Last Friday we had another Community AMA, a session packed with intriguing questions, insights, and discussions surrounding our project’s roadmap, developments, and future vision. We are profoundly grateful for the overwhelming enthusiasm and support we received from each and every one of you. Now, without further ado, let’s dive into the recap of the latest AMA Recap!
1. What are some of the key takeaways or lessons learned from the MAPO Seoul Hackathon that can benefit developers and organizations interested in exploring omnichain development strategies?
Great question! At the recently wrapped up MAPO Seoul Hackathon 2023, we’ve witnessed 70+ Applications, 35 Demo Projects, and finally 17 Winners at the hackathon. In hindsight, MAPO Seoul Hackathon wasn’t just a competition, but a breeding ground for groundbreaking ideas. Below are some key takeaways we have for developers and organizations are:
1) Omnichain Custimiable Tooling and Payment Solutions: It was evident that having tailored omnichain tools and payment solutions can dramatically increase the efficiency and usability of omnichain applications, especially when dealing with transactions across multiple chains.
2) Innovation through Experimentation: The event was a testament to the innovation that can be achieved through experimentation. Participants were not afraid to try novel approaches to solving problems which is crucial for anyone exploring omnichain strategies.
3) Importance of Scalability and Interoperability: Many projects demonstrated the importance of building scalable solutions that can interact with multiple blockchains. This underlined how crucial these aspects are for the future of blockchain technology.
4) User Experience Matters: A recurrent theme among projects was the focus on the end user. For omnichain solutions to gain mainstream adoption, it is essential to have an intuitive user experience.
The MAPO Seoul Hackathon was a catalyst for creativity and innovation in the omnichain space, and the lessons learned from this event can serve as a blueprint for developers and organizations looking to explore omnichain development strategies.
2. How does MRC-20 revolutionize the way tokens are issued and used compared to traditional token creation platforms like Ethereum?
We announced MRC-20 standards at the MAPO Seoul Hackathon. Unlike traditional ERC-20/TRC-20/BRC-20 token issuance standards, MRC-20 can span all chains and facilitate data interoperability between tokens across various chains.
Specifically, MRC-20 will utilize MAP Protocol’s data cross-chain verification system which is free of privileged roles, so it will ensure trustless cross-chain token ledger alignment. For developers, they can easily issue and create tokens on a low-code platform, and token data can be shared across various chains. Both the origin chain and the target chain use a burn/mint mechanism for tokens, eliminating the need for using any cross-chain bridges. For users, they can enjoy a truly seamless chain-agnostic experience when using MRC-20 tokens.
To sum up, MRC-20 will empower seamless token interaction governed by trustless data cross-chain mechanisms, free from bridges or complex coding, and it will be friendly for both developers and users.
3. What is the role of data cross-chain functionality within MAP Protocol, and how does it facilitate interoperability between chains?
Data cross-chain functionality is integral to MAP Protocol and serves as the backbone for achieving true interoperability between various blockchain networks. As an omnichain layer, MAP Protocol’s cross-chain capabilities are not limited to token bridging. All data on L1s and L2s can be bridged from one chain to another on MAP Protocol via on-chain oracles. Compared to off-chain oracles (the current mechanism for data to move from one chain to another) on-chain oracles can provide tamper-proof and provably secure cross-chain data to ensure the accuracy of data.
By pre-compiling most major L1 signatures, hashing, and Merkle tree proof onto MAP Relay chain’s virtual machine, data on the supported chains can be bridged seamlessly through MAP Protocol’s omnichain network. This significantly facilitates communication and asset transfers between chains.
4. What are the key features and advantages of the BRC201 (Blockchain Relay Chain 201) standard for BRC20 cross-chain protocol?
As the omnichain layer of Web3, MAP Protocol just released the BRC-201 cross-chain standards for BRC-20 token transfer. Soon, MAP Protocol will launch the blockchain explorer and indexing library API service for BRC-20.
Essentially, BRC-201 is a cross-chain extension protocol to BRC-20 tokens. The enhanced indexer supporting BRC-201 can parse additional extension operations. This standard can meet the technical requirements of exchanges and other institutions for depositing and withdrawing BRC-20 assets.
It will also support the integration of BRC-20 assets into DeFi and other financial scenarios and applications after cross-chain. In the future, it will also add support for NFTs in the BTC ecosystem.
5. Can you explain how the Zero-Knowledge (ZK) function works within the MAP Protocol ecosystem?
MAP Protocol is built upon light clients and ZK technology. In MAP Protocol’s trustless omnichain design, ZK is used to refactor light-client cross-chain verification. Specifically, although light-client verification can guarantee high levels of decentralization, yet when it comes to heterogeneous chain verification, the gas fee for verification will cost too much and the network will become unsustainable. To make sure the verification process is cost-efficient, our tech team decided to introduce ZK technology to further reduce cross-chain gas fees. With ZK technology, both the light-client construction and proof check process can be improved.
