Taylor builds a new “Interconnected chains, exchange of value” Blockchain Ecosystem – UK press conference
Times London, (Reporter Cristina), Taylor held a press conference in London. The past few years may have been overshadowed by the coronavirus pandemic, but this did not stop the Taylor project team from making progress and breakthroughs towards a blockchain of the future.
Taylor’s founder Torres announced a piece of exciting news with everyone at the press conference. Quoting the original text of the Torres press conference: “I and the world’s twelve top academic teams have worked together for five years to achieve a true cross-chain—— Taylor public chain, this technological breakthrough represents a significant milestone in the development of blockchain.
According to the reporter, although certain areas in the blockchain field have changed, many things still remain unchanging. With the rapid development of the blockchain industry, various digital coins have continued to perform well with rapid advancements in their core technology; however, the blockchains that these coins are based on continue to operate independently in a closed off vertical environment which creates a barrier between the interconnectivity of these blockchains. This has led to a system where value cannot circulate freely and quickly and in which the growth and development of this ecology system is being stifled. The author believes that resolving these barriers to achieve cross-chain interconnectivity is an unstoppable trend in the forward march towards the development of a network that will be able to benefit the public in the form of an Internet that is able to circulate value freely.
How can cross-chain be interpreted? After the meeting, the reporter interviewed Torres. He explained: “The existing chains don’t support interaction between each other, such as allowing Ethereum and Bitcoin to connect with each other. When they first designed the respective chains, they did not consider the future integration with other chains, so achieving interoperability is still complicated. The development of side chains, relays and lightning networks in the blockchain system has been going on for so many years, but have they actually managed a cross-chains transfer so far? No.”
Taylor has established a new system to change the transparency of long-distance and complex transactions within cross-chain transfers by creating Taylor cross-chain technology. How does Taylor carry out cross-chain transfers? As Torres stated in the press conference: “Taylor cross-chain is divided into four parts; the DLVP agreement, partition agreement, Taylor main-net and Taylor swap. The Taylor public chain has a multi-partition blockchain architecture system. Each partition chain mirrors a third-party public chain and countless Taylor partition chains build bridges with major public chains, thus providing a solution to the dilemma of interoperability. In a secure cross-chain network, we have created DLVP, Discrete Lock Verification Protocol. Through sophisticated design, relying on blockchain technology and decentralized anonymity design principles, DVLP can read the transaction status of other blockchains. Subsequently, using the transaction hash in the entry bridge obtained by DVLP, the bridge contract will send the assets to the Taylor partition. After, the assets are transferred from the partition chain to the main blockchain through a mirroring contract. Once all the steps are complete, Taylor will receive the assets.”
What’s in store for the future?
Taylor is committed to connecting the digital space with the real world, building a cross-chain ecosystem that integrates public chains, wallets, decentralized transactions, and other applications. The use of Taylor’s cross-chain will completely revolutionize our future trading system. It will enable faster, more secure transactions, transparent cooperation and exchanges between chains and also return to the original idea of blockchain being a decentralized system that will grant its users anonymity from a centralized authority.
Of course, we still have a long way to go. Blockchain cross-chain technology can be applied in many transformative ways, suitable for use even in the most challenging environments, and to realize the true potential of blockchain cross-chain technology to address the challenges that we face, we still need to put in a lot of effort. However, I believe that with our continuous development in this area, it will only be a matter of time before we gain broad market appeal and support.
Times London (Reporter Cristina).