Why we migrated our app to the Telos blockchain
When we started Sesacash, it was built on Bitshares blockchain which allowed us to perform token exchanges and transfers. Customers had the opportunity to convert their tokens in exchange for fiat, transfer tokens to another user and exchange one digital asset for the other. The digital assets we supported were Steem, Bitshares, Steem Backed Dollar (SBD) and we provided liquidity to support all these actions. We didn’t have a smart contract to manage the digital assets and aim towards becoming a fully decentralized app.
About a year ago, we made the decision to change the focus of Sesacash from digital asset exchange only to a micro-payment platform. We are now a multi-currency app that allows customers to access different currencies for payments across Africa. We believe in a transaction fee-free blockchain and also decided to tokenize the new app. This means we needed a new blockchain to provide us with most of the functions that we needed. We finally settled on Telos Foundation as the go-to blockchain. Bitshares is a great platform but we decided to migrate to Telos after thorough research and needs assessment. Below are some of the reasons we moved to Telos blockchain network.
- Cheaper to deploy Sesacash on Telos
Telos is built by developers for developers! We found out that the Telos network offers cheaper resource requirements, in terms of RAM, to run our apps as compared to other blockchains. It means that we can expand and grow with little to worry about resource prices hikes. As a startup, resources take a huge chunk of your cost and it is nice that the Telos team took this into consideration.
- Build proprietary apps on Telos
We liked the fact that Telos allows developers to build both proprietary and non-proprietary apps on its network. Other chains within the EIOSIO family would require the codebase to be open-sourced which would not inure to our long-term benefit. While we aim to make part of our codebase open-source in the future, we like the discretionary judgment that the Telos blockchain gives app owners.
2. Transactions are free
Transactions on Telos is free. This was a huge factor when making our decision to migrate. At Sesacash, we believe sending money or making payments for goods and services on the same network should be free. For us to be able to achieve this, it means we needed to partner with a blockchain network that believes in this too.
3. Governance system
We are happy with the fact that the Telos whitepaper stresses the need to avoid the existence of “Whales” on the network. Our experience with projects like Whaleshares and EOS shows how whales can arbitrarily take decisions that have the potential to derail the ideals of the blockchain. They can at any point in time hijack the network and make deployment on the network costly. The caping of the 40,000 TLOS per address brings sanity and reduces the presence of Whale activities. Also, it has a strict code of conduct for Block Producers using the proof-of-stake (PoS) ensures higher standards and security for the network.
4. Supportive Community
This may be a subjective assessment but we have seen so much support from the Telos community to support app developers with both resources (Ram, Cpu, Network) and marketing push. The various Telos communities on Telegram are willing to offer support where it is needed. They have been helpful in our migration journey and hope this supports continues for a long time.
About Sesacash
Sesacash is a tokenized micro-payment app which provides individuals and businesses in Africa with a multi-currency account. You can topup your account using debit cards, digital assets and mobile money. Customers can receive payments via bank account and mobile money. Other payout methods will be announced soon.
Thank you and don’t forget to join our Telegram group to keep updated with our progress with Sesacash.
