Interoperability Platform to Use Telos Tech for Cross-Chain Transactions

Transledger's platform enables inter-blockchain communication allowing cross-chain transactions to speed up decentralized exchanges and give Bitcoin the features of smart contracts.

Listen to article Telos announced on May 26 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 peer-to-peer applications like decentralized exchanges, along with enabling management of coins like Bitcoin with faster and more powerful smart contract features.

Technology brings benefits to decentralized exchanges.

Transledger enables coins including Bitcoin and Ether to move between blockchains while keeping their value, using proxy tokens on Telos as a medium of exchange.

This allows these coins to take advantage of Telos smart contracts and half-second transaction times without fees.

Using this technology, decentralized exchanges could provide trading speeds to rival centralized exchanges, but without users having to give up control of their assets.

"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."

Telos is ranked as one of the most active blockchains in the world, according to data from Blocktivity.

At the beginning of April, Telos teamed up with Genobank to develop a private coronavirus testing application, which has since secured a $50,000 grant from Block.