol (XIBC), an omini-chain wallet and developer SDKs for cross-chain dApp integration. With this technology, Teleport can provide the actions of a relay chain or intermediary chain between any two chains to facilitate cross chain token and NFT purchases or contract invocations.
The Teleport Network team consists of seasoned head developers that worked at major firms such as Nokia, Hewlett-Packard and Binance. Our developers have 14 years of working experience between them with 5 of those being in the blockchain industry. In addition, with our great community development and operations team, we are expecting to see incredible growth within the network. In addition, we have the support of Funtaro labs and ByBit, who are both helping incubate Teleport, providing support to the project through its journey.
Q~ Tell us about Teleport Network and the inspiration that got it started ?
A~ Teleport is a very future-oriented organization and we believe that the future of Web 3.0 will consist of interconnected blockchains, rather than the myriad of siloed blockchains that currently exist. Teleport recognized the issue of cross-chain transfers early on; the high fees, low liquidity and lack of tokens which were transferable were just a few of these drawbacks of the current system. Additionally, most bridges were proprietary to dApps which made them very difficult to locate and limited the number of chains which they could access.
To solve this issue, the Teleport team set out to create a hub for DEFI, NFT’s and cross-chain transfers. Offering excellent liquidity, token options and selection of blockchains for its users. This is the basis of the Teleport Network and what we are working on bringing to you.
Q~ Compared to other cross-chain protocols, can you tell us what difference does your product bring ?
A~ One of the key factors which sets Teleport Network apart from other protocols is its unique approach to connecting blockchains. Unlike other protocols which may just bridge Eth to Cosmos or vice versa, Teleport looks at the most efficient method of transfer both to and from a chain. Here is a graphic to illustrate this below.
Because of this different approach, we are able to connect to chains like BTC, Cosmos, Polkadot and EVM chains all through one Network. Additionally, because the infrastructure is modular for each new chain, there are no limitations to the additional chains that we can add; allowing us to grow with the market trends and technological advances.
Q~ Can you share with us details on the $TELE token. What are the unique utilities of this token ?
The main token on the Teleport Network is the TELE token. This token serves five key functions:
-> Gas during transactions
-> The consensus mechanism via staking as a validator
-> On chain governance
-> Delegation rewards
-> Excellent liquidity incentives for users to provide to the global liquidity pool.
In regards to tokenomics, the token has a total supply of 1 Billion tokens with a hard cap. New tokens will be minted per the issuance scheme (a release over the course of 72 months after mainnet launch) and controlled by the DAO.
The distribution of the token is as follows:
->Governance rewards; 35%
->DAO treasury; 34%
->Marketing & Operations; 5%
Q~ What significant milestones has the team attained, can you unveil some of your most exciting plans for 2022 ?
A~ Absolutely, right now we have a functional testnet with our bridge application which allows us to test transactions across networks. Additionally, our Omni-chain wallet is undergoing a beta test right now which we would urge everyone to join. Both of these pursuits have been extremely successful thanks to our great community which has provided thoughtful feedback and uncovered issues within the network.
Looking forward, we are planning to launch a bug bounty program as well as incentivized validation near the end of the testnet. This will allow us to ensure our product is set for mainnet launch.
Finally, as we launch the mainnet, we will be unveiling new dApps and functionalities as well as providing an ecosystem grant for talented builders to develop on Teleport.
QUESTIONS FROM TWITTER
Q~ I read that a couple of days ago the Teleport Wallet Beta Test campaign started, so, could you give us more details about it. How long will this test last. How will users be able to participate in this Campaign. What benefits will they get from participating in this Beta test ?
A~ Absolutely! The campaign started on June 20th and will run until July 4th. The program is centered around testing the functionality of our omni-chain wallet at a larger scale, finding bugs and determining how the wallet functions with a greater number of daily active users. Teleport is very adamant on getting user feedback in all facets of the project and this is no different. We want to hear the user’s voice and we will make our changes based on that.
As of right now, 8000+ wallets have been downloaded in the last 3 days and the community is coming together to help test this product. You can participate in this campaign by firstly joining our discord, downloading and testing our wallet, and finally filling in the feedback form. Based on the feedback, users will be rewarded with up to 700 TELE tokens each for a total of 7300 TELE tokens which can be won during this campaign.
If you are interested in helping Teleport and gaining some TELE tokens, please consider joining our Beta test.
Announcing Teleport Wallet Beta Test — Try first ever multi-verse and multi-identity wallet
Our journey so far has been nothing short of awesome, and it is all thanks to you all — our community members. We are…
Q~ You offer Multi-Chain Integration support via the XIBC protocol. So does this chain cover all dApp projects or is this integration support provided for new projects developed later ?
A~ Integration with Teleport is intended to support all dApps new and old. We realize that some of the best builders and Web 3.0 creators have already started projects and would be looking to simply expand across chains and we are in full support of that. Regardless of whether the creator is new or old, we want to attract the best of the best to Teleport.
We plan to do this through our grant program which will incentivize developers to build on Teleport and add to its overall functionality. If you are a builder please keep your eyes out for this, come the mainnet launch. In the meantime, please feel free to join our Discord and Telegram to stay up to date with all of the latest Teleport news.
QUESTIONS FROM TELEGRAM
Q~ I want to know a lot about Teleport Network. Token Burn and recent acquisitions are trending as well. What are Teleport Network thoughts and plans on this. (Deflation / Inflation code) ?
A~ Being that the TELE token already has a hard cap and a longer release schedule, the tokenomics are much more attractive than other protocols with an inflationary model. Additionally, Teleport has a lower total supply of 1 Billion tokens which will make it more valuable as time goes on. Having said this, the functionality to burn tokens is still available and although we are not planning on currently using it, it does exist. Great question!!!
Q~ I am an experienced developer and ethical hacker, do you have plans for hackathon so as to check the security of your ecosytem periodically and also invite developers to build ?
A~ That is great news. We are currently planning a bug bounty as well as an incentivized validation program for the near future. A hackathon is also in discussion. We are always looking at testing our netowork's capabilities and making sure that we continuously deliver the best product to our users. Both of these programs i mentioned above will be incentivized and if you are interested in helping Teleport with testing its technology, I would encourage you to participate in the Beta test of our Omni-chain wallet. Another amazing question !!!
Q~ Do you have any plans to attract non-crypto investors to join your project because the success of a project attracts more investors who haven't yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space ?
A~ Absolutely. We have a very experienced PR team which is working on putting out content to educate all types of investors and users of our project. Additionally, we have a great support system through Funtaro Labs and ByBit which allows us to get into contact with some of the best investors and developers in the industry. However, the basis of every great project is its technology and we know that by connecting some of the best blockchains in the Web 3.0 ecosystem and by serving as a hub for DEFI and NFT's, we will attract all types of investors and users to Teleport.
Even if you were not able to get your question answered today, we still have plenty of opportunity for you to ask your questions in the Teleport Discord and Telegram channels. Additionally, to gain some rewards for your efforts, please consider joining our ambassador program and participating in our Beta test for our Omni-chain wallet where you can gain some $TELE tokens. Thank you all so much for coming out today to the AMA. Here is a final link to all our socials for you:
It’s really nice having the Teleport Network project in here!!!
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