Announcing Full-Chain Membership Proofs (FCMP) - The Next Generation of Monero's Privacy

Announcing Full-Chain Membership Proofs (FCMP) - The Next Generation of Monero's Privacy

https://www.getmonero.org/2024/04/27/fcmps.html

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## Monero (XMR) کیا ہے؟

Monero، سنہ 2014 میں لانچ کیا گیا، جس کا ہدف سادہ سا ہے: یعنی نجی اور خفیہ طور پر ٹرانزیکشنز انجام دینے کے قابل بنانا۔ اگرچہ عام خیال یہی ہے کہ BTC کسی صارف کی شناخت کو مخفی رکھ سکتا ہے، لیکن بلاک چینز کی شفافیت کی وجہ سے اکثر ادائیگیوں کے اصل ماخذ کی نشاندہی آسانی سے ہو جاتی ہے۔ اس کے برعکس، XMR کو اس لئے ڈیزائن کیا گیا ہے کہ وہ جدید کرپٹوگرافی کے ذریعے، ارسال کنندگان اور وصول کنندگان، دونوں کی شناخت کو مبہم بنا دے۔

Monero کے لئے کام کرنے والی ٹیم رازداری اور سکیورٹی کو اپنی اولین ترجیح قرار دیتی ہے، جبکہ دوسری ترجیح، استعمال میں آسانی اور کارکردگی ہے۔ اس کا ہدف تمام صارفین کو تحفظ فراہم کرنا ہے — قطع نظر اس کے، کہ وہ ٹیکنالوجی میں کتنی مہارت رکھتے ہیں۔

مجموعی طور پر، XMR کا مقصد ادائیگیوں کو سینسرشپ کی فکر سے آزاد ہو کر سستے طریقے سے تیزی کے ساتھ سرانجام پانے کی صلاحیت سے بہرہ مند کرنا ہے۔

### Monero کے بانیان کون ہیں؟

Monero کی تخلیق کے ابتدائی مرحلے میں سات ڈویلپرز شامل تھے — جن میں سے پانچ نے گمنام رہنے کا فیصلہ کیا۔ یہ افواہیں بھی گردش کرتی رہی ہیں کہ XMR بھی [Satoshi Nakamoto](https://coinmarketcap.com/alexandria/article/who-is-satoshi-nakamoto)، یعنی Bitcoin کے موجد نے ہی تخلیق کیا۔

XMR کی جڑوں کا سراغ Bytecoin تک لگایا جا سکتا ہے، یعنی وہ غیرمرکزی کرپٹو کرنسی، جو سنہ 2012 میں لانچ کی گئی تھی۔ دو سال بعد، Bitcointalk فورم کے ایک ممبر نے، — جسے صرف thankful_for_today کے نام سے پہچانا جاتا ہے — BNC کا کوڈ بیس فورک کیا، اور یوں Monero وجود میں آ گیا۔ انہوں نے Bytecoin میں "متنازعہ تبدیلیوں" کے حوالے سے تجاویز دی تھیں، جن پر کمیونٹی کے دوسرے افراد متفق نہ ہوئے، اور چناچہ انہوں نے معاملات اپنے ہاتھ میں لینے کا فیصلہ کیا۔

یہ خیال راسخ ہے کہ کئی سالوں کے دوران سینکڑوں ڈویلپرز نے XMR کے ارتقاء میں اپنا اپنا کردار ادا کیا ہے۔

### وہ کیا چیز ہے جو Monero کو منفرد بناتی ہے؟

بہت سی خصوصیات Monero کو منفرد بنا دیتی ہیں۔ اس پراجیکٹ کے سب سے بڑے اہداف میں سے ایک، غیر مرکزیت کی بلند ترین سطح تک رسائی کو ممکن بنانا ہے، یعنی یہ، کہ کسی بھی صارف کو نیٹ ورک پر موجود کسی اور شخص پر بھروسے کی ضرورت نہ پڑے۔

