If there is a silver lining in last week’s FTX and Alameda fiasco, it would be a wake-up call for everyone in web3 as to the importance of decentralized finance (DeFi) from a security and privacy standpoint. Over the years, DeFi and decentralized exchanges (DEXes) had become more user-friendly through the growth and development of platforms such as dYdX and Uniswap. However, one vertical in DeFi remains inefficient, inaccessible, and full of hacks - the cross-chain bridges.
MAP Protocol - where a secure and fully decentralized cross-chain journey begins
Before we dig into MAP Protocol, let’s talk about blockchain interoperability.
All blockchains are independent ledgers. Each chain has its own consensus mechanism, data structure, security algorithm, and ledger type, thus making it difficult for them to talk with one another. Interoperability aims to resolve communication silos, allowing different blockchains to communicate and interact so that users can send information, metadata, and assets from one chain to another.
Cross-chain, transferring assets or data from one chain to another, is an essential mechanism for users to achieve interoperability. Still, the existing cross-chain solutions are mostly based on centralized or quasi-centralized technologies which resulted in a lot of ongoing hacks.
MAP Protocol revolutionizes cross-chain technologies and engineered a fully decentralized, provably secure, interoperable, efficient, and composable Omnichain Network that can integrate any blockchain, EVMs, or non-EVMs.
The team behind this revolutionary project are devoted engineers that spent 4 years on this fully decentralized Omnichain dream. Through numerous trials and errors, they finally decided on the light client and Zero-Knowledge (zk) technologies on a relay chain network design. MAP Protocol’s mainnet was launched in August 2022.
MAP Protocol - the first direct and instant bridge from NEAR to/from BNB Chain
The first cross-chain pair to be live on MAP Protocol’s Omnichain Network will be NEAR <> BNB Chain. This will be revolutionary, bridging directly from NEAR to BNB Chain, not through any Ethereum Virtual Machine (EVM) such as Aurora. This will allow a near instant (only limited by block confirmation time on chains) bridge between these two top blockchains in a fully decentralized and provably secure manner, without any designated third-party MPCs (Multi-Party Computation) or oracles.
The first project to be built on this Omnichain is Butter, a cross-chain token bridge. Butter is positioned as the Visa or Stripe payment gateway in crypto, aiming to offer a decentralized and seamless cross-chain payment solution to developers and users.
But the innovation definitely does not stop there as MAP Protocol also allows the bridging of data, messages, and NFTs. Another project on this Omnichain Network is Plyverse, which is a GameFi wallet that allows easy deployment for games onto different chains and has access to data on different chains.
The team is onboarding numerous innovative multichain projects onto its Omnichain Network and welcomes any developers to build any creative multichain Dapps with MAP Protocol’s SDKs with full integration support.
MAP Protocol - the undervalued gem
Because the team has focused on development, MAP Protocol is not a well-known name in the industry and is heavily undervalued when compared to its competitors.
About MAP Protocol
This post is commissioned by MAP Protocol and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.