ghost commented 2 years ago

Team Name

MicroChains

Project Description

MicroChains (Previously CBTC Bridge), as the first cross-chain bridge built on Cardano, aims to provide more secure cross-chain solutions for emerging chains and all public chains with the goal of "The Power to Bridge More Emerging Chains".

MicroChains continuously works on better cross-chain experiences of web3.0 with the prerequisite of absolute security. Our team firstly introduced a unique security solution of VoMEN Network to strengthen the safety of cross-chain assets. VoMEN Network is the combination of multiple internal verification and external enhanced nodes network validation. Also, top Trust company HuobiTrust is invited to be the third-party supervisor to verify token mint and burning, jointly preventing assets theft, over-issuance, and asset abuse. Moreover, in the product V2, the cross-chain experience is as easy as swapping. Users just need to connect the wallet and then they can directly swap native assets to C-tokens of the destination chain.

MicroChains will actively collaborate with emerging chains and interconnect most chains by bridge. Ultimately, it would significantly empower the interoperability of blockchain.

Problem / Solution

Given the previous and ongoing asset incidents of cross-chain projects, MicroChains invented a more secure cross-chain solution to better secure users’ assets. That is the mix of asset custody and multi-level verification. Top Trust company HuobiTrust is the reliable asset custodian and also participates in the verification on token mint & token burning of MicroChains as the third-party validator. Besides, the internal strict control and multiple external enhanced nodes as well as multi-signature play their roles of security guard. On MicroChains, asset security is assured and convenient cross-chain experience is to be provided with our rust technology.

Currently, our team plans to interface more public chains like Scret Network and more emerging chains. The technology support from target chains is required and also the development fund is in demand.

Detailed product description

MicroChains secures 1:1 cross-chain assets by locking assets of source chain in a compliant custodian, and then minting wrapped tokens in the target chain. At the same time, cross-chains between different chains are derived, which means assets can be burned in the source chain and new assets can then be minted in the target chain.

To sum up, there are following 3 situations:

Lock+Mint : Deposit native assets and cross-chain into wrapped assets of any chain.
Burn+Unlock : Deposit wrapped assets of any chain and cross-chain into native assets
Burn+Mint : Deposit wrapped assets of any chain and cross-chain into wrapped assets in another chain

The cross-chain experience on MicroChains is the same as the Web 3.0 experience. Users do not need to register a Huobi Trust account, but only need to Connect Wallet through the wallet plug-in of each chain on the MicroChains page to directly cross-chain assets.

An Ultra-smooth Bridge with 6 features below:

Seamlessly cross-chain between chains
Zero slippage. 1:1 token swap
No lock on Layer 2 cross-chain
Much lower cross-chain fee
Cross-chain in minutes
No upper limit

Go-to-Market plan

MicroChains’ clear value proposition is building bridges for more emerging public chains. Make blockchains connected by MicroChains.

Our market plan would focus on emerging chains first. Strategies for Emerging Public Chains:

Simple and fast to support new chains by MicroChains technical solutions
Easy to cooperate and occupy market in the early stage of new public chain ecology
Expand to Layer 2, main EVM compatible chains and new chains of major exchanges

Hence, we will reach out more public chains and collaborate with them. In 2022, MicroChains will manage supporting 30 main chains including various emerging public chains and 200+ crypto currencies.

Value capture for Secret Network ecosystem

MicroChains will connect Secret Network and Cardano ecosystem by the cross-chain bridge, which boost the mutual liquidity flow of both ecosystem and enhance the community vitality. Furthermore, it also brings more users and traffics to Secret Network. And more cooperation between the DAPPs, Exchanges, NFT, etc will follow too.

Team members

Harold CTO
Romain Caillet CMO
Jack Chuang Co-founder
Tom Co-founder

Team Website

https://microchains.network/

Team's experience

Harold has 4 years blockchain R&D experience and almost 10 year coding experience. He was core developer of HBTC and HECO Cross-chain bridge. Master of Computer.
Romain Caillet is an experience blockchain scholar. He was YFII core team member of Ethereum. Master of Economics.
Jack has 3 year financial analyst experience in blockchain field. Master of Finance.
Tom has 4 years blockchain experience. He worked for Top 3 Crypto exchange as senior operation manager. And had sufficient community operation experience.

We are a mature cross-chain team of 13 members and 2 advisors despite of the beginning of MicroChain in Jan. 2022. We are confident to move forward steadily.

Team Code Repos

https://github.com/microchains

Team LinkedIn Profiles

Development Roadmap

2021 Aug.-Oct.: Concept Creation; Team Building; Foundation Establishment
2021 Nov.: CBTC Bridge Project Launch; Seek Financing; Reached a Strategic Partnership with Huobi Trust
2021 Dec.: CBTC Bridge Official Website Launched; Cooperation with the University of Queensland
2022 Jan.: Seed Round Funding Completed; CBTC Bridge Went Online and Project Operation Began
2022 Feb.: Completed Audit at Certik; Start the Brand Upgrade Plan; Reached an In-depth Cooperation with Cardano Ecological Projects including the Leading Order Book DEX & Swap; Cooperated with the Largest EVM Sidechain Milkomeda
2022 Mar.: Brand Upgrade Announcement; Open Series A Funding
2022 Apr.: MircoChains Product Officially Launch; Support Cardano and 5 EVM Compatible chains; Recruit Seed Users and Community Volunteers; Close A-round Funding
2022 Q2: Support 10 EVM Compatible Chains, 2 Emerging non-EVM Compatible Chains, and 20+ Mainstream Asset Currencies; Introduce 2 Top Ecological Partners; Issue Project Token, Start Airdrops, Trading Mining, and Single Currency Pledge; Token Listing
2022 Q3: Support 20 Main Chains including Various Emerging Public Chains; Support 80+ Crypto Currencies; 200,000 Users.
2022 Q4: Support 30 Main Chains including Various Emerging Public Chains; Support 200+ Crypto Currencies; 400,000 Users.
2023: Become the leading Cross-chain Application in Market Share; Support all Mainstream Public Chains & A Majority of Emerging Public Chains

milestones:

In March, we have completed brand upgrade to MicroChains and started A-round funding.
In April, the official cross-chain product V2 will be launched. And 5 EVM compatible chains will be supported.
Support 10 main chains & 20+ crypto currencies in Q2 (weeks 12)
Support 20 main chains & 80+ crypto currencies in Q3 (weeks 12)
Support 30 main chains & 200+ crypto currencies in Q4 (weeks 12)

Ideally, we can receive payments in 3 disbursements, one at the beginning of the grant to support Q2 development, one in the start of Q3 to support the implementation and last payment when Q3 goal implementations are completed to support the final development of this year. The grant will be totally spent on technology development and dev services.

Additional Information

N/A.

JayScrtNetwork commented 2 years ago

Please DM me on discord so we can discuss best next steps. Jay | 𝕊hadowRealm🥷🏼#0086