MCash - the first multi-chain cryptocurrency through UniDex
After the creation of MCASH and successful launch of MCashDice blockchain-based gaming platform, many users have wondered what is the development intention for MCASH. Today, we will unveil.
In 2018 and early 2019, many new chains have been created. Each chain has different aims and purposes. However, this movement has created another layer of obstacle for global adoption of cryptocurrencies. Some of the research effort has resulted in the creation of wrapped cryptocurrency of one chain in order to be used on another. The typical example is WBTC (Wrapped Bitcoin), an ERC-20 token to be used on Ethereum.
In our view, each chain somehow creates a nation of its own with its ecosystem and applications. In order to bring the usefulness of cryptocurrencies to the next adoption level globally, more efforts need to be done for cross chain atomic swap and cross chain smart contract. This multidimensional interaction complexity is one of the areas of research at Midas Protocol.
Our first prototype is MCASH, the first of i-MCASH series.
MCASH is at first a TRC-20 token created on Tomochain (dPOS sidechain) with the image of MAS token on Ethereum. MAS total supply is 500M tokens. This means there will be total of 500M MCASH tokens when the distribution completed (2% per month distribution rate for 50 consecutive months starting from January 2019).
We propose that, by using cross chain smart contract to wrap MCASH, Midas will be able to issue n types of MCASH on n chains. On the chain i, the wrapped MCASH will be called i-MCASH. The total supply amount of all i-MCASH is still exactly 500M. One type of i1-MCASH is transferred to the cross chain smart contract, the corresponding i2-MCASH will be automatically issued out.
In terms of total supply, the total of all i-MCASH and MCASH in circulation = exactly the number of MCASH initially issued (500M when fully distributed)
Figure 1. In & Out of i-MCASH yet maintain the total of all i-MCASH = MCASH issued initially.
We first select the chains for the first phase of development: NEO, ZIL, EOS, TOMO and TRON with consecutively the wrapped cryptocurrency named: z-MCASH (on ZILLIQA chain), e-MCASH (on EOS chain), n-MCASH (on NEO chain) and t-MCASH (on TRON chain). All the iMCASH would be able to convert to MCASH with the ratio 1 to 1 using hybrid cross chain smart contract. i-MCASH would be able to swap to any other MCASH on Midas wallet which support multiple chains. i-MCASH would be able to use to play on all the games that are created by Unidice on different chains (MCASH token accepted on MCashDice on Tomochain, z-MCASH accepted on Zillidice on Zilliqa, n-MCASH accepted on NeoDice on NEO, t-MCASH accepted on TronDice on TRON, e-MCASH accepted on EOS Dice on EOS).
Figure 2. MCASH now can be used in dApp in multiple chains under the form of i-MCASH
With this, the first cross chain decentralized exchange will be born and called UniDex (www.unidex.market). In the beta-1 version of UniDex, we use the mechanism of reserves to create cross chain liquidity and we continue our research on different methods and procedures of cross chain exchange this year. The first pair that will be listed on UniDex is MCASH/MAS which is TRC20/ERC20 cross chain pair. This opens the door for many future cross chain trading and swapping development. UniDex is also a dApp listed on Midas Protocol Wallet’s dApp browser.
By developing MCASH and UniDex, Midas Protocol Wallet will become much more universal and unique.
How to use UniDex dApp for the first pair MCASH/MAS:
Step 1: Go to Dapp tab in Midas wallet and select Unidex dapp
(screenshot added later)
Step 2: Select swapping pair (MAS to MCASH or vice versa) by using the double arrow button, then input the amount of MAS (or MCASH) that you want to swap. You can leave the transaction fee as default or customize it then press Next and confirm the transaction.
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