رازداری کُچھ نُمایاں خصوصیات کے ذریعے حاصل کی جاتی ہے۔ جبکہ گردش میں موجود ہر Bitcoin کا ایک مخصوص سیریل نمبر ہوتا ہے، یعنی کرپٹو کرنسی کے استعمال کی نگرانی کی جا سکتی ہے، اور XMR مکمل طور پر فنجیبل ہو سکتا ہے۔ بطور ڈیفالٹ، ارسال کنندہ، وصول کنندگان اور ٹرانسفر کی جانے والی کرپٹو کی تعداد کو چھپا دیا جاتا ہے — اور Monero کی وکالت کرنے والے افراد کہتے ہیں، کہ یہی خصوصیت Zcash جیسے اُن حریف رازدارانہ کوائنز کے مقابلے میں برتری کو ظاہر کرتی ہے، جو "منتخب پر شفاف" ہیں۔

کوائف کی ابہام سازی رنگ سگنیچرز کے ذریعے کی جاتی ہے۔ یہاں، ماضی میں ہونے والے اُس ٹرانزیکشن کو بلاک چین سے اُٹھا لیا جاتا ہے جو ایک جال کا کام سرانجام دیتی ہے، جس سے مُراد یہ ہے کہ بیرونی مشاہدین کو یہ معلوم نہیں ہوتا کہ دستخط کس نے کیے ہیں۔ مثلاً اگر Ian نے Susan کو 200 XMR بھیجے، تو پیچیدگی کی ایک اور سطح شامل کرنے کے لیے اس رقم کو بے ترتیب انداز میں تقسیم بھی کیا جا سکتا ہے۔

ٹرانزیکشنز کو ایک دوسرے کے ساتھ لنک ہونے سے بچانے کے لئے، ہر ٹرانزیکشن کے لئے خفیہ ایڈریسز تخلیق کیے جاتے ہیں جو صرف ایک ہی بار استعمال ہو سکتے ہیں۔

انہی منفرد خصوصیات کی وجہ سے، غیر قانونی ٹرانزیکشنز کے لئے Bitcoin کی بجائے، XMR بکثرت استعمال ہو رہا ہے — بالخصوص ڈارک نیٹ کی مارکیٹس میں۔ پوری دنیا کی حکومتوں اور خاص طور ہر USA کی حکومت نے اُس شخص کے لئے لاکھوں ڈالرز کے انعام کی پیشکش کی ہے، جو Monero کے کوڈ کو کریک کر سکے۔

#### متعلقہ صفحات:

[ایک اور رازدارانہ کوائن، Zcash کے بارے میں جانیے.](https://coinmarketcap.com/ur/currencies/zcash/)

[وہ سب کُچھ جو کرپٹو کی بنیادی معلومات کے حوالے سے آپ کو جاننے کی ضرورت ہے۔](https://coinmarketcap.com/alexandria/categories/crypto-basics)

[رِنگ سگنیچر کیا ہوتا ہے؟](https://coinmarketcap.com/alexandria/glossary/ring-signature)

[CoinMarketCap بلاگ: کرپٹو کی بارسوخ ترین شخصیات کے ساتھ انٹرویوز](https://blog.coinmarketcap.com/)

### فی الوقت کُل کتنے Monero (XMR) کوائنز گردش میں ہیں؟

Monero معمول سے خاصی مختلف ہے، کیونکہ XMR ٹوکنز کی کوئی باقاعدہ فروخت نہیں کی گئی — اور نہ ہی کوئی ٹوکنز پیشگی طور پر مائن کیے گئے تھے۔ اس تحریر کے وقت، XMR کی گردشی سپلائی 17,703,471 کے برابر ہے۔

یہ کرپٹو کرنسی اس لئے ڈیزائن کی گئی تاکہ یہ ایپلیکیشنز سے جُڑے اُن سرکٹس کے خلاف، جو نئے Bitcoin کوائن کی مائننگ میں استعمال ہوتے ہیں، ایک مزاحمت کا کام کرے۔ تھیوری کے مُطابق، اس کا مطلب یہ ہوا کہ روزمرّہ کمپیوٹنگ کے آلات استعمال کرتے ہوئے XMR کی مائیننگ مُمکن ہو سکتی ہے۔

مجموعی طور پر، کل 18.4 ملین XMR گردش میں ہوں گے — اور مارکیٹ میں یہ کل مالیت، 31 مئی، 2022 کو متوقع ہے۔ اس کے بعد، مائنرز کو "ٹیل ایمیشنز" استعمال کرتے ہوئے اس طرح ترغیب دی جائے گی کہ ہر 60 سیکنڈ بعد XMR کی کُچھ تعداد انعام کے طور پر سسٹم میں داخل کی جائے گی۔ یہ خیال کیا جاتا ہے کہ یہ طریقہ کار ٹرانزیکشن فیس پر انحصار کے مقابلے میں زیادہ موثر ہے۔

