MathChain is an important part of MATH’s plan to build a multi-chain assets Hub.
The crypto market is very hot this year, we still spotted relevant problems and opportunities. It is worth noting that although DeFi has been proven to be valuable by Ethereum, but DeFi on Ethereum is now more like Mercedes-Benz and BMW in traditional car companies, they built for the rich and not affordable for the average user. If we look at the history, the biggest and most competitive market must be the consumer market, where Volkswagen, Toyota, GM, and hundreds of other car companies. Reflecting it to the blockchain world, there should be various Layer2 networks, their target users are all ordinary people, which is the main reason why MATH started MathChain Layer2 blockchain network.
MathChain has three main objectives:
1. MathChain is committed to reducing the entry threshold for ordinary users. The current mnemonic or private key is just like a car with a manual gear, it requires to study in order to know how to operate it and drive safely, the learning curve is very high, so it is the biggest entry barrier for most users.
2. MathChain is committed to support multi-chains, and can connect all kinds of Layer2. It is like a good clutch system, which is not only safe, but also has low learning cost, and can be used in all kinds of car models;
3. MathChain is committed to reduce transaction fees so that ordinary users can easily afford it; Polkadot’s NPoS protocol enables MathChain to significantly reduce fees while maintaining transaction speed.
MathWallet has many years of blockchain project technical and operational experience, and one million of users base, those are the foundation for achieving our goal.
Polkadot is another important cornerstone for us to achieve this goal. The agile of Substrate framework enables MathChain to have the functions which the smart wallet originally had to accomplish in the smart contract. The mechanism of parachain sharing security of Polkadot network is the guarantee of the system, while the native support of cross-chain protocol enables MathChain to complete cross-chain connection.
Let’s briefly walk through the most distinctive module of MathChain-SecretStore. It is an extension of Parity developed on Ethereum originally. It mainly realizes distributed key management based on Ethereum nodes. The MathChain team is updating its Substrate version, which is similar in structure to Substrate’s Offchain Worker module, where Offchain Worker is responsible for oracle data interaction and SecretStore responsible for automatic distributed management of keys.
We are simultaneously developing a smart wallet based on MathChain, which does not require users to have private keys and mnemonic words, supports account backup and retrieval through social media accounts, which also supports on-chain address management, lockup, domain name management and other functions. And it is multi-chain supported, MathChain only provides support for the account key management layer.
In addition, we are designing PolkaVault, a data wallet based on MathChain and Filecoin. The data wallet is the future direction of crypto wallet. In the future, the wallet will not only store tokens, but also store personal data, which will truly become individual’s digital asset terminal. PolkaVault will create a “bank” for personal data by combining MathChain’s encryption permission management with a storage network provided by Filecoin. It is reasonable to believe that data storage and exchange will be the breakthrough of blockchain into the everyday usage of the ordinary user.
MathChain also provides support for an EMV environment called MathChain L2, which will bring more product innovation of MathChain, including cross-chain hubs, DeFi products based on smart wallets or data wallets, etc. Many of the best practice on Ethereum can be reused and innovated in MathChain L2.
MathChain has released the Testnet Galois, we welcome the community to participate to test MathChain Testnet. We will soon launch the community testnet node event, and provide treasury incentives. Later on, MATH will airdrop to the MathChain addresses of MathWallet Polkadot users.
The final blueprint of blockchain is like many interconnected cities, each city will gradually develop its own ecosystem and residents, and have its own governance system. And we believe MathChain will be the first stop for ordinary users to enter the blockchain world.