INTRODUCTORY QUESTION

Asia community: What is Teleport? What does Teleport aim to do?

Cooper: 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.

Asia community: What are the functions of your TELE token ? Can you break down its tokenomics and distribution?

Cooper: 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: https://static-files.teleport.network/whitepaper/Teleport_Whitepaper_v1.0.pdf

The token supply of TELE is capped at 1,000,000,000, and to be distributed as follows: Governance rewards; 35% DAO treasury; 34% Investors; 10% Team; 13% Airdrop; 3% Marketing & Operations; 5%

Asia community: What is upcoming in Teleport’s roadmap?

Cooper: 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. developers in the network through our social media channels. Paired with our ambassador program, Teleport is aiming to grow our community aggressively and get everyone excited for our mainnet launch.

Asia community: You mentioned an ambassador program, what does this consist of? Can our members get involved?

Cooper: Through our upcoming ambassador program, we aim to reward community members and developers who are active in helping us build our community and developing on top of our technology. In the test net phase, we have asked users to help spread word about Teleport as well as report any bugs with bridging and validation. We feel that correcting these bugs early on will play a vital role in the success of the protocol and will enable a seamless mainnet launch. Our ambassador program is a tiered system whereby contributors are rewarded based on how helpful they are in building our community and developing our infrastructure. These developers and users are compensated for the value they add with an NFT and a token allocation proportional to the value they have provided. We would encourage all of your members to join our social media platforms like discord and telegram and, if they are interested in this program, to DM AK or myself about becoming an ambassador or contributor for our Network. The program officially launches on the 30th so stay tuned for more details from the Teleport team on that date!

Asia community: can you please provide us with your relevant links for our members reference?

Cooper: Of course! Here is our Linktree with all of the links for Teleport! : https://linktr.ee/teleportnetwork

TWITTER QUESTION

Asia community: From @Sadikbd3

How experienced and dedicated is your team members? Many projects begin with a positive impression but later they abandoned the projects. So, What distinguishes your project from others?

Cooper: This is a great question. Our lead team members worked at major firms such as Nokia, Hewlett-Packard and Binance and have 14 years of work experience between them, 5 of which are in the blockchain industry. We also have support from major VC firms and our main incubator, Funtaro Labs which has provided a great amount of support to us thus far. Finally, the key factor which separates this project from others is that we are not just creating protocols or releasing a token; Teleport Network is creating a framework for developers to build on and a key component to the success of this framework is the continual support of the community which we are looking to build and keep.

Asia community: From @Gutike95s I understand that they will offer a Teleportation Bridge, which will allow Cross-chain token transfer, but really how is it different from other cross-chain bridges in DeFi? Could it be that your rates will be much lower and faster?

Cooper: Current bridges in DEFI are created by third party protocols which only have access to limited liquidity and are built on proprietary technology. The key difference with the Teleport bridge system is that we provide a framework based on our bridge protocol which allows for developers to build on top of our existing bridge and brings them access to global liquidity within the Teleport network. Because of this, transactions will be cheaper and faster; Block time will be 3 seconds on average and transaction cost will be cheaper than most blockchains such as BSC or Polygon. Great question!

Asia community: @Sharmin20212 Almost every investors focus on the token price in the short term. Can you tell us the motivation and benefits for investors to keep your tokens in the long term? Why should we hold it and not sell?

Cooper: I think that this question is most appropriately answered by detailing our tokenomics. To quote the earlier part of the AMA, “ 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 main benefits of holding the TELE token come from the ability to vote in governance as well as receive staking rewards. An additional benefit to this token is its use case as gas. Many cryptos that are more volatile to price normally lack key functionalities; however, being that TELE token is used as gas for cross-chain swaps, bridging and purchases; it also gains value from this functionality.

Asia community: @RedRose3110 Most of the projects just like to speak about the “long term vision and mission” but what are the plans for short term? What are you focusing right now?

Cooper: Right now, Teleport is focusing on two major things; community growth, perfecting our product before the mainnet launch. We feel that a strong community is essential to the longevity of a project and we are taking this time to ensure that we foster the Teleport community. This is most predominantly done through our use of our ambassador program which we feel will be extremely effective in motivating the community to engage with our product and upcoming events associated with the ambassador program. Secondly, our team is working hard to address all bugs found by the community and perfect our product before mainnet launch. With both a strong community and product, we feel confident and excited for our mainnet launch in late July/ Early August of this year.

Asia community: Last question from Twitter @Hams18797060 Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?

Cooper: Absolutely. As of right now I can only provide an outline of some of our partnerships as we do not want to name them before launching our upcoming features. However, we have partnered with major crypto companies as we are looking to become a global NFT hub with our XIBC feature which would allow the cross-chain purchase of NFT’s; so partnering with firms that can help us launch NFT’s native to Teleport chain is a major goal of ours. In terms of our behind the scenes development, we have partnered with Funtaro Labs; a partnership which has allowed us to create the best product possible.

COMMUNITY QUESTION

Question 1: ❇️ Teleport Network allows the development of Cross Chain dApps with its XIBC protocol. Can you explain how this protocol works? Is it really easy to use? It works only with dApps built from scratch with you or any current dApp can convert to multichain with this protocol?

AK: 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.

Question 2: Security Is Necessary and Must For the Platforms, I wants to know What Implantation you have Done Regarding Security point of View and Are you planning for the AUDITS?

Cooper: Absolutely, we at Teleport also feel that security is a major concern for all crypto projects which is why we have undergone an audit by blocksec. This audit report can be viewed on our github : https://github.com/teleport-network/audit.

Question 3: Do you have AUDIT certificates?? “OR” Are you working to AUDIT your project, to make it more secure and reliable ? Thanks Sir

Ak: 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.

Question 4: Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your # project? Is there any upcoming partnership that will brings non-crypto user and real-use case?

Cooper: I couldn’t agree more. The key feature that will bring non-crypto users to Teleport is the integration of different chains all into one central hub. This allows users who are newer to crypto to remain on one chain while performing all of their swaps, purchases and farming. By doing this, Teleport takes away the confusion of using different bridges and networks to buy certain tokens and NFT’s which makes the ecosystem friendlier for the users who may be newer to crypto.

Question 5: The DeFi space is very young and changing rapidly. I have a question: how flexible is Teleport design and tools for adapting to changes in the Decentralized Finance ?

Cooper: Teleport is built around the idea of scalability which allows it to be extremely flexible as we look towards the future. One of the key features which allows us to be scalable is the different approach we take when connecting to 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. As the DEFI ecosystem expands and new chains appear, Teleport will be able to integrate them into our technology and consistently keep up with trends and new developments in the blockchain space.

Asia community: Great, With this we come to the end of this Session Thanks for these fantastic answers

Cooper: Thank you all for the questions and for coming to the AMA. If your question was not answered, please feel free to join our Discord and DM AK or myself directly. As well, be sure to inquire about our ambassador program and see how you can be rewarded for helping Teleport Network. For a final reference, here is our linktree: https://linktr.ee/teleportnetwork

INTRODUCTORY QUESTION

TWITTER QUESTION

COMMUNITY QUESTION

Written by Asia Community Support