Ask Me Anything with Teleport Network at ICOSpeaks: AMA Summary May 18-th held an Ask Me Anything session at ICOSpeaks telegram chat. From the Teleport Network side there was:
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Cooper P | developer community lead | @cooperp12
👨💻AK | developer community lead | @Tha_Commodore
Hello, my name is Cooper and with me is AK. We are the developer community leads for Teleport and we are happy to be here with you today to discuss our project.
Let’s get started!
Q: Could you give us a brief overview of Teleport?
A: Teleport Network is an infrastructure for cross-chain interoperability. It consists of an EVM-compatible blockchain built on top of Ethermint (Teleport Chain), a cross-chain messaging protocol (XIBC), an omini-chain wallet and developer SDKs for cross-chain dApp integration. With this technology, Teleport acts as a relay chain or intermediary chain between any two chains to facilitate cross chain token and NFT purchases or contract invocations.
Q:What is XIBC?
A: XIBC is a cross-chain messaging protocol based on IBC for teleport bridge implementation. IBC is unable to handle blockchains without fast-finality, however; XIBC improves this while incorporating the ability to handle blockchains with different structures such as BTC, EVM chains, Cosmos and Polkadot.
Q:What is the background of the Teleport team ?
A: 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 blockchain development experience between them and with a great community development and operations team, we are expecting to see great growth within the network. In addition, we have the support of Funtaro labs, an incubation laboratory which will provide support to the project through its journey.
Q:Why are you launching a new blockchain? How does Teleport compare to its competitors?
A: Launching a new chain allows teleport to effectively serve as a relay chain between two other distinct blockchains that may not operate on the same protocol (I.e. BTC and Cosmos). Looking at the other alternatives, dApps are required to create proprietary bridges to facilitate a value transfer over two different networks. Teleport is different as it invokes the XIBC protocol which allows teleport to provide a framework for cross chain transfers, does not require the creation of any proprietary bridges, and provides users access to global liquidity. Teleport, as a relay chain, can greatly improve the scalability of the entire cross-chain system. When accessing a new chain, it does not need to establish connections with other existing chains, but only needs to establish connections with teleport chain.
Q:What are the functions of your TELE token ? Can you break down its tokenomics and distribution?
A: TELE token serves five main functions; gas in transaction fees, the consensus mechanism via staking as a validator, chain governance via voting on validators by TELE holders, delegation rewards when delegating TELE to validators, and finally excellent liquidity incentives for those who provide to the liquidity pool. The token has a fixed 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) and controlled by the DAO.
For detail tokenomics, please refer to our whitepaper:
TELE token is to be distributed as follows:
Governance rewards; 40%
DAO treasury; 40%
Marketing & Operations (Team); 5%
Q: How does teleport combat the issue of scalability within blockchains?
A:There are two key features of Teleport which will maximize our scalability:
1) Firstly, we combat the issue of scalability by taking a different approach to connecting each chain. For EVM chains, Ethereum itself, and Solana, we use light client to send information to teleport. When sending information to these chains, we use a TSS to make the transactions as cost effective as possible.
Looking at other chains such as BTC and chains without smart contracts, we use the TSS protocol to interact with the blockchain. We also use the TSS protocol with Layer 2 solutions as they do not have general blockheads.
Finally, we use Substrate IBC and Cosmos IBC to connect with the Polkadot and Cosmos ecosystems respectively.
Because Teleport is able to interact with so many different blockchains via a variety of protocols, we are able to adapt to change as it happens and are not bound to a specific technology. This allows us to scale with industry trends and be a leader in cross chain interoperability no matter the chain.
2) Each chain can connect to the Teleport Chain, using Teleport as a relay chain to communicate with other chains which are already connected to Teleport.
For example, without Teleport, if you want to send information from Avalanche to Cosmos, you need to establish a proprietary bridge system and framework with enough liquidity to execute that transaction.
However, with Teleport, connections from Avalanche to Teleport and Teleport to Cosmos already exist as a framework which can be built upon. Since the connection is already established, developers can easily implement dApps whereby Teleport chain and the XIBC protocol will handle cross chain transactions.
Q: When and where can I buy your tokens? Is it already listed exchanges?
