Telegram's cryptocurrency story is not new. So far, the social media giant remains the major player with the required capacity to support crypto payments and transactions. Through Telegram bots, several crypto projects have conducted airdrops and also have growing communities on the network. Yet, only a few have managed to integrate crypto payment systems with Telegram.
Imagine a blockchain network that links directly with Telegram and allows developers to build dApps and host them with Telegram bots to facilitate instant interaction with the blockchain from a Telegram account. TeDeFi is a blockchain innovation that harnesses the power of Telegram to bring DeFi applications to crypto users without the influence of intermediaries and centralized exchanges.
The application of blockchain technology goes beyond cryptocurrencies and financial services. Yet, cryptocurrencies have dominated the blockchain industry, as its application in other sectors remains either unpopular or yet in the works. While the crypto space has largely bloomed late, becoming a market valued at over $2.5 trillion, curious issues yet abound that question the very fundamentals of blockchain technology.
Centralization remains the primary bottleneck that threatens the very purpose of blockchain technology. The ideals of the blockchain support security, transparency, distribution of power, and accountability. Yet, most services built to support activities carried out on the blockchain, like cryptocurrency exchanges, do not represent these ideals. Instead, they operate like firms, governed by a few, with little or no transparency in their operations.
Crypto users, when interacting with centralized exchanges or wallet applications, face issues like funds security, transaction limits, identity verification tests, and regulatory limits that inhibit the freedom to carry out transactions smoothly. People have experienced account bans, sometimes indiscriminately, that have led to the loss of funds or the inability to access their crypto.
Many more bottlenecks abound, and TeDeFi seeks to change all that by removing the limitations of centralization, making it possible for anyone with a Telegram account to buy or sell cryptocurrencies, and interact with their favorite dApps. Through its integration with the MTProto protocol, TeDeFi assures maximum security as they transact straight from their Telegram applications.
The TeDeFi blockchain follows the model of Binance Smart Chain, which is built on the Proof of Staked Authority model, with 21 validators securing the network. The blockchain gives room for the staking of native tokens to either of its validator nodes, acting as webhooks for the Telegram Bot API on which dApps will run.
Along with the PoSA consensus protocol, TeDeFi uses Telegram's MTProto protocol to secure messages between the blockchain and an external server. MTProto is split up into three major components that sum up the entirety of its operation. The first layer is the API language component that converts messages from the API server to binary form, readable by the computer. The data is transmitted to the authorization layer, which ensures its encryption. Then the transport component sends the messages between the API server and an external server, facilitating blockchain transactions directly from Telegram.
As TeDeFi launches its blockchain on Telegram, the first product the project will roll out is the Telegram Exchange. Users will be able to buy, sell, send and receive their favorite cryptocurrencies right from their Telegram accounts. The decentralized exchange will also add advanced trading orders (limit orders, stop orders, etc.), order books, and token swaps. One can find the timeframe for these updates on the roadmap here. Exchange fees and transaction fees on the TeDeFi blockchain will be paid with $TEFI.
It is now commonplace for a blockchain solution to have a native token for governance, transaction fees, staking, and validation and add more value to the ecosystem. The $TEFI token is the native token of the TeDeFi blockchain. $TEFI will have a total supply of 86,800,000, and utilities like governance, staking rewards, exchange fee discounts for holders, and transaction fees on TeDeFi.
Presently, $TEFI is built on BSC, and an official migration is scheduled for 2022. With even more innovations to come, dApps, and advanced exchange tools, TeDeFi appears set to offer a truly decentralized economy to cryptocurrency lovers.
Check out the TeDeFi website or TeDeFi bot for more information.