TeDeFi is the new scalable blockchain solution that integrates with Telegram allowing developers to build decentralized applications on the social network and cryptocurrency users to transact in crypto from their Telegram accounts. The TeDeFi blockchain protocol solves the problem of centralization and intermediary interference common in the crypto space today.
The TeDeFi Solution
As the crypto space continues to expand, the goal of decentralization, which blockchain technology represents, continues to elude most blockchain projects. Most of the prominent stakeholders in the crypto space are centralized bodies, governed and structured like regular companies.
Due to the influence of these companies, crypto users have to deal with bottlenecks like transaction limits, wallet creation, and passphrase safekeeping, not to mention that when a passphrase is lost, the wallet and the funds in it could be lost as well. To interact with a decentralized exchange, one would need a wallet application or extension, most of which are owned by centralized institutions, defeating the purpose of blockchain creation.
TeDeFi offers a breath of fresh air to crypto enthusiasts longing for actual control over their assets and governance ability over blockchain networks. By integrating with Telegram and using its MTProto Protocol, TeDeFi assures users of security, scalability, ease of transactions, and total asset control.
TeDeFi is built to model the validation consensus protocol used by the Binance Smart Chain network. A group of validators, twenty-one in number, are trusted to confirm transactions and ensure optimal network propagation. Users will prove their trust in each of these validator nodes by staking, and another could replace any node that does not meet the requirements.
The BSC network runs on a Proof of Staked Authority model, unlike Bitcoin, which adopts the Proof of Work model, and Ethereum, which recently switched to Proof of Stake. TeDeFi adopts a similar consensus model. The validator nodes in the TeDeFi network also double as webhooks for the API function of Telegram bots, which are integral in the building of dApps on Telegram.
How is TeDeFi secured?
With Telegram’s MTProto Protocol, TeDeFi can assure its users of maximum funds safety and information encryption. MTProto features three notable layers that help the propagation of messages within the network securely, acting as the only intermediate between the TeDeFi blockchain and Telegram.
The first layer, API Query Language, converts information from the API to binary languages, readable by computers. These messages are then transmitted to the Cryptographic Layer, which is in charge of authorization. The authorization layer encrypts the messages to prepare them for transport throughout the network. The transportation component helps the clients and the servers to transmit messages over existing network protocols.
Widely regarded as nigh impossible to breach, the MTProto Protocol is the perfect partner for TeDeFi to thrive due to its promise of maximum security for users.
TeDeFi Telegram Exchange
The first significant innovation that the TeDeFi blockchain will implement on Telegram is a decentralized cryptocurrency exchange rollout. Users will be able to deposit, withdraw and exchange their favorite cryptocurrencies right from their Telegram accounts. They will also be able to trade the native token of the TeDeFi ecosystem, $TEFI. In the future, the TeDeFi team will add more features to the Telegram Exchange, like order book, advanced trading tools like limit orders, and token swap options to trade one token for the other.
The TeDeFi Token
Like every prominent blockchain solution, TeDeFi has a native token, $TEFI, responsible for governance power, amongst other utilities. $TEFI, with a total supply of 86,800,000, will cover transaction fees on the network, discounts on trading fees on TeDeFi Telegram Exchange, staking, and validator rewards.
$TEFI will initially be deployed on the Binance Smart Chain, and complete migration to the TeDeFi network will roll out in Q2 2022. The sales of $TEFI have been completed on the Telegram Exchange at $0.05 per token. According to TeDeFi’s website, the token’s price is currently around $0.12.
What Lies Ahead for the TeDeFi Ecosystem?
The TeDeFi team invites developers to begin building dApps with their Telegram innovation. These applications will be fully automated, providing users with a smooth experience. P2P transfers on Telegram us in the works, and the TeDeFi mainnet is expected to go live in 2022.