The social networking platform’s shift to blockchain is expected to bring over one million transactions per month to Telos
LONDON, Decentralized social network Newlife.ai has chosen the Telos Blockchain Network to deploy its smart contracts, bringing with it more than 70,000 visits and over 1.1 million transactions per month. The Newlife.ai platform is affiliated with fashion retailers such as Farfetch and SSENSE to deliver AI-augmented experiences for exploring trends in fashion, design, and aesthetics. Its community consists of fashion and arts students, contemporary artists, gallery curators, publishers, models, and influencers whose reach total more than 44 million followers on various social networks.
Telos Architect and White Paper author, Douglas Horn, said, “We are thrilled to welcome Newlife.ai to Telos. This is a gorgeous app with a captivating UI that’s extremely engaging. Beyond that, it’s a meta-modern ledger for cultural producers catering to contemporary artists and fashion designers through its rewarding visual experience. Newlife.ai started. . .without a connection to blockchain, and using the Telos interface improvements, we expect to keep the UI free of confusing blockchain friction points so that the users can focus on their creative and intellectual property, not on learning blockchain.”
Terms of the deal involve modern business practices relying on decentralized governance and smart contracts. This strategic partnership will focus on establishing a co-branded blockchain product that won’t issue any token or ICO, but will instead leverage the native crypto-currency of the Telos platform (TLOS). This will be used as a cross-border medium of exchange, facilitating the trading of content and ideas between users, brands, and content creators.
Vector Newman, CEO of Newlife.ai, said, “We chose Telos because it is a high-performance blockchain that empowers users in this new global economy through high-speed, fee-less transactions, and the most advanced blockchain governance features in existence. Telos is the first blockchain to extend its platform-level governance engine for use by any application deployed on the network, and this lets us keep our users in control of their experience. . .Because the TLOS token was launched without an ICO and is already listed on exchanges, it presents a better method of exchange than creating a new blockchain asset specifically for Newlife.ai use.”
“We aim to offer a more sustainable alternative to the ICO model where the crypto-space invested over 10 billion dollars [from 2017-2018] into startups which have yet to provide a return,” said Suvi Rinkinen, Telos Foundation CEO. She continued, “We will incorporate key values shared by both the Telos Foundation and Newlife.ai, including empowering creators globally, providing data dignity by compensating users for their data, decentralized governance, and sustainability through low energy consumption.”
The Telos Foundation is a Decentralized Autonomous Organization established as a promotional and funding body to advance the Telos Blockchain Network and provide support to network applications which may not otherwise attract the funding they deserve.