In January, thanks to the overwhelming support from our community in backing our crowdloan campaign, we achieved our goal of securing a Kusama parachain. As we already had an existing solo chain, the next step was to move it over to Kusama.
Although the process was delayed somewhat by unfortunate technical complications, we are on track to complete the migration by April 8, a few days later than originally scheduled. The transferability of the TEER token will be suspended for a few hours on Friday and we will notify you on Telegram and Twitter when the process is complete. The migration to our Kusama parachain is significant for a number of reasons.
All Kusama parachains operate on a common relay chain, which facilitates interoperability. This will enable Integritee to pursue partnerships and integrations with other parachain projects.
Take Kusama projects focussed on decentralized digital identity, for instance. Integritee provides access to trusted execution environments (TEEs), which could be used to securely process certain personal identification data, without revealing it on chain. Decentralized exchanges (DEXs) operating on Kusama offer another opportunity for synergies. In this case, TEEs could be used to host the exchange matching algorithm. This would enable greater transaction privacy and improved trading speeds compared to a conventional DEX. Other potential use cases include trusted data oracles or any other project where data needs to be processed confidentially.
These types of collaborations and use cases will be important in order for third-parties to access the Integritee network, growing Integritee’s scope and utility and therefore driving demand for the TEER token.
Another advantage of completing our parachain migration is the opportunity to drive more liquidity and demand for the TEER token by obtaining listings on DeFi parachains. A number of existing Kusama parachain projects offer various types of DeFi services. Securing listings on such services will make TEER more liquid and easily accessible to early adopters.
Finally, the migration marks an important step on our journey toward the decentralization and unstoppability of the Integritee network. As discussed above, it will make the TEER token available to a wider user base of early adopters, which will decentralize ownership of the network. In addition, the network will benefit from the established community governance procedures inherent in the wider Kusama and Polkadot ecosystem. This reinforces another advancement we made towards greater decentralization recently, the successful development of feature-complete sidechains with multiple validators.
Stay tuned to our social channels next Friday, April 8, for updates on the parachain migration. In the meantime, to keep up to date with that and all other technical milestones, make sure to follow us on LinkedIn, Telegram, and Twitter.
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