### Monero نیٹ ورک کو کس طرح محفوظ بنایا جاتا ہے؟

Monero کے مرکزی اہداف میں سے ایک مرکزیت کو روکنا ہے — یہ نیٹ ورک، CryptoNight نامی مفاہمتی میکانزم کو استعمال کرتا ہے، جوکہ پروف آف ورک پر مبنی ہے۔ یہ بڑے مائننگ فارمز کو ایک غالب قوت بننے سے روکتا ہے۔

### آپ Monero (XMR) کہاں سے خرید سکتے ہیں؟

ایک رازدارانہ کوائن کی حیثیت سے، کُچھ بڑے ایکسچینجز پر XMR کو شامل فہرست نہیں کیا گیا۔ مثلاً، اگرچہ آپ Binance سے XMR خرید سکتے ہیں، لیکن Coinbase اس کی معاونت نہیں کرتا۔ نتیجتاً، پہلو آپ کو اپنی فیاٹ، Bitcoin میں تبدیل کرنے اور کسی چھوٹے ٹریڈنگ پلیٹ فارم پر جانے کی ضرورت پڑ سکتی ہے۔ یہ گائیڈ، اس بارے میں آپ کی[رہنمائی](https://coinmarketcap.com/how-to-buy-bitcoin/) کرے گی کہ فیاٹ کرنسیوں کو کس طرح سے بآسانی کرپٹو میں تبدیل کیا جائے۔

Monero

Ledger

Trezor

Trust Wallet

Math Wallet

GUI Wallet

Safepal

Atomic wallet

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

To learn more about this project, check out our deep dive of Litecoin.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.

The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a "lite version of Bitcoin," in that it features many of the same properties as Bitcoin—albeit lighter in weight.

Litecoin

Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.

Contrary to a common misunderstanding, the majority of cryptocurrencies on the market, including Bitcoin (BTC), are not anonymous, but rather pseudonymous; while they do not explicitly reveal the identities of their users, each user has their own public address or addresses which can be traced back to them via the methods of data science and blockchain forensics.

Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.

Zcash was first released on October 28, 2016, and it was originally based on Bitcoin’s codebase.

Zcash

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature. According to the project's white paper, Dash seeks to improve upon Bitcoin (BTC) by providing stronger privacy and faster transactions.

Dash, whose name comes from "digital cash," was launched in January 2014 as a fork of Litecoin (LTC). Since going live, Dash has grown to include features such as a two-tier network with incentivized nodes, including "masternodes," and decentralized project governance; InstantSend, which allows for instantly settled payments; ChainLocks, which makes the Dash blockchain instantly immutable; and PrivateSend, which offers additional optional privacy for transactions.

Dash

Stellar (XLM) is a peer-to-peer (P2P) decentralized network created in 2014 by The Stellar Development Foundation or Stellar.org. The network officially launched in 2015 with the purpose of connecting the world's financial systems and ensuring a protocol for payment providers and financial institutions. The platform is designed to move financial resources swiftly and reliably at minimal cost. Stellar links people, banks, payment processors and allows users to create, send and trade multiple types of crypto.

The basis of the network is its native digital currency - XLM or Lumens. XLM acts as an intermediate currency for operations and is also used to pay transaction fees. How it works: the protocol converts money in a few seconds, first into XLM, and then into the requested currency.

The Stellar payment protocol is based on distributed ledger technology -- an open-source development, community-owned and distributed by community. The crypto asset of the Stellar platform helps with cross-border transactions, overcoming the problems of high fees and slow procedures. XLM is more focused on assisting individuals transfer money than they are with institutions. Thus, Stellar offers access to financial systems, and people can send money at low cost and promptly around the world.

Moreover, Stellar serves as a decentralized exchange and marketplace, with a built-in order book that tracks ownership of Stellar assets. Platform users can manage buy/sell orders, as well as select and set their preferred assets in settlements. XLM is a built-in coin that helps reduce transaction fees.

The network maintains a high level of security.  XLM holders must have at least one token in order to remain active on the network. This nuance performs a global goal - the execution of network transactions efficiently and with minimal time costs. Plus, Lumens offers protection against flood attacks by making microtransactions too expensive for hackers with no chance of profit, which keeps Stellar Network safe from serious threats.

