NEW DELHI; 4 December, 2020 – International software development firm Sylo has officially deployed wallet support for public blockchain Tezos to their multi-chain wallet-messenger decentralised app, the Sylo Smart Wallet. This integration comes on the back of its recent launch of Oya, a robust, complete reimagining of the backend architecture that empowers users to participate in decentralisation.
A total realignment of the infrastructure underpinning the Sylo Network, the framework that supports fully decentralised apps like the Sylo Smart Wallet, the Oya launch is a culmination of multiple functionalities, centering around enabling users to operate Sylo Nodes. The outcome is a network which can scale to support millions of users, transactions, apps, and businesses.
The powerful infrastructure released in the Oya launch is the perfect platform for Tezos support to be released to Sylo Smart Wallet users. The decision to integrate Tezos is the latest high-profile collaboration that Sylo has actioned to bring value to its growing user base of over 250,000, which now covers more than 70 countries.
Tezos integration by Sylo opens the door to a wealth of new opportunities across DeFi, dApps, fiat and more, all underpinned by the power of the Tezos blockchain. “Baking”, which serves to validate “blocks” in the Tezos blockchain and ensures the stability and security of the network, is already in the pipeline, with additional Tezos-specific functionality to be delivered before the end of the year.
Sylo has long held the vision to democratise access to communication and financial capabilities, without sacrificing privacy, personal data and user experience. Through the launch of Oya, these key tenets come to life. Users can now run and own a Sylo Node, providing communication and storage services on the Sylo Network to users via apps like the Sylo Smart Wallet. In time, the reward system will shift towards the full incentivisation model as outlined in the Sylo Incentivisation whitepaper.
“It’s been great working with the TZ APAC team. The Tezos integration and the Oya launch on the Sylo network fortify our commitment to provide a seamless user experience and we are excited about launching some further XTZ related features within Sylo this side of Christmas that we think the community are going to get a kick out of. Stay tuned,” says Dorian Johannink, Co-Founder of Sylo.
Additional benefits of the Oya launch functionality include the ability to run micro-networks, in which for example, a group of friends can all utilise one person’s Sylo Node, resulting in a mini ‘mesh’ style network that does not even require the support of the Sylo Network to provide communication.
However, the greatest result that will be achieved on the back of Oya, is experience-parity for Sylo Smart Wallet users with mainstream centralised messengers. The Oya release solves many of the previously unworkable issues experienced by decentralised technologies.
After nearly a year of concentrated work from the Sylo backend development team, the Oya Launch solves these key issues, propelling decentralisation forward to a real world, viable option for Sylo users everywhere.
Post-Oya and the Tezos integration, the Sylo Network is literally unstoppable – it can now scale with ease and is not bound to any centralised nodes. All the Sylo-operated nodes could be removed and the Sylo Network would remain. Users are not bound to any specific node and can jump seamlessly to any other as necessary. In true Sylo fashion, simplicity and straightforwardness of user experience have been top priorities when designing all Sylo Node elements.
“We consider the Oya Launch the beginning of mainstream decentralisation,” says Ben Jordan, Sylo Co-Founder and Product Director. “We’ve solved the hard issues of scalability, performance and fair-reward in a decentralised setting, allowing developers to build apps with a real competitive advantage. We’re confident that the launch of Oya brings our vision of a future worth looking forward to, a whole lot closer and we’re really excited about what we can build on this robust new foundation.”
“The Oya Launch opens the door to a plethora of new features and business opportunities, many of which we will be unveiling over the next two quarters,” added Dorian Johannink, Sylo Co-Founder and Business Director.
Additional functionality and features that build on the Oya launch, such as stake and yield opportunities through Sylo Social DeFi, will be released to the Sylo Smart Wallet in the coming months.
Sylo is an international software development house founded in 2010. Committed to decentralisation, they are the core developers of the Sylo Network, the Sylo Protocol and the Sylo Smart Wallet. A next-gen app, the Sylo Smart Wallet sleekly combines a digital asset wallet with a decentralised private messenger. The app allows users to request and receive payments in chat, store and interact with digital assets such as BTC or any ERC-20 compatible token like SYLO, in a non-custodial wallet, utilise a Web3 Ethereum dApp browser, and pay using cryptocurrency in the real world.
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This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. This press release was sourced by Visionary Financial.