Since the emergence of block chain technology and encrypted currency, it has brought huge market and new possibilities for new forms of digital assets. DeFi releases global finance by empowering individuals, allowing rapid capital and trade flows. investment is always looking for returns in cryptocurrency, and DeFi offers a huge opportunity. As liquidity mining became more popular this year, large amounts of money poured into DeFi areas. The total valuation of encrypted assets (value locking) reached $11.37 billion as of October 15,2020, according to DeFi Pulse data, distributed in 39 applications, including DEX sectors, loans, derivatives and assets.
DeFi represents decentralized finance, that is, the financial system based on distributed network, especially some well-known financial projects in Taifang ecology. Most DeFi platforms belong to decentralized applications (dApps) based on intelligent contract-rich block chains (mainly Ethernet networks). At present, this kind of DeFi is the scene of rapid development of block chain application, which involves many fields, such as decentralized lending, decentralized trading, stable currency and so on.
The purpose of the Murphy is to design an efficient public chain for decentralized financial services, and to take the public chain as the underlying infrastructure, build a strong digital asset management capability, and combine the wallet application front end to achieve a perfect DeFi support system. Truly achieve a valuable application landing.
On the concrete realization, Murphy economic system of public chain with MPL as token ensures the balance between public chain basic service and combustion mining, ensures the efficiency of public chain with ZI-POS consensus under the economic model of security and deflation, and uses tendermint consensus engine and cross-chain interaction protocol IBC, construct side chain and relay chain system, reach cross-chain goal, realize cross-chain asset circulation, and satisfy the design of multi-source digital asset management. Murphy, while supporting intelligent contracts and ensuring the expansion of general function services, implement typical business such as DEX agreements, loans, funds and so on in the form of built-in, and attach importance to the construction of user experience and product peripheral facilities, and combine digital asset wallets to provide users with a good experience of DeFi ecology.
Murphy public chain is based on a deep understanding of block chains and digital assets, Has developed a lot of innovative features, At the consensus level, the traditional handling fee allocation model on the block chain is reformed and the consensus protocol is improved, Not only improves performance and