Cross-chain project, MAP Protocol determined to attribute all future revenue and nearly 50% of tokens to Community and DAO for transparent governance
1. Nearly 50% tokens will be attributed for Mining and DAO.
All profits generated from cross-chain service will be distributed to Community
2. MAP Cross-Chain will be officially launched in Q1, 2022. The testnet is already running.
Currently, 6 of the top ten coin projects are public chains. A growing number of developers are deploying DApps on multiple chains which causes a surge in demand for cross-chain. And users’ need for a decentralized and fast cross-chain with low gas fees will also be booming along the way. Thorchain and Anyswap are among the big players in the cross-chain field, however, most of the solutions they provided are in the form of cold wallet MPC custody. Although MPC is based on multi-sig, it is yet controlled by the person designated by the project. This approach has been adopted by centralized exchanges such as Binance. In contrast with the ethos of Web3, the majority of these bridges have no participation from the community side, and profit generated from cross-chain fees has nothing to do with their users. All in all, there are two major issues:
1. The custody and contract of users’ cross-chain asset contracts are more similar to the management of centralized cold wallets.
2. No DAO, no ethos of Web 3.
MAP Cross-chain beta version launched in December 2021 and the official version will be launched in Q1, 2022. MAP has made huge adjustments to the token distribution and economic model.
1. What changes have been made to the token distribution and economic model? What are the benefits for the community?
MAP Protocol Mainnet is about to launch. To embrace Web3 and encourage various participants in the ecosystem to engage in the mainnet and cross-chain operation of MAP Protocol in the future, we will deploy DAO to realize the rights and benefits of our user community.
Nearly 50% of the tokens will be distributed to Mining and DAO. And the tokens owned by the team and foundation will be reduced by a large amount.
In addition, the income generated by the cross-chain and the tokens of the ecosystem will be controlled by the community. Users can submit proposals and engage in the voting process to share the profits.
Changes to the economic model:
1) by the team decreases from 20% to 15%,
2) by the Foundation decrease from 15% to 12%,
3) by the institutions and partners decrease from 32% to 22%,
4) by technical and ecosystem is 9% respectively which will be combined together and accounts for 21%.
(Given that 3.11% of the tokens of the ecosystem have already been released, the rest 17.89% will be allocated to DAO Treasure as rewards to developers, cross-chain Vault, marketing, and community through DAO governance. Community members can participate in voting by submitting proposals, handle and gain benefits from the tokens.)
5) 30% is allocated to the main net and will be released in 10 years through PoS mining.
3% (300,000,000 MAP) will be rewarded to PoS node Validators each year.
Users can contribute to the construction of the mainnet as Validators and Relayers after the official MAP Protocol mainnet is launched. They can either gain mining rewards or participate in Vault as Relayer to get Gas fees and rewards of the ecosystem.
2. Reasons to make these changes: MAP Crosschain, a decentralized contract custody and permissionless cross-chain, will be officially launched this quarter.
In the Web2 era, a few centralized tech giants play a dominant role. However, in the Web3 era, decentralization and users autonomy becomes the most important features. Though well-known cross-chain projects like Anyswap have adopted blockchain technology, users are not fully participated or rewarded. And there are no benefits for users for most circumstances. Projects depend on their capability of realizing the above features to get to the higher ground of becoming the core infrastructure of Web3.
In the cross-chain area, the majority of projects adopt a custody contract with permission approach, which is centralized and easy to implement. For instance, the popular Thorchain and Anyswap adopt the MPC+TSS trapdoor function signature solution, which is a typical cross-chain contract custody with permission approach. In this context, the project designates their person to manage users’ cross-chain contracts and assets and gives orders to the contract. There is no big difference from a centralized exchange and can be interpreted as a centralized exchange that does not require KYC. There is the possibility that the project can rug pull at any time. Moreover, at the web3 level, Anyswap does not provide any opportunities for users to participate, and tens of millions of cross-chain fees are not rewarded to their users.
MAP Protocol has been committed to a permissionless cross-chain contract, asset custody and communication calls from day one. In simple terms, this approach is to manage cross-chain contract assets through the MAP mainnet. MAP Mainnet adopts the pos mechanism, and its security has been verified in the past few years. MAP Protocol will be officially released in Q1, 2022. In December 2021, the MAP Testnet, also known as Makalu Poc-2, as well as MAP bridge have already been released. Users can transact among Ethereum, BSC, and MAP Chain. In 2022, there will be more EVM and non-EVM bridges to connect the mainnet, and there are a large number of projects that are incubating on the ecosystem or going through the negotiation process.
In the past 3 years, the MAP development team has forged ahead, rejecting a variety of simple and easy-to-launch asset custody and contract calls that adopts the permission approach. By adhering to the decentralized technology and web3, we have been able to light a path for the project.
3. How does MAP Protocol become the leader of the cross-chain field?
Since its launch in 2019, MAP protocol has been committed to the principle of decentralized asset contract custody and calls and continued to push development and operation. Due to its outstanding performance, MAP Protocol was also invited to the Technical Board of the biggest technology organization in the world — IEEE Computer Society Blockchain and Distributed Ledger Standards Committee to develop the international standards. It has also gained strategic investment from Softbank Singapore and cooperated with Microsoft Azure. It has established lab cooperation with the Illinois Institute of Technology in the United States and the Mathematics Center of Huazhong University of Science and Technology in China.
The core ethos of blockchain is that code is the law. We need to trust code rather than human-being and get rid of trusted agencies. However, cross-chain projects like Anyswap still manage their project with their own custody and send orders in a centralized manner for cross-chain transactions.
The vision of MAP Protocol is to allow crypto users to transact on different blockchain mainnets in a trustless, efficient, and barrier-free manner in the context of web3, so as to boost users’ benefits of financial assets. At present, the coexistence of many public chains with high market value has become an indisputable reality, and many industry celebrities have claimed that cross-chain will become the next wave of hot issues. What users and the industry is are pursuing is a completely decentralized cross-chain that can protect them from Rug Pull. And the community should participate in the whole process and share profits and benefits. The most popular cross-chain project, Anysway, has none of the above features, while MAP is well equipped with the required technical mechanism and economic model. The ultimate goal of MAP Protocol is to create a blockchain network of highways, capable of realizing communications that are permissionless. Please stay tuned!
About MAP Protocol
MAP Protocol is the omnichain layer for Web3 with fully secure cross-chain communication built on Light-client and zk-SNARK technology. MAP provides the cross-chain infrastructure to public chains and dApps by connecting both EVM with non-EVM chains. Developers can access a full suite of SDKs so their dApps can easily become omnichain applications.