A: We are still in the test net phase right now and the token is not listed yet. If you would like to know the latest information and get ready for our mainnet launch which is happening late July / Early August when the tokens will be released
Q: On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
A: Teleport has undergone a third party audit by Blocksec, a heavily endorsed auditor by major firms such as Bybit, Near protocol, and Crypto.com. This audit report can be viewed on our github : https://github.com/teleport-network/audit.
Q: Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
A: Teleport is a framework and as such will allow developers access to global liquidity, extremely fast transfers as well as the ability to buy tokens on other blockchains and buy existing NFTs with tokens on different chains as well
Q:Can you give an overview of your Tokenomics, and the UTILITY of Token?
A: The main token on the teleport network is the TELE token. This token
serves five main functions; gas in transaction fees, the consensus mechanism via staking as a validator, chain governance via voting on validators by TELE holders, delegation rewards when delegating TELE to validators, and finally excellent liquidity incentives for those who provide the liquidity pool. The token has a fixed 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) and controlled by the DAO.
Q: IS your project only for elite investors, what about others with small funds, is it open to everyone?
A: Teleport plans to become fully decentralized through our novel on-chain governance mechanism, and TELE token holders will play a majority role in governance by voting for validators to secure the network.
Q: Are you afraid some day there will be another project with more innovative technology can replace your project ?
A: Because teleport can support nearly every type of network, Teleport is able to adapt to market changes as well as technological advances very quickly. Looking at our project now, we have taken older blockchains like BTC and are making them interoperable with chains such as Cosmos and Polkadot. This is just one example of how adaptable Teleport is and how we will be able to integrate with new and innovative technologies to be a project that thrives long term
Q: According to the project’s roadmap- what are your most important next priorities?
A: Mainnet is expected to launch in Late July / Early August of 2022, you can follow our twitter/discord to stay tuned. To attract developers, we are launching a series of exciting programs. Firstly, backed by top VCs, we will be launching a developer grant and ecosystem fund. Through this fund, we want to incentivize developer teams to build products with our revolutionary infrastructure. Imagine the dApps which could be built on an EVM-compatible public-chain which connects to Ethereum, Cosmos, Polkadot, Solana and Bitcoin. Not only this, our XIBC protocol is open to everyone, with XIBC, developers are able to scale their product to an omini-chain level which would bring far more users to their applications. Through our upcoming ambassador program, we aim to reward developers who are active in the bug bounty and incentivized validation programs which are outlined in the token distribution. This ambassador program also extends to members of our community who are not developers, but still work to promote Teleport and help expand the community.Finally, we strive to provide a comprehensive support system to developers in the network through our social media channels.
Q: I am interested to invest in your project. When and where can I 𝐛𝐮𝐲 𝐲𝐨𝐮𝐫 𝐓𝐨𝐤𝐞𝐧𝐬 ? Is it already listed exchanges?
A: We haven’t launched our tokens yet. We’re fully focused on improving our infrastructure to enable and enhance communication between siloed blockchains.
To keep your abreast of the Token info, kindly join our channel.
Q: Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?
A: Yes, Teleport network will allow for the purchasing of NFTs on all integrated chains with our global liquidity system. Through this, Teleport aims to be an NFT hub whereby NFTs on all chains can be bought and sold. In addition to this, Teleport is also going to be a DEFI hub where projects can gain access to our global liquidity and provide DEFI for all chains.
Q: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
A: Teleport aims to be a decentralized entity and holding the TELE token will allow users to vote in chain governance as well as provide them with delegation rewards from staking. Finally, TELE token is used for gas within Teleport network and will also derive value from its use in our very integrated ecosystem. All three of these factors should encourage users to look at our token as a long term investment
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: Because Teleport is a hub for a multitude of different blockchains we feel that it breaks down the barrier for newer crypto-investors and blockchain users as it allows them to explore different chains and access global defi in a much more intuitive and seamless manner. Because of this we feel that all types of investors will be accounted for in this project
Q: Our project is for all communities, we have various language channels in our discord and are happy to add more as our communities grow.
A: Here is our discord linK 👉👉👉
ICOSpeaks hosted an AMA Session with the Teleport Network Team. That’s all for today.
Thanks to all users who participated.
Thanks, Teleport Network for being with us
Thanks, all and see you soon😉
Wanna know more?
Take a look at our other ama sessions