Kusama “Parachain” Analysis Report (II)

It’s a good time to take a look at the wind. Now the market is suppressed by many forces, it is the right time for us to quietly study, to see the mountains in the distance and to clear the gravel under our feet for the road ahead

The wind is a long way to go.

The current market is suppressed by multiple forces, just when we quietly learn to see the mountains in the distance, to clear the gravel underfoot for the road ahead. BML has a “learn fast, make money slow” attitude, leading the community to learn the project together and gradually form a cognitive understanding of the ecological framework.

The auction for the slot of Kusama Network, the first network of Boka, is proceeding in an orderly manner as planned, and the second slot auction will be opened tomorrow night (6.22). Last week, BML gave a brief introduction to Karura (Acala Advance Network), Shiden (Plasm Advance Network) and Moonriver (Moonbeam Advance Network). In the next few weeks, BML will introduce the important projects of PoC ecology one by one through public articles to introduce their framework in terms of token issuance, progress made, future plans, etc., so as to facilitate It is convenient for everyone to filter Kusama parallel chain projects. After the overall understanding, we will do a more detailed project analysis and rating for you, so that it will be more beneficial for the community to participate in the Polkadot parallel chain auction in the second half of the year.

The core highlight of Polkadot is the implementation of cross-chain interaction (XCMP/SPREE/Cumulus), which will make it an infrastructure for cross-chain communication of blockchain in Web3.0, efficiently opening up the ecology and promoting the explosion of industry applications. Polkadot is building such communication infrastructure for blockchain world, and this industry is entering the eve of explosive development.

Kusama "Parachain" Analysis Report (II)

Crust Advance Network Crust Shadow

Kusama "Parachain" Analysis Report (II)

Crust proposes MPoW (Meaningful Proof of Work), based on the TEE Trusted Execution Environment technology. “With the help of MPOW mechanism, the workload in the report is verifiable and trustworthy; and the workload report is recorded and packaged into the block together with other transactions.

Contributions after joining the ecosystem

When Crust Shadow officially joins Kusama as a parallel chain, the Kusama ecosystem will have the first decentralized storage platform, which can provide safe and reliable storage services for projects on the parallel chain. By then, parallel chain projects can send storage instructions to Crust Shadow through XCMP communication, and store data that needs to be stored off-chain through Crust Shadow.

Commercial achievements

Received marketplace support from Microsoft Cloud (Microsoft Azure) for Crust node and storage services.

A member of the Linux CCC Foundation, the Apache Teaclave community, and the Rust China community.

The Crust Maxwell Preview Network was launched on February 4. Up to now, the total storage space of the network is over 600PB, with more than 3000 nodes distributed worldwide, allowing Web3.0 decentralized storage applications to be presented one by one.

The project has completed development and put into practical application. Users can now upload and share files through Decoo and browse their own videos through Socbay. (Both are Crust netwok based file transfer application and Crust network based video site respectively).

13 projects including Uniswap, Sushiswap, Compound, MakerDAO, IPFS Docs and Poca have adopted Crust as their decentralized storage solution and have started using Crust to deploy their own Dapp applications; many NFT assets are also stored on Crust network.

Eco-applications based on Crust Network are already commercially available in many fields such as healthcare, transportation and finance, while dozens of applications are under development.

Existing technical achievements

Provided several open source storage plugins such as Github Auctions and NPM Packages for Web3 ecology; provided standard cross-chain storage module xStorage for parallel chain ecology; provided 12+ contributions to Polkadot.js.

Participated in and organized 5+ Substrate development courses and trained 200+ Substrate developers.

Providing TEE Chain, a federated chain solution for the crypto computing space.

Late development plan.

After Crust Shadow goes online, it will conduct more in-depth cooperation with parallel chain project parties and gradually complete the construction of Kusama ecological storage infrastructure.

  • Phala Advance Network Khala

Phala Network’s goal is to provide confidential computing and data protection services for enterprises and users. phala provides privacy protection technology underlying facilities for the entire boka ecology by releasing the computing power in CPUs with TEE function.

The core of Phala is a cloud computing network. It provides arithmetic power compared to existing cloud services; at the same time, it provides privacy protection to regulated programs (i.e., the internal state of the program and the interaction between the user and the program are non-publicly visible), as well as maintaining the security and de-trusting properties of the blockchain.

Phala acts only as a bridge between the computing power and the user, while the blockchain ensures the order and security of transactions without revealing any relevant information, so Phala it can become an infrastructure for large-scale data exchange between parties that do not need to trust each other, such as user identity management with machine learning. Privacy is an essential and important track for the future, and Phala’s first-mover advantage and privacy classification are great highlights.

Contribution after accessing the ecosystem

When Phala is connected to the Kusama parallel chain ecology it will start the Khala ready main network and establish a computing cloud platform consisting of TEE nodes to provide privacy cloud computing power. To expand the network usage and value, Phala needs to not only implement privacy smart contracts on its own chain, but also provide the ability of privacy contracts to other chains, and the interactivity of Poca can help Phala to achieve this. In the future, Phala will deliver privacy protection to the entire Poca ecosystem and expand its utility boundaries.

