As blockchain technology continues to evolve, it has encountered certain obstacles that threaten the very purpose of its existence. Blockchain tech represents decentralization— the distribution of governance and power among many people and eliminating third parties and intermediaries that can inhibit the free flow of transactions. While decentralization is a popular term in the world of blockchain tech, one look at the status quo reveals that decentralization in blockchain applications remains a distant reality.
Centralized exchanges represent the biggest names in the crypto space. They have such power that they can determine the success or failure of a project. Another hindrance that centralization presents is the need to interact with a third-party application to initiate the transfer of cryptocurrencies. As such, they determine what is applicable and what is not, and issues like deposit and withdrawal limits, KYC, transfer limits rear up their ugly heads. Centralization’s control over cryptocurrencies is unwelcome, hence the need to shift to systems that hand the users more control and remove the intermediaries.
TeDeFi is short for Telegram and Decentralized Finance, and it represents a transition from the norm to a whole new adventure that fuses social media with the blockchain. TeDeFi creates a protocol that allows developers to build Telegram bots to run their dApps, and users to interact with dApps right from their Telegram accounts.
TeDeFi is a blockchain network modeled after the Proof of Stake and Authority (PoSA) consensus model adopted by the Binance Smart Chain. TeDeFi is unique because it integrates social media, allowing users to interact with the blockchain from their Telegram accounts and developers to build bots that can carry out transactions on the TeDeFi protocol. The TeDeFi innovation means that third-party integrations exit the equation, allowing seamless transacting, and eliminating regulations of centralization.
TeDeFi uses the MTProto Protocol to ensure secure end-to-end communication between users and dApps in Telegram as they interact with the blockchain. Telegram’s protocol allows applications running on mobile to access a server API, which explains how TeDeFi can securely support cryptocurrency transactions right on the Telegram application. Three components make up the MT Protocol. The High-level component is the method that modifies API queries and feedback to binary messages. The Authorization layer is responsible for encrypting the information in preparation for transmission through the transport protocol. The Transport component is then responsible for the to and fro movement of messages through the protocol.
Modeled like the Binance Smart Chain, the TeDeFi network borrows the same 21-validator format. TeDeFi depends on twenty-one validators using the Proof of Staked Authority consensus protocol. These validator nodes also serve as we hooks, supporting the Telegram Bots API.
Hosting a crypto exchange on a social network is an innovation. The TeDeFi Telegram Exchange proves the blockchain’s ability to provide true decentralization and control to the users. On the Telegram exchange, users can trade or invest in the native TEFI token, and future innovations will come with features like token swap, trading tools, and order books.
The $TEFI coin will govern the TeDeFi blockchain. $TEFI comes with a host of utilities, which include validator rewards, governance and voting power, staking, transaction fees, exchange fees discounts, amongst others that will drive value to the token price as the TeDeFi ecosystem expands.
Presently, the $TEFI token is built on the Binance Smart Chain, and full migration of $TEFI on BSC to the native TeDeFi network is in the works and will be rolled out in Q2 2022. $TEFI tokens will be offered in the public sale on the TeDeFi Telegram Exchange. Users will be able to trade their tokens right on their Telegram accounts. The total supply of the token is fixed at 86,800,800. Find the $TEFI contract address here.
TeDeFi is poised to change the narrative and provide true decentralization, security, and automation to the cryptocurrency space. Affiliate rewards and airdrops are in the works, along with integrations with major wallets (Trust Wallet, MEW, and Metamask) and P2P transfer functionality.
Check out the TeDeFi website for more information.
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