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Protocol Overview
TeleportDAO leverages Relay, which is a secure, decentralized, and universal blockchain interoperability solution. In this solution, parties called Relayers submit some data from the source chain to the target chain. Then, Relay smart contract on the target chain validates the submitted data. Referring to the validated data, users can prove that some data was included in, or some event has happened on the source chain.
An overview of how Relay and Relayer work together
For example, users can prove that they have locked assets on the source chain and be able to mint an equal amount of assets on the target chain or prove that they have burnt assets on the target chain to redeem an equal amount of assets on the source chain. Furthermore, specific data can be sent on the source chain and detected on the target chain in order to trigger a contract call.
In TeleportDAO, a proper incentive mechanism is designed to incentivize Relayers. In addition, the design of TeleportDAO is scalable, i.e., as the number of users increases, the cost of using TeleportDAO decreases.
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