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The concept that MathChain promotes is the “smart asset parachain”, which is an easy-to-use smart chain account management system based on Polkadot’s bottom layer and supports all public chains. It is also an important part of MATH’s construction of a multi-chain and cross-chain asset Hub.
Written by: Atom
The problems of high interaction cost and low efficiency on the chain have been plagued by the blockchain industry for a long time, and the characteristics of the application of the blockchain to disintermediate and delegate have forced users who have become accustomed to the logic of centralized products in the Internet era to face capital The self-management of the wallet, therefore, how to reduce the user’s learning cost and entry threshold has become a problem that all blockchain applications must think about. The cryptocurrency wallet serves as the entrance for users to enter the encrypted world. The emergence of “smart wallet”, “cross-chain Hub”, and “data wallet” have greatly eased the anxiety of new users. MathChain is such a way to connect the blockchain with ordinary users. Bridge between.
What is MathChain
MathChain is a Layer 2 blockchain project based on Substrate, and it has been updated to version 2.0.
MathChain is committed to lowering the barriers for mass users to enter the blockchain, reducing transaction fees, and supporting multiple chains, adapting and connecting various Layer 2. The team’s goal is to build a multi-chain and cross-chain asset Hub, and bring it to the market for large-scale use.
Four existing problems in the industry
The MathChain team observed that the existing blockchain has four problems that need to be resolved urgently.
Problem 1: The cost of public chain security is too high
At present, the annual security cost of some main chains in the market, such as Cosmos, Tezos, and EOS, can be as high as tens of millions of dollars, while the security cost of Ethereum and Bitcoin has reached several billion dollars.
Problem 2: TPS is low
If we need to build a permissionless environment like Ethereum, we have to go through 12 data confirmations (very low efficiency), and we have to pay very high miner fees.
Question 3: Privacy issues
In view of the distributed nature of the blockchain, each node can access all the data of the blockchain transaction. For example, Bitcoin’s blockchain is public, and every transaction can be traced back to the first creation block.
Question 4: Wallet usage threshold is high
Existing encrypted wallets have high thresholds and very narrow application scenarios, which can only be used for custody of digital assets. We need to develop a smart wallet that is also very easy to use in daily life.
Solutions to MathChain’s four major problems
MathChain uses Polkadot’s shared security mechanism to reduce the security cost of assets on MathChain by 3 to 5 orders of magnitude. After connecting with Polkadot, you can have the same security as the Polkadot relay chain, and after connecting with the main chain, you can realize the fast, arbitrary and free transmission of information. This is a revolutionary breakthrough.
The underlying mechanism of Substrate and Polkadot can increase transaction speed, thereby reducing costs. MathChain will also establish a fee market, which can predict transaction fees well.
Unlike Bitcoin and Ethereum, since MathChain will establish a fee market, transaction fees and cross-chain fees do not need to reward miners, but will be directly destroyed.
When the user uses the SecrectStore module on MathChain to transmit information, the user’s private information can be better protected. And its application scenarios are not limited to on-chain transactions, but can also be applied to off-chain Filecoin storage.
Traditional smart wallets have some limitations, such as high account opening costs, contract transfers have limitations, and smart contract upgrades are more difficult.
Combining SecrectStore, off-chain workstations and decentralized identification (DID), MathChain can create a universal wallet account that can support account naming, setting transfer limits, retrieving account numbers, and account lock/unlock functions. You don’t need to copy it by hand on paper, and you can easily retrieve your account password. Smart wallets can be used not only to store assets, but also to store data. Smart wallet is also the most distinctive module of MathChain.
Status and management of MathChain
The current main product of MATH, MathWallet, currently supports more than 60 public chains, with more than 1 million registered users.
MathChain’s decentralized management is more democratic, allowing to upgrade consensus, including mining algorithms and difficulty adjustment algorithms. Users and the elected committee can make proposals, which are decided by the holders of Math coins. This system in which users participate in management can greatly reduce the risk of network fragmentation.
Token name: MATH
The total circulation of MATH is 200 million. In the start-up phase, MATH will be issued on Ethereum based on the ERC20 contract, and then will be migrated to MathChain.
The maximum annual issuance of MATH coins will be determined by the average monthly mortgage rate. ( See details )
The purpose of the token
- Pay transaction fees
- Cross-chain fees
- Participate in decentralized governance
- Pay the service fees related to MathWallet.
- Mining output: 60%: 120 million MATH
- Institutional investors: 30%: 60 million MATH
- Locked airdrop: 10%: 20 million MATH
The value capture of the MATH token will be added to the MathChain transaction fee scenario in addition to the previous MathWallet services MathVPoS, MathSwap, and MathStaking, and all the fees will be directly destroyed.
What applications will be born on MathChain
MathChain’s development strategy will focus on both funds and assets.
The funding end of MathChain is a “smart chain wallet”, which will provide a lower barrier to entry for new users and open the door to digital assets for mainstream users. At the same time, MathChain will also take advantage of the multi-chain advantages that MathWallet has built to launch MathHub and add MathWallet The supported assets of more than 50 other public chains span the Polkadot ecology.
The services provided by MathChain’s asset side include: Hub services for cross-chain, VPoS mining pools for gathering reasonable wealth will also be migrated to MathChain, and DeFi applications will be developed by supporting EVM. And through these open protocols and Polkadot’s cross-chain communication capabilities, more on-chain applications with network effects can be realized.
MathChain is currently developing a smart wallet that supports all blockchains, from the most basic Bitcoin and Ethereum, to the popular Polkadot, BSC, Filecoin, and various relatively niche public chains. By combining MathChain’s encryption authority management and the storage network provided by Filecoin, MathChain is building a personal data “bank”. MathChain will become a smart chain account management system. After being widely introduced to the market, it will become the first for the public to enter the blockchain world. one stop.
In the plan of MathChain, the future picture of the blockchain is like a connected city, each city will gradually develop its own ecology and residents, and have its own governance mechanism.
In terms of financing, MathChain has received multiple rounds of capital injections. The A+ round was led by Alameda Research and Multicoin Capital, and later received additional investment from strategic shareholder Fundamental Labs. Binance announced the lead investment in MathChain’s B round of financing, and the following investors are NGC Ventures, C6E (Capital6 Eagle), Amber Group and other institutions.
MathChain can solve the problems of high security cost of public chain acquisition, low TPS, and high wallet usage threshold that are common in the blockchain industry, thereby reducing the entry threshold for new users, simplifying operation logic, enriching functional experience, and reducing transaction costs. . MathChain’s competitive advantage lies in its comprehensiveness, supporting cross-chain docking with more public chain ecology and supporting more blockchain application functions, which can basically meet most of the needs of users.
It can be said that if MathChain has a high degree of subsequent completion and a large number of new users enter the bull market, then it will have the opportunity to become a mass-level blockchain entry.
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