While this partnership with Tezos is one of the collaborations the company has planned for the future, its users will leverage and maximize the current offerings Sylo is bringing to the table.
Sylo Network, a blockchain-based software development company has made new moves to increase its decentralized finance capabilities by launching Oya, a complete reimagining of their backend architecture that leads the way for mainstream decentralization. According to a dual press release shared with Coinspeaker, the Sylo Network also revealed that it has integrated the Tezos network in a bid to bring more value to its users worldwide.
Launch of Oya by Sylo
The launch of Oya as noted by Sylo is aimed at complementing the deficiencies currently seen in existing decentralized finance applications. Some of these deficiencies include but not limited to scalability, fair incentives, and the maintenance of user data and privacy. The coming of Oya will afford the network’s quarter a million users to build personalized Sylo Nodes, run consistently reliable and fully decentralized communication and financial capabilities all through the Sylo Network’s Sylo Smart Wallet.
“We consider the Oya Launch the beginning of mainstream decentralization,” says Ben Jordan, Sylo Co-Founder and Product Director. “We’ve solved the hard issues of scalability, performance and fair-reward in a decentralized setting, allowing developers to build apps with a real competitive advantage. 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 can be built on this new decentralized foundation.”
Among the numerous advantages that users will derive from using the Sylo Network backed Oya infrastructure includes exciting functionalities such as stake and yield opportunities through the Sylo Smart Contract, Storage services on the Sylo Network amongst others which will be unraveled in due time. Dorian Johannink, Sylo Co-Founder and Business Director confirmed this when he stated that “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.”
Sylo Network and the Opportunities from Integrating Tezos Blockchain
The Sylo Network has also integrated the Tezos public blockchain into its Sylo Smart Contract, through the Tezos blockchain supporting firm TZ APAC. The integration of the Tezos blockchain seeks to improve the Sylo Network developer experience and increase adoption of the Sylo wallet in relation to Tezos in the Asia Pacific region.
The growing adoption of decentralized finance offerings and applications has stirred an upsurge in the number of cryptocurrency wallet users from 8.95 million in 2016 to 54.27 million in 2020 according to Statista, and the more support any DApp has, the better the wallet’s reach. Describing the integration of Tezos, Josip Matijevic, Senior Developer at Sylo said:
“Interacting with the Tezos blockchain is fast and solid, and we have been really impressed with the overall experience. For our developers, it was a seamless integration when compared to what we had to go through with our other integrations – all documentation is concise and well organised, their libraries are feature-complete, and we didn’t have to deal with things like high fluctuating network fees, unreliable APIs, wallet compatibility issues, and legacy support for older features.”
While this partnership with Tezos is one of the collaborations the company has planned for the future, its users will leverage and maximize the current offerings Sylo is bringing to the table.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