The target audience of Stellar is the inhabitants of developing countries, ordinary users who are provided access to the global economy through fast, simple and inexpensive transactions. Stellar Network makes extensive use of Lumens to produce live convection as well as to send cash in multiple currencies; currency is sent from one peer, and the recipient can receive the amount in another currency. This feature is beneficial when a transaction is made between currencies without widely traded pairs.

Support for multi-currency transactions is another competitive advantage of Stellar, and the ability for cross-currency transactions has only enhanced processes with foreign operations. Moreover, stable speed and low transaction costs are a privilege that users receive.

This functionality is powered by a development called Anchors (a bridge between different currencies and the network), which simplifies the exchange within the network and helps speed up the whole process.

In summary, the benefits of Stellar (XLM) include:

Stellar

Aave

Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens.

An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading.

Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges.

Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges.

In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future — an attractive aspect of decentralized entities.

Uniswap

Tezos is a high-performing blockchain and open-source platform for assets and applications, with a strong focus on code security, on-chain governance, and decentralization. Tezos 2.0, the upcoming step in the evolution of Tezos, aims to improve scalability (via layer 2s), composability, and to implement support to mainstream programming languages (like Javascript, Typescript, Python, and many others).

Initially built with formal verification in mind, the Tezos protocol enables builders to avoid bugs when developing smart contracts, making it particularly suited to applications that require a high degree of security and certainty.

Tezos’ LPoS (Liquid Proof-of-Stake) consensus mechanism enables any stakeholder to take part, directly or by delegation, in the consensus process, and to be rewarded for securing the network. Rather uniquely, Tezos’ on-chain governance system also enables stakeholders to create and vote on protocol upgrade proposals. This pioneering system allows the protocol to self-amend and upgrade itself without leading to a split (or fork) in the blockchain, empowering the community without slowing down innovation.

First proposed in 2014 and launched in 2018, the Tezos Mainnet has a proven track record of running uninterrupted ever since, having earned a strong reputation for technical excellence and a supportive community.

Tezos

Ethereum Classic (ETC) is the original Ethereum (ETH) blockchain that launched in July 2015. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.

Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.

Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

Ethereum Classic

Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy and larger block size. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties.

Bitcoin Cash was created as an alternative to the first and most valuable cryptocurrency — Bitcoin (BTC). In 2017, BCH developers modified the BTC code, releasing their software version and a full-fledged competitive product, which split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash. Bitcoin Cash is a result of a hard fork in the blockchain due to differences in the community over Bitcoin scaling and the SegWit upgrade. Moreover, another hard fork, which divided Bitcoin Cash into two parts, Bitcoin ABC and Bitcoin SV, took place in the fall of 2018.

The scaling debate involved two sides: small block supporters opposed increasing block size as it could lead to blockchain centralization and vulnerability by making it harder to host full nodes. Large block supporters, however, advocated for a faster solution, concerned that rising transaction fees could hinder growth.

Bitcoin Cash

In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.

The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other — preventing fragmentation in the industry.

Cosmos’ origins can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. In 2016, a white paper for Cosmos was published — and a token sale was held the following year. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

Cosmos

The EOS Network is an open-source blockchain platform that prioritizes high performance, flexibility, security, and developer experience. As a third-generation blockchain platform powered by the EOS virtual machine, EOS has an extensible WebAssembly engine for deterministic execution of near fee-less transactions.

EOS is the market's most scalable, divisible, and programmable digital currency. EOS is a Delegated Proof of Stake (DPoS) network where stakeholders have the authority to select node operators. Due to the decentralized nature of the token distribution on EOS, power doesn't reside in the hands of block miners, but rather all parties involved in the EOS Network.

The EOS Network is attractive because of its technology and community. It allows developers to build projects that other blockchains cannot support. The network is straightforward and has multiple tools and educational resources to help users acclimate to the blockchain.

TRON (TRX) is a decentralized blockchain-based operating system developed by the Tron Foundation and launched in 2017. Originally TRX tokens were ERC-20-based tokens deployed on Ethereum, but a year later they were moved to their own network.

Initially, the project was created with the aim of providing full ownership rights to makers of digital content. The main goal is to help content creators (who receive only a small part of the income) and encourage them with more rewards for their work. How: invite content consumers to reward content makers directly (without intermediaries like YouTube, Facebook or Apple).