6. When will Butter support omnichain payment and launch its omnichain SDKs?
Butter is launched this year in March. Since its launch, it has seen over 3 million transactions. The Butter team is actively working on the development of omnichain payment capabilities and the launch of its omnichain SDKs. While we are as eager as the community to roll out these features, we want to ensure that everything is thoroughly tested and meets our high standards for security and functionality. We appreciate your enthusiasm and patience, and we recommend staying tuned to Butter Twitter for the most up-to-date announcements regarding the launch.
7. What can we expect for Butter Payment? Like how it can empower the omnichain future?
Butter omnichain Payment envisions recharging the blockchain payment ecosystem by becoming the enabler for both developers and users. With its payment SDK, developers can embed it into their own projects, with no need to find or create an oftentimes highly centralized payment solution themselves. Once the payment SDK is embedded, users can use any token on any chain to pay or purchase products, NFTs, tokens, or anything services they need. Payment is probably the most commonly seen scenario in Web3 and blockchain; thus, to make omnichain payment a reality is to onboard as many users as possible to the omnichain future.
8. MAP Protocol aims to offer comprehensive SDKs and built-in interoperability features for omnichain applications. Could you elaborate on the capabilities and functionalities of the MAP Protocol Service (MOS) and how it facilitates seamless interoperability?
MOS is the acronym for MAPO Omnichain Service. It is the second layer of MAP Protocol. Similar to how Google Mobile serves Android developers, the MOS layer is here to serve Dapp developers so that they can build their omnichain Dapps on top of MAP Protocol. This layer consists of cross-chain vaults on supported blockchains and inter-chain Messengers.
Developers can directly utilize this layer to build their omnichain solution, and they can also further develop this layer and customize it based on their developmental needs. All the contracts on the MOS layer are open source and are audited by CertiK. Thus, DApp developers can rest assured to leverage MOS and build innovative and creative omnichain solutions effectively.
9. Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Thank you for raising this crucial question about the reliability and security of our smart contracts. Security is indeed the cornerstone of MAP Protocol, and we are deeply committed to ensuring that our platform is robust and trustworthy. I am pleased to inform you that our smart contracts have undergone rigorous testing and audit by CertiK, a highly reputable third-party auditor specializing in blockchain security.
CertiK conducted a comprehensive audit that encompasses everything from our source code to ensuring logical soundness in our contracts. This meticulous review has fortified the integrity and reliability of MAP Protocol’s cross-chain implementation.
We are highly confident in the security of our smart contracts and believe that undergoing an audit by CertiK has significantly contributed to building a more solid and secure foundation for our project within the burgeoning Web3 ecosystem.
For detailed insights and a deeper understanding of the security measures we have in place, you can access the full report on the audit by following this link: CertiK MAP Protocol Audit Report.
10. What else can we as users expect from MAP Protocol and where can we get the latest updates from MAP Protocol?
Again, thank you for raising this important question. Three things will be at the core of MAP Protocol’s future development — Butter Payment, MRC20, and MAPO composable cross-chain smart contracts.
Butter will launch payment SDK, which will allow developers to embed omnichain payment functionality seamlessly into its projects so that users can use any token they have to purchase or pay for products, goods, NFTs, tokens, or services on any chain. This will greatly ease the pain of user onboarding and have more Web2 users join the Web3 world.
MRC-20 is the omnichain token standard. It aims to make it possible for dApp tokens to coexist on any chain and for users to transact without worrying about which chain they should be using. It will empower seamless token interaction governed by trustless data cross-chain mechanisms, free from bridges or complex coding.
MAPO composable Cross-chain smart contracts are decentralized applications distributed across multiple different blockchain networks that collectively compose a unified application. This new design paradigm is a significant step in the evolution of multi-chain ecosystems and has the potential to give rise to entirely new categories of smart contract use cases, leveraging the unique strengths of different blockchains, sidechains, and second-layer networks.
As more and more developers deploy their applications to additional chain environments to expand their user base and appeal, the multi-chain ecosystem is ripe for innovation. However, while the multi-chain smart contract design paradigm has its limitations, the introduction of cross-chain smart contracts provides a critical opportunity not only to overcome these limitations but ultimately to unlock entirely new use cases.
About MAP Protocol
MAP Protocol (MAPO) is the omnichain layer for Web3. 100% Nakamoto Style cross-chain communication built on Light-client & ZK technology with zero privileged roles. By connecting both EVM and non-EVM public chains, MAPO empowers dApp developers to thrive in Web3 with a full suite of omnichain SDKs.