WHICH PLATFORM MEYCHAIN PROJECT CHOOSE TO BUILD ON?

Meychain is blockchain platform and decentralized finance protocol specified for real estate industry and property management. Meychain provides feasible infrastructures and applicable protocols to build specified DeFi applications for mortgage and property management; enables all property holders and individual investors to easily access global capital. We bring a simple and responsive platform that seamlessly connects traditional financial classifications and the new crypto world

Which platform Meychain project choose to build on?

Meychain believe that governance is paramount in any kind of social and economic model, especially in blockchain. So Meychain complies with the “Four-Fundamental-Principles: equality, democracy, decentralization and consensus” in the process of governing and operating.
- Equality: all network participants (nodes) have the same rights and responsibilities. There does not exist a single entity possessing sovereign power.
- Democracy: each participant has the right and responsibility in executing and supervising operations on the entire network to guarantee the integrity and security of the system; to vote for important upgrades of the system, and for approval/disable an operating role.
- Decentralization: the network is maintained and executed by its nodes, and always functions correctly despite anyone’s absence, or any attack against the system.
- Consensus: all activities of Meychain are based on consensus mechanisms, proven to be secure and efficient. Any transaction without the consent of the majority is not valid on the chain.

Governance mechanisms on the Meychain Network ensure that only qualified candidates have the opportunity to join the group of network operators, and prevent corruption caused by any single body or malicious actors. To become an operating node, a valid candidate must stake a required minimum amount of native coins to activate its account. By complying with the Four Fundamental Principles and innovative governance schemes, Meychain inherits characteristics of major public blockchains and has preeminent advantages amongst others.

- Safety & security: the chain is safe and resistant against any attack thanks to decentralization and the consensus mechanism.
- Availability: the system works in any circumstance, despite the missing of any node.
- Transparency: all of the transactions and block data are published and kept the same by all the network participants.
- Easy upgrade: Meychain can upgrade easily as long as getting approved by the majority of the network operators. Moreover, a special mechanism allows the Meychain to restore the normal state quickly in the case of being attacked and damaged.

From what Meychain proposed to be, we investigate the latest and most sophisticated blockchain frameworks and architecture designs out there to choose which Meychain will base on. Note that Meychain architecture should provide a suitable platform to build decentralized applications and a complete ecosystem for real estate industry and property management.

The Blockchain Trilemma (termed by Vitalik Buterin) states a trade-off among decentralization, scalability, and security. That challenges a lot of developers to introduce a complete solution. Many projects have been introduced in recent years to solve the extremely low throughput of Bitcoin and Ethereum. Most of them focus on scalability while fully sacrificing decentralization. Tron and EOS are notable projects of semi-decentralized models. Algorand claims it’s the first pure proof of stake platform solving the Trilemma, but the security and sustainability of its verifiable random function and consensus protocol need long-term public exposure to prove.

Cross-chain interoperability, on the other side, addresses one of the biggest limitations of public blockchains and distributed ledger systems. Each blockchain is sovereign and isolated from the others, i.e. value exchanging and cross-communication among different chains are impossible. This is the motivation for the birth of Cosmos and Polkadot. The projects propose to build the Internet of Blockchain, i.e. protocols allowing sovereign chains to exchange assets and data with others.

Cosmos pioneered the concept of zones & blockchain hub and the Inter-Blockchain Communication (IBC) protocol. Each zone is a sovereign blockchain connecting to Cosmos Hub via IBC. Cosmos doesn’t allow chains to communicate directly with each other but via the common hub. This flow may result in overhead for the blockchain if many chains are interacting simultaneously. Tendermint core (a deployable pBFT consensus), implemented by Cosmos and Binance Chain, does not process fast if the number of nodes is large. Moreover, Cosmos requires a fast finality to connect the hub, hence Bitcoin and Ethereum are out of their playground.

Polkadot approached the inter-chain problem via parachains & relay-chain, and bridge protocol. Parachains are constituent but sovereign blockchains gathering and processing transactions, while the relay chain (the heart of Polkadot) coordinates consensus and transaction delivery between chains. Bridges link parachains with external networks like Ethereum and Bitcoin. Polkadot surpasses Cosmos in the aspects of parallel processing and no specific requirement. Polkadot, in fact, shares many similarities with the architecture of Ethereum 2.0 where shards vs parachains and beacon chain vs relay chain are similar pairs. The only distinguished protocol is the bridge chain.

Heterogeneous cross-chain interoperability is significant progress of blockchain technology. However, both Cosmos and Polkadot are invasive models which need active implementation and participation from external chains. If the majority of miners on Bitcoin and Ethereum networks don’t install Cosmos IBC or the Polkadot bridge protocol, they cannot communicate back-forward with Cosmos or Polkadot, even.

Rebuilding a new sovereign blockchain from the existing codebase is popular in the blockchain space. It is a huge benefit of the open-source world helping to boost technology development much faster than ever. Many examples and successful cases can be mentioned. Binance Smart Chain, Polygon (Matic), Tron are rebuilt from Ethereum. WAX is customized from EOS. Among others, Avalanche is chosen and customized to build Meychain. Avalanche architecture has merit between Ethereum 2.0 (Sharding network) and Polkadot (multi-chains network). On the other hand, Avalanche has flexible subnets to build customizable sidechains, and it is the most EVM-compatible platform among interoperable blockchain designs (Polkadot, Cosmos, Avalanche). We will go to the core protocols of Meychain as follows.

Overview about Avalanche
Avalanche is a platform of platforms, ultimately consisting of thousands of subnets to form a heterogeneous interoperable network of many blockchains, that takes advantage of the revolutionary Avalanche Consensus protocols to provide a secure, globally distributed, interoperable and trustless framework offering unprecedented decentralisation whilst being able to comply with regulatory requirements.

Avalanche allows anyone to create their own tailor-made application specific blockchains, supporting multiple custom virtual machines such as EVM and WASM and written in popular languages like Go (with others coming in the future) rather than lightly used, poorly-understood languages like Solidity. This virtual machine can then be deployed on a custom blockchain network, called a subnet, which consist of a dynamic set of validators working together to achieve consensus on the state of a set of many blockchains where complex rulesets can be configured to meet regulatory compliance.

Avalanche was built with serving financial markets in mind. It has native support for easily creating and trading digital smart assets with complex custom rule sets that define how the asset is handled and traded to ensure regulatory compliance can be met. Interoperability is enabled between blockchains within a subnet as well as between subnets. Like Cosmos and Polkadot, Avalanche is also able to connect to other systems through bridges, through custom virtual machines made to interact with another ecosystem such as Ethereum and Bitcoin.

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