THEOS to Initially Deploy on Polygon, then Ethereum, and Finally Cardano.
The Theos.fi Association is delighted to announce the release of the first stage of its MVP. Years have passed since the first idea for THEOS was hatched, and after many iterations we are now ready to launch a beta version of our most interesting product offerings.
Launching THEOS’ MVP
Initially, the Minting platform will be available to our community members, allowing the immortalization of their creations through blockchain and Non-Fungible Token technology. Starting Wednesday September 22, 2021, users will be able to seamlessly transform digital representations into NFTs. In order to facilitate understanding of the process we will be sharing a detailed step-by-step minting guide.
Following our roadmap, the next step will involve deploying our experimental ODYSSEY NFTIZE pools by October — to be fully functional in November — , thereby providing users with an alternative and innovative way of utilizing their NFTs, placing them in the pools, and obtaining liquidity for them.
Considering the conjunctural circumstances that surround Ethereum, we think it best to provide our community with a way to use the protocol without suffering from purpose-defeating conditions — such as high gas fees that can amount to hundreds of dollars. That is why the Theos.fi Association has decided to initially deploy on Polygon — an interchain scalability solution that allows communication between different blockchains with the aim of improving Ethereum capabilities in order to support different decentralized solutions.
Polygon — commonly known as the ‘Ethereum’s Internet of Blockchains’ — combines the best of Ethereum and sovereign blockchains to form a fully-fledged multi-chain system. The protocol aims to solve the most common pain points plaguing the blockchain ecosystem, without compromising its benefits. Instead of creating a PoS blockchain or a layer-2 solution to improve on particular aspects — such as high gas fees, slow speed, or low throughput — , Polygon built a framework for building and connecting Ethereum-compatible networks. This means that it addresses the most pressing shortcomings present in blockchain, while simultaneously leveraging Ethereum’s main advantages — such as its network effect — , and also while improving on security, scalability, modularity, compatibility, openness, and more.
Getting Familiar with Polygon
You can find a detailed explanation on Polygon on finder’s ‘Polygon (MATIC) explained: Our comprehensive guide’, or on Kryptomat’s ‘The Ultimate Polygon Guide’. These guides present an introduction of the Polygon network, as well as a step-by-step guide on how to transfer funds on and off Polygon from other chains — both through the Polygon Bridge or through centralized exchanges.
Note: Similarly to the way Ethereum’s mainnet utilizes Ether (ETH) as its underlying currency for its PoW consensus mechanisms and paying network fees, MATIC is the underlying currency for the Polygon Network, and will be needed for interacting with THEOS MVP on a first stage.
Stepping through Ethereum
After deploying on Polygon, we intend to make THEOS available on Ethereum as well. Notwithstanding the shortcomings mentioned above, we are aware of the benefits of being operational on its mainnet, and want to enable that possibility, so that our community can choose in which network they want to mint, buy, sell and auction their NFTs according to their preferences.
As presented in our whitepaper and most of our communication pieces, our vision is for THEOS to ultimately reside on Cardano, and we intend to migrate as soon as possible. Cardano’s pillars prove to be the ones that most closely resembles THEOS’ philosophy, with its energy-efficient PoS consensus mechanism, academically-inclined contributors and embracing community.
Cross-chain NFTs, from Polygon to the world
Some exciting advancements are currently being developed to adapt typical ERC-20 bridges between chains to NFT-type tokens. Polygon NFT Bridge, for example, provides a two-way transacting channel for NFTs between Polygon and Ethereum through its cross-chain bridge — equipped with Plasma and PoS security. This — and the ones that will follow — will lower the distance between full interoperability and communication between Ethereum-related networks, enabling users to choose the way of minting and trading any type of fungible and non-fungible asset however fits them best.
Liquidity mining will stay on Ethereum as $THEOS is ERC-20 token
While the Minting Platform and ODYSSEY pools will be initially launched on Polygon, the already-live Liquidity Mining product will continue to reside on Ethereum. Not to worry, we are designing simple ways of letting our users know exactly which chain they are on to minimize complications.
About THEOS: The THEOS ecosystem is managed and sustained by our Association, a team of both traditional finance and blockchain virtuosos. We envision a new way of thinking, minting and trading NFTs, and have developed what we believe is going to become the next-generation community-governed NFT platform. THEOS will become the first NFT platform in Cardano, the blockchain with the highest potential out there.
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