Times London, (Reporter Cristina), Taylor held a press conference in London. The past few years may have been overshadowed by the coronavirus pandemic, but that hasn’t stopped the Taylor project team from making progress and breakthroughs towards a blockchain of the future.
Taylor’s founder, Torres, announced some exciting news to everyone at the press conference. To quote the original text from the Torres press conference: “I and the top twelve academic teams in the world have worked together for five years to achieve a true cross-chain – Taylor Public Chain, this technological breakthrough marks a significant milestone in development the blockchain.
Although some areas in the blockchain space have changed, many things remain unchanged, according to the reporter. With the rapid development of the blockchain industry, various digital coins have continued to do well with rapid advances in their core technology. However, the blockchains on which these coins are based continue to function independently in a closed vertical environment, creating a barrier between the interconnectivity of these blockchains. This has resulted in a system where values cannot circulate freely and quickly and where the growth and development of this ecosystem is stifled. The author believes that removing these barriers to achieving cross-chain interconnectivity is an unstoppable trend in the development of a network that can benefit the public in the form of an internet with free circulation of value.
How can cross-chain be interpreted? After the meeting, the reporter interviewed Torres. He explained: “The existing chains do not support interaction with one another, such as B. Ethereum and Bitcoin to connect with each other. When they first designed the respective chains, they did not consider future integration with other chains, so achieving interoperability is still complicated. The development of sidechains, relays and lightning networks in the blockchain system takes so many years, but have they actually managed a cross-chain transfer so far? No.”
Taylor introduced a new system to change the transparency of long-haul and complex transactions within cross-chain transfers by developing Taylor cross-chain technology. How does Taylor perform cross-chain transfers? As Torres explained at the press conference, “Taylor Cross-Chain is divided into four parts; the DLVP Agreement, Split Agreement, Taylor Main Network, and Taylor Swap. The Taylor public chain has a blockchain architecture system with multiple partitions. Each partition chain mirrors a third-party public chain, and myriad Taylor partition chains bridge large public chains, providing a solution to the interoperability dilemma. In a secure cross-chain network, we developed DLVP, Discrete Lock Verification Protocol. A sophisticated design based on blockchain technology and decentralized anonymity principles enables DVLP to read the transaction status of other blockchains. The bridge contract then sends the assets to the Taylor partition using the transaction hash in the entry bridge received from DVLP. Then the assets are transferred from the partition chain to the main block chain through a mirroring contract. Once all of the steps are complete, Taylor will receive the assets. “
What is the future?
Taylor is committed to connecting digital space with the real world and 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 and safer transactions, transparent collaboration and exchanges between chains and also return to the original idea that blockchain is a decentralized system that grants its users anonymity from a central authority.
Of course, we still have a long way to go. The blockchain cross-chain technology can be applied in many transformative ways, lends itself to use in the toughest of laborious environments. However, I believe that as we continue to develop in this area, it will only be a matter of time before we find broad market attractiveness and support.
Times London (reporter Cristina).