The TokenTraxx Multi-Chain Approach
A look at the blockchain tech stack that powers the TokenTraxx ecosystem.
TT uses a technology stack of three blockchains — Zilliqa, Polygon & Ethereum, which allow us to serve our community in the many different ways they want to create, sell and use NFTs. We believe that together these three offer a great range of capabilities:
- Zilliqa provides speed; low carbon footprint and strategic opportunity — for example metaverse experiences like Metapolis and a range of initiatives in e-sports & gaming.
- Ethereum maximises the secondary market opportunity for high-value NFTs.
- Polygon provides low gas fees that makes NFTs accessible, environmental friendly and seamless interoperability with the broader NFT eco-system.
Here we set out the details behind our approach. We believe it is vital in making NFTs accessible to all communities and harnessing the full power of all web3 communities to create transformation in music.
The Roles of our Blockchain Partners
Zilliqa is TokenTraxx’s strategic founding partner — our first blockchain partner and a key part of our future vision. The TokenTraxx partnership with Zilliqa signifies the company’s continuing strategic direction to raise its profile globally as Zilliqa pivots towards rebuilding the creator economy to be more equitable, incentivised and rewarding for all.
Renowned in the industry for being the first public blockchain and smart contract platform to be built on a sharded architecture, Zilliqa offers a high-performance network with a low carbon footprint, without compromising security and decentralisation. The partnership will allow TokenTraxx to gain immediate access to this reputable, secure, and high-tech protocol known for its low-cost minting and gas fees.
In the immediate future, TokenTraxx is releasing its first NFT (the Guestlist NFT) on Zilliqa to its founding community of 15,000 members; and the beta TokenTraxx marketplace will be accessible via ZilPay wallets. Soon after, TokenTraxx will bridge its native token, TRAXX, to Zilliqa and provide facilities for minting and trading NFTs on the blockchain. Later this year, TokenTraxx and Zilliqa will release further details of their strategic partnership to include integration into other Zilliqa based spaces such as the metaverse Metapolis.
Polygon, along with Polygons Studios, has recently announced an eco-system partnership with TokenTraxx. The collaboration will allow TokenTraxx to leverage Polygon’s low-cost and interoperable infrastructure to build out its music NFT marketplace.
Polygon Studios — the NFT and gaming arm of leading Ethereum scaling protocol Polygon — will also be offering grant funding to TokenTraxx’s new, independent music creator economy which is set to make a seismic paradigm shift within the music marketplace. The Polygon foundation will support the development of the TokenTraxx software and their emerging artists as they continue to grow their Web3 creator economy.
TokenTraxx has been able to develop at pace within the Polygon eco-system, so the initial beta-marketplace launching in March will support Polygon NFTs. The TRAXX token is also being bridged to Polygon at the point of the Token Generation Event on 14th March and will be available for public sale on Polygon.
The existing NFT ecosystem is largely Ethereum based, so to maximise compatibility and secondary market value, and speed to market, the TokenTraxx initial beta-marketplace will also support Ethereum mainnet NFTs. The TRAXX token is an ERC-20 token, bridged to Polygon initially and then Zilliqa and other chains.
TokenTraxx has a range of exciting developments planned to fulfil its vision of a multi-chain future that maximises the transformational power of web3 for the music industry. Our roadmap includes…
- Cross-chain NFTs — so, for example, you can bridge your ETH Mainnet NFT to Polygon.
- TRAXX tokens bridged from Ethereum and Polygon to Zilliqa.
All three chains and others play a key part in our future vision. In particular with Zilliqa we are developing two strategic initiatives:
- Metapolis — TokenTraxx are in discussions with the Metapolis founders about strategic alliances to develop the Metapolis offering with a music service functionality powered by TT.
- Future Music NFT standard — TokenTraxx has started deeper discussions with Zilliqa about co-developing a Future Music NFT standard for use in the MetaVerse, with a wider and deeper functionality than is currently available on any standard NFT protocol.
If TokenTraxx sounds like the sort of place you want to be, join us on our journey. Visit our website to get on the guestlist for launch or join the conversation on our community channels: