Build a bridge over the blockchain ‘multiverse’ | Asks Business

by Arthur · July 16, 2022

INTEROPERABILITY IS KEY Tetrix allows users to shop from a single blockchain
to another, like crossing the hypothetical multiverse. – Image from the Tetrix website

Growing up, Emman Navalan was always fascinated by computers. He spent a lot of time playing computer games. In college, he studied the basics of coding and computer programming as a graduate engineering student from the University of Santo Tomas.

In 2016, he became interested in Web3, which is said to be the future of the internet that is anchored in blockchains. He also went into cryptocurrencies, but quickly realized the risk.

“When I was fascinated by the concept of the blockchain, I started shopping with no idea how it works, and the experience of losing money led me to read about various Web3 projects that allowed me to understand how it really works,” shares 30-year-old techno-entrepreneur.

During the pandemic, he was exposed to various markets and fintechs, which led to him co-founding the Tetrix Network in 2021, a project under the technology solution company Viridian Technologies Inc. of which he is also CEO and founder.

Tetrix Network is an interconnected ecosystem that allows data transfer across different ecosystems or blockchain networks.

Blockchain, the technology that trades cryptocurrencies and non-fungible tokens (NFTs) and enables decentralized applications (dApps), is a distributed database that exists on multiple connected computers. ‘Pitaka’

Navalan’s group recently launched Pitaka, a crypto wallet built on top of Tetrix that can trade with multiple networks. They are also developing Lobi, a messaging app integrated with Pitaka. The apps built on Tetrix, together with their WordPress-like features for dApps and blockchain development, aim to provide a more user-friendly experience. Unlike most blockchains, Tetrix offers the flexibility to build and connect to other blockchain networks, and supports various digital projects.

An example is Bangko Sentral ng Pilipinas’ project to pilot the central bank’s digital currency (CBDC) this year.

CBDC is a digital form of central bank money that acts as a medium of exchange and stores value, as opposed to cryptocurrencies, which are privately issued and cannot function as such. Under Project CBDCPh, the central bank aims to build practical knowledge of key aspects of CBDC that may be relevant to reducing friction costs in the national payment system.

Navalan sees the CBDC as a complement to physical money. Tetrix aims to start supporting CBDCs over the next few years.

“[It] can accelerate the process of digital transformation and inclusion, which is the key to growing any economy, he said in an email interview with Inquirer. “If CBDCs are to be implemented in many countries as their paper counterpart, it will really improve the quality of life in many aspects, which include currency exchange, access to financial markets, the ability to use it directly for daily transactions which can also be cheaper compared to other means, and many more.”

According to Navalan, “The explosion of the crypto ecosystem in recent years has resulted in a greater demand for building high-capacity applications, such as games, NFT marketplaces and media apps on cost-effective blockchains.” While early blockchain technology aroused considerable interest, it shows some serious limitations and is often not well suited to the needs of specific industries.

The mission

Tetrix aims to change the way blockchains are designed so that users can interact and coexist in the same ecosystem without having to worry about different blockchains. Using the omnichain interoperability protocol, Tetrix allows companies and developers to implement interchain applications without relying on an intermediate product, says Navalan.

Tetrix is said to be highly adaptable with no restrictions in place. It can support projects that are already built in different blockchains, and is designed to be a more cost-effective solution for upscaling. “Most of the blockchains are also unlicensed, which means everything is visible and there is something companies do not want to use,” he says.

Pitaka can be downloaded as an extension to Google Chrome or Brave. Users can send value and data across previously incompatible networks, store NFTs and connect to decentralized financial applications (DeFi).

Seamless ecosystem

“You can shop from ETH to MATIC or from BNB to CRO, which are completely different blockchains, as opposed to other DeFi wallets that can only support assets under certain blockchains. Pitaka users will also be able to connect to the Trezor and Ledger hardware wallets. sine, explains Navalan.

Meanwhile, Tetrix is also looking to alpha test Lobi this year. Derived from the term Lobby, it will act as a social dApp where users can communicate and confirm the person they are trading with. It is integrated with Pitaka, allowing users to send payments directly through the app, and with end-to-end encryption, messages can only be viewed by the user and the intended recipient.

“This is where you can transfer assets to your friends without switching between different applications. We wanted to get away from simple mistakes that could cost you your assets, such as copying in the wrong public address,” says Navalan.

He sees Tetrix as a way to arouse interest in Web3. “To begin with, people had to feel and understand what it’s like in Web3, which is why we developed use-case applications that are [more] user-friendly compared to our peers and is useful for their journey, which we tailor for new and current users, he says. INQ