Place/Date: - July 28th, 2022 at 12:01 pm UTC · 3 min read
Contact: Teleport Network, Source: Teleport Network
Perhaps one of the most evident issues plaguing the blockchain landscape is the siloed nature of existing blockchains, consequently creating fragmented liquidity across board. Assets on one blockchain can hardly be utilized on a separate blockchain, and the entire blockchain landscape exists as various independent ecosystems. For instance, Ethereum-based assets (such as Polygon’s MATIC & Arbitrum’s Arrb) can not be utilized in other ecosystems without the aid of an intermediary entity (such as proprietary bridges).
Although proprietary bridges are the current standard used to bridge liquidity across various blockchain ecosystems, they are largely inefficient, costly, and usually very limited in their reach to other blockchains. The need for infrastructure and tools that promote a multi-chain future where unbounded cross-chain transfers, swaps, and contract invocations are the norm has become evident. This is the fundamental idea behind the creation of Teleport Network, and the TeleWallet integration with Cosmos marks the first step in this direction.
TeleWallet is a Chrome-based browser extension wallet that allows anyone to explore dApps and execute cryptocurrency transfers across both EVM chains and non-EVM chains. It is built on the interoperability infrastructure of the Teleport network, thus making it the first multi-verse & multi-identity wallet. In its latest giant strides to further bridge liquidity, TeleWallet will be integrated with Cosmos, making it the first-ever wallet that grants users the ability to manage both Ethereum & Cosmos assets in the same wallet. Users will be able to store and manage assets from both Cosmos network blockchains and EVM chains all in one wallet, as well as interact with dApps, and write contracts on each respective chain.
Teleport Network is an innovative interoperability platform geared with a mission to accelerate dApps and crypto assets towards a multi-chain future, and it constantly implements new approaches to accomplish this. Teleport Network consists of a cross-chain messaging protocol (XIBC) developed for Teleport bridge implementation, an omni-chain wallet (TeleWallet), and developer SDKs for cross-chain dApp integration.
Currently, Teleport testnet bridge supports Ethereum, BNB Chain, Arbitrum, and Rinkeby. “We chose these chains for our initial testing as they are prevalent and will allow us to perfect our EVM cross-chain transactions. In the future, we plan to expand Teleport Wallet to support more EVM chains & non-EVM chains (like BTC and Solana) and all currencies on each respective chain, just as a Metamask wallet would” said a statement by Teleport’s Developer Relations Lead, Cooper.
The phenomenal expansion of the Teleport community is something to be thrilled about. A beta test campaign for TeleWallet resulted in more than 30k transactions being logged, demonstrating the power of our community and our product’s ability to handle the demand. The latest upgrade to TeleWallet (with Cosmos integration) is available in public beta version, and the official version is slated to be released in the coming weeks. Existing users with the TeleWallet already installed will automatically be updated to the latest version. You can also download it here and try it out.
In the future, Teleport aims to keep expanding its community and product features as we approach mainnet launch. Both EVM and non-EVM chains will continue to be added to the network to provide users with the greatest level of interoperability within the blockchain industry. The new launches will mark the beginning of a developer grant program that will be used to fund some incredible new projects to be built on the Teleport Network.
We invite you on this journey to explore the immense possibilities of a fully interoperable Web3 ecosystem.
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