TEA Project Monthly Report — June 1, 2023
Lots of things happening lately in the world of the TEA Project. Let’s start with an application of the TEA architecture in international finance before talking about partnerships and a new blog series.
Why TEA Project Applied to a Finance Hackathon
The TEA Project is pioneering an open platform where any team can deploy a decentralized non-stoppable app in WebAssembly. We’ve recently been looking at possible applications of the TEA Project framework for applications in the international forex markets. Some of what makes the TEA Project ideal for cross-border currency exchange includes:
- Scalability. Many central bank digital currencies (CBDCs) use blockchain or other distributed ledger technology. To get these currencies to talk to one another, many solutions propose using another blockchain to settle account transactions between disparate CBDC formats. The TEA Project solution allows multiple CBDCs using different technologies to settle their transactions on our layer2 in a more scaleable fashion compared to blockchains.
- Privacy. Blockchain-based settlement layers have transaction data available on the ledger. Even making the entire ledger private wouldn’t give the same granular control that TEA Project’s layer-2 has. All transaction data on TEA’s layer-2 is private by default and can be opened up at a granular level according to compliance requirements.
- A truly open app platform. Many of the innovations in DeFi stay locked on the Ethereum chain because there isn’t a way to bring over innovative dApps while maintaining compliance. The TEA Project can deliver a full-fledged app platform (not just smart contracts) that can bring DeFi and traditional finance together in a secure platform that’s open for development.
Seeing these possibilities has led the TEA Project to apply for the hackathon launched by the Reserve Bank of India (RBI) and the Bank for International Settlements (BIS), the G20 TechSprint hackathon.
Our proposal is for a cross border CBDC platform that is open, scaleable, and protects privacy while being compliant. You can expect the TEA Project to apply for hackathons like this as we find wider opportunities that are a fit for our architecture.
NFT Giveaway with 4Everland
NFTs are a big part of the TEA Project with CML being the primary license necessary for mining on the network. We were also able to award a few limited First Sowing whitelist spots for the 4Everland platform where the winners are whitelisted to be part of the 4Everland First Sowing. All white list owners will be called as pioneers and can complete the challenge to mint a First Sowing NFT.
4Eveerland is a template solution to facilitate people to generate and host websites on Web3 for people with a non-code background with just a few clicks. The universe of DApps is mostly hybrid currently because it’s missing decentralized web hosting. DApps currently often have to rely on centralized hosting services which is not ideal. After cooperation, the TEA Project can act as decentralized web hosting which makes existing dApp ecosystems fully decentralized.
New Dev Blog Series Published
Our founder Kevin Zhang published a new blog series that looks at developing on the TEA platform from the perspective of a complete newbie. We’ve already published our dev docs and that should be great help for devs new to our platform.
But Kevin really wanted to start at the ground level and show what it’s really like to get up to speed on the TEA Project and work towards deploying an app. In this multiple part series, Kevin shares plenty of troubleshooting tips as well as his thoughts on best practices when developing a TApp. All of the posts have been collected within the following intro guide:
And last but not least, alpha testing (currently in Epoch 13) continues both on DigitalOcean’s testnet as well as on AWS Nitro.