The TRON software supports smart contracts, various kinds of blockchain systems, and decentralized applications aka dApps. The cryptocurrency platform uses a transaction model similar to Bitcoin (BTC), namely UTXO. Transactions take place in a public ledger, where users can track the history of operations.

Therefore, the platform was built to create a decentralized Internet and serves as a tool for developers to create dApps, acting as an alternative to Ethereum. Anyone can create dApps on the TRON network, offer content, and in return receive digital assets as compensation for their efforts. The ability to create content and share it openly without hesitation regarding transaction fees is an undeniable advantage of TRON.

TRON

Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, facilitating cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable with each other. Polkadot was designed to provide a foundation for a decentralized internet of blockchains, also known as Web3.

Polkadot is known as a layer-0 metaprotocol because it underlies and describes a format for a network of layer 1 blockchains known as parachains (parallel chains). As a metaprotocol, Polkadot is also capable of autonomously and forklessly updating its own codebase via on-chain governance according to the will of its token holder community.

Polkadot provides a foundation to support a decentralized web, controlled by its users, and to simplify the creation of new applications, institutions and services.

The Polkadot protocol can connect public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot Relay Chain (explained further down).

Polkadot’s native DOT token serves three clear purposes: staking for operations and security, facilitating network governance, and bonding tokens to  connect parachains .

Polkadot has four core components:

Relay Chain: Polkadot’s “heart,” helping to create consensus, interoperability and shared security across the network of different chains;

Parachains: independent chains that can have their own tokens and be optimized for specific use cases;

Parathreads: similar to parachains but with flexible connectivity based on an economical pay-as-you-go model;

Bridges: allow parachains and parathreads to connect and communicate with external blockchains like Ethereum.

Polkadot

Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.

To learn more about this project, check out our deep dive of Chainlink.

Chainlink

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.

The Algorand mainnet became live in June 2019, and was able to handle almost 1 million transactions per day as of December 2020. Algorand transaction metrics can be viewed here. Algorand initial coin offering (ICO) was held in June 2019, with the Algorand price of $0.24 per token.

Algorand

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.

To learn more about this project, check out our deep dive of Cardano.

The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair.

Cardano was founded back in 2017, and named after the 16th century Italian polymath Gerolamo Cardano. The native ADA token takes its name from the 19th century mathematician Ada Lovelace, widely regarded as the world’s first computer programmer. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.

In August 2021, Charles Hoskinson announced the launch of the Alonzo hard fork, causing Cardano price to surge, gaining 116% in the following month. On Sept. 12, 2021, the Cardano ‘Alonzo’ hard fork officially launched, bringing smart contract functionality to the blockchain. Over 100 smart contracts were deployed in the following 24 hours after the launch.

Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

Cardano

Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.

To learn more about this project, check out our deep dive of Polygon Matic.

Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand alone chains or any other kind of infra required by the developer.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem and openness.

The $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

Polygon (formerly Matic Network) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains.

Polygon combines the Plasma Framework and the proof-of-stake blockchain architecture. The Plasma framework used by Polygon as proposed by the co-founder of Ethereum, Vitalik Buterin, allows for the easy execution of scalable and autonomous smart contracts.

Nothing will change for the existing ecosystem built on the Plasma-POS chain. With Polygon, new features are being built around the existing proven technology to expand the ability to cater to diverse needs from the developer ecosystem. Polygon will continue to develop the core technology so that it can scale to a larger ecosystem.

Polygon boasts of up to 65,000 transactions per second on a single side chain, along with a respectable block confirmation time of less than two seconds. The framework also allows for the creation of globally available decentralized financial applications on a single foundational blockchain.

The Plasma framework gives Polygon the potential of housing an unlimited number of decentralized applications on their infrastructure without experiencing the normal drawbacks common on proof-of-work blockchains. So far, Polygon has attracted more than 50 DApps to its PoS-secured Ethereum sidechain.

MATIC, the native tokens of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in MATIC tokens.

Polygon

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.

Initially conceived in 2015 and fully launched in December 2017, Maker is a project whose task is to operate DAI, a community-managed decentralized cryptocurrency with a stable value soft-pegged to the US dollar.

MKR tokens act as a kind of voting share for the organization that manages DAI; while they do not pay dividends to their holders, they do give the holders voting rights over the development of Maker Protocol and are expected to appreciate in value in accordance with the success of DAI itself.

The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.