Commercial achievements already

Strategic partnership agreement with Google to deepen the distributed cloud computing platform

Received three Web3 Foundation grants, including a cross-chain bridge based on TEE technology, a decentralized Google Analytics replacement, Web3 Analytics, and Open Node, an open source architecture for cloud services

Included by Rust in the Awesome-Rust list of typical cryptographic open source projects.

Active in Substrate education evangelism worldwide as a partner of the Substrate Runtime Developers Academy.

Technical Achievements

Dark wallet can support transfer & dark transfer function. Can provide a privacy-protected environment for boca defi, preventing MEV arbitrage attacks, collateralized lending targeted blasts, and other issues prevalent in defi today.

Web3 Analytics, which received a Grant from W3F, can employ different analytics tools/products to connect data providers, websites and applications with their users or other data owners on the Internet (e.g. smart devices or standalone databases). A core feature is that it allows end-to-end output of analytics results without revealing any of the original input data. W3A has a broader versatility than Google Analytics, allowing third-party data users or data analytics providers to customize targets while verifying that the software will not be used to spy on data providers. IPFS and Polkadot.

pBridge Series: Low-cost, de-trusted bridges that enable anchored assets across chains. One of them is pDiem, a privacy layer built on top of Diem (formerly Libra proposed by Facebook) that can be connected to other blockchains to enable cryptocurrency circulation while maintaining compatibility with AML/CFT on a protocol basis. Its core function is to provide basic financial privacy to nearly 3 billion Facebook users. pDiem has received a Grant from W3F, and millstone3 has been submitted to W3F and completed all reviews. Later on, there will be pBTG, pDOGE, pSolona and other cross-chain bridges to help long-tail chains complete cross-chains with Phala’s low-cost trust solution.

Later development plan

Phala will start Khala preparatory main network after connecting to Kusama parallel chain ecology, and establish a computing cloud platform composed of TEE nodes to provide privacy cloud computing power. We will not only implement privacy smart contracts on our own chain, but also hope to provide the ability of privacy contracts to other chains, and Phala happens to be able to bring our ability to the utmost. In the future, Phala will deliver privacy protection to the entire Poca ecosystem and expand its own utility boundaries.

  • Bifrost

BIfrost has no prior network and the main network participates directly in the Kusama auction.

Bifrost is a parallel chain designed to provide liquidity for Staking (equity pledge), users can exchange PoS coins into Bifrost vToken via Bifrost transit bridge at any time to get Staking (equity pledge) revenue and liquidity. vToken can be used in DeFi, Dapp, DEX and other scenarios. For example, when vToken is used as collateral for lending, its Staking proceeds can offset part of the interest to achieve low-interest lending. vToken can be used for risk hedging, DeFi & Staking, Staking leverage and other application scenarios.

Take EOS as an example, users don’t need to do tedious operations such as locking positions, selecting nodes, nominating, etc., but only need to hold vEOS to get Staking benefits. The way to get vEOS is also very simple, such as through wallet exchange (converting EOS to Bifrost vEOS via Bifrost Bridge) DEX purchase, event collection, off-site trading, etc. At the same time, vEOS can also be transferred and sold at any time without waiting for the redemption lock time, thus significantly reducing the cognitive and psychological threshold for users to participate in Staking.

Contributions after joining the ecosystem

After Biforst gets the parallel chain slot, its role as a DeFi base protocol will be fully demonstrated. staking derivatives will become a common DeFi asset to be passed between parallel chains, and the first one will be SALP business, which will release pledged liquidity for other parallel chains, aggregate the liquidity of derivatives in slot auction, and initially establish the boca derivatives market. market.

At the same time, various functions of Bifrost’s main network will be opened through the governance module referendum, such as BNC transfer, vToken minting, etc. After vToken minting is launched, the advantages of Bifrost’s derivatives will be officially launched. vToken can be made into cross-chain interest-bearing assets through the advantages of parallel chains, and through the built-in bidding ranking mechanism, providing users with the possibility of higher staking revenue.

vToken is compatible with any DeFi product and can be used for DeFi play while receiving staking revenue. For example, you can borrow vToken against other DeFi parallel chains to leverage your staking revenue, or pledge to mine other parallel chains for rewards.

Commercial successes already in place

vETH is a derivative asset for ETH 2.0 Staking. vETH can be held for Staking gains and can be traded at any time, avoiding the long lock-ups associated with direct participation in ETH 2.0.

Bifrost has already accumulated a total of 18,085 ETH of vETH mint value through two vETH Mint Drops, generating a total locked-in market value of $45M.

Technical Achievements

Bifrost EOS cross-chain bridge received a Web3 Foundation Grant

Future Development Plans

Bifrost will initially open the DeFi derivatives market for the Boka ecosystem after launching the Kusama parallel chain, empowering the usability of KSM derivatives by issuing vsKSM and vsBond derivatives based on slot bidding liquidity, and providing SALP services for other projects bidding on the parallel chain.

After the parallel chain has been running smoothly for 2-3 months, Bifrost will start the SLP business through a referendum to provide liquidity for Staking assets. The market size of Staking derivatives will be opened at that time. Relying on the advantage of interoperability of Boka Parallel Chain, SLP business will quickly spread to all DeFi applications, enabling more derivatives play.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/kusama-parachain-analysis-report-ii/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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