Merkle Network aims to set a New Standard in the Interoperability Paradigm.
Merkle Network is the first layer-zero protocol that will set a new horizon for the Web 3.0 world in providing cross-chain interoperability infrastructure.
Blockchain Problem: Blockchains have existed for the last 12 years. Distributed Ledger Technology has evolved from proof-of-work to proof-to-stake but with some inherent limitations and inability to scale. There are more than 100+ blockchains that exist, trying to come up with various innovations and developments. But most of them work in silos, trying to trap their users within their closed ecosystem. This issue has created a serious amount of FRAGMENTATION within the blockchain industry. Fragmentation of assets and Fragmentation of information.
This situation is more serious than it looks like as it stops one blockchain to interact with another while harnessing each other’s strength. and it stops various new innovations that can happen. Until now…because MERKLE AIMS TO SOLVE THIS PROBLEM.
SO, WHAT IS MERKLE NETWORK?
Merkle Network is a layer-zero interoperability protocol that enables cross-chain communications in a novel way. It relies on interoperable oracles that can bridge the gap between blockchains, translating data and passing it on to its ultimate destination. In that way, the protocol allows developers to seamlessly move data and assets from one blockchain to another within their applications. In effect, this creates a networking solution that connects multiple blockchains into one big processing network — integrating the strengths of each blockchain into ONE BIG COHESIVE INFRASTRUCTURE SOLUTION.
HOW DOES IT WORK IT?
Through its 4 layer architecture, it helps developers for building any cross-chain applications or services while utilizing the strength from other blockchains in the form of data and assets transfer or request.
- Network Transport Layer- Communication layer that consists of validator nodes that source requested data and send transactions to the target blockchain.
- Protocol Layer — Smart contracts that facilitate the request and transfer of data and assets between the source and destination blockchain.
- Service Layer — All the services built using Merkle Network will fall under the service layer. Any interoperable wallet, cross-chain exchanges, interoperable NFT ecosystem, or any other cross-chain DEFI services.
- Application Layer- User facing dApps can be built which facilitates cross-chain functionality that allows people to experience smooth cross-chain features between different blockchains.
WHAT CAN BE BUILT ON MERKLE NETWORK?
Merkle Network is a flexible protocol that can support a whole range of cross-chain applications.
- Cross Chain DEX — AMM (bring together assets and liquidity that are fragmented)
- DEFI- Lending and Borrowing
- Interoperable Token Standards
- Cross Chain Yield Farming & Yield Optimization.
- Cross Chains NFTs Platforms.
- Cross Chain Metaverse (Multi-Verse)
…And many more!
TOKEN USE-CASE
Merkle Network uses MERKLE token to reward Merkle Node operators for transferring the data from the source blockchain to the destination blockchain while maintaining the integrity & readability of the data and uptime guarantee of the node operators.
Users and smart contracts looking to use the Merkle network to transfer data between the chains pay the Node operators in Merkle tokens.
Furthermore, MERKLE tokens will also strengthen the node network through staking tokens to operate nodes. The staking will bring the vested interest in the network for node operators and act as a deterrent for bad actors to enter the ecosystem
There will be a need for a consensus of node operators to maintain the network and the addition of nodes will need additional token lockups as the network grows.
Token burns will be an integral part of the Merkle Network where a proportion of the fees will be burned making the supply deflationary with the growth and adoption of the protocol.
Merkle Network’s Testnet has already been launched along with the iMERKLE Portal, which is the first interoperable token standard in the industry, setting a new precedent for the blockchain world. You can find the step-by-step guide below.
Follow Merkle Network Official channels below:
Website | Twitter | Announcement Channel | Medium | Whitepaper
