MAP Protocol
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MAP Protocol

A Recap of MAP Protocol’s Third Quarter in 2020

Is such another quarter for MAP Protocol, it might be a short period of time for a person’s lifetime but is relatively long for a startup. Since November 8th, 2019, MAP Protocol has entered the blockchain field for almost 10 months. It was a challenging journey, the COVID-19, the trade war, etc… In such conditions, the MAP Protocol has shown its patience and toughness, to solve each problem on by one. Now, allow me to share the third-quarter report to all of MAP Protocol fans.

Project Development

Technology development was one of the main focus for the team, we would like to provide a cross-chain solution for all blockchain users quickly and allow different blockchains can interoperate and communicate freely without any relay chain, which can greatly increase the security level of the whole network.

Affording to the roadmap, MAP Protocol is in the Second Stage: Electromagnetic Stage

Achievement

  1. PoC-0, completed: PoC-0 v0.0.1 version has been released on March 28, it realized a basic PoA blockchain structure.
  2. PoC-1, completed in June 2020: we realized MAP Protocol standard chain PoS consensus, state management, and contract-based transaction management.
  3. PoC-2, completed in August 2020: improved consensus and transaction processing and realized MAPVM and contract supports.
  4. PoC-3, planned to be completed in November 2020: abstract VM and RunTime and realize SMART system and on-chain upgrade.
  5. PoC-4, planned to be completed in December 2020: to achieve on-chain governance

Another critical technical update was MAP Protocol switched the mainnet to Ethereum, which brought MAP Protocol closer to the wide Ethereum ecosystem and easy for more users to trad MAP.

Global Market

In the Q3 of 2020, MAP Protocol community kept hosting community events to spread and let more users know more about the concept of the protocol. We have launched King of the Comunity Contest in the English Telegram group, in which the most active three users can win rewards. Participants can talk about anything in the group, MAP Protocol aims to build the Telegram groups as a fun place for all blockchain enthusiasts. Besides Telegram events, we hosted an Image Contest on Twitter, which we received many wonderful images from the community.

What is Next?

Our main focus will be technology development, not only the protocol but also all related development tools. We want to build an infrastructure for the industry. Recently, Defi has been the hottest topic in the blockchain field, more and more Defi products are releasing. As of today, most of the mainnet which Defi products rely on, they still haven’t solved the performance problems. For instance, Uniswap is currently the biggest DEX and it is on Ethereum. Due to the large volume of transactions, the gas fee of Ethereum has been a record high. The entire Ethereum network suffers the high gas fee. MAP Protocol could solve this problem perfectly, which has better performance and less gas fee.

In addition, we firmly believe that after we enter the era of Defi, we will son be entered an era of cross-chain, which is the demand for most of the product to connect with more other projects. Protocol is the best cross-chain solution out of others, in another world, after the rise of Defi, is the rise of the protocol.

Compared with Cosmos and Polkadot, the cross-chain of MAP does not require the so-called relay chain or relay hub, which greatly increases the security level.

Other than technology development, we will keep developing our relationship with other leading exchanges, media, partners, etc…

10 months is short in human history but is such a journey for a startup; there are challenges, but we are gonna through it. We will stay on the journey, keep fighting towards our goal, becoming the infrastructure for most of the blockchain products.

Sam Jia

Head of Community

September15th, 2020

· MAP Protocol Twitter and Telegram Channel (For the latest news)

·MAP Protocol Telegram Community: English, Россия, Türkiye, Việt Nam, Brazil, and Indonesia; Korean Kakao Community: 코리아

· MAP Protocol Medium (For the latest articles)

· MAP Protocol WhitePaper, and Roadmap

· MAP Protocol GitHub (For the complete codes)

For more information, visit maplabs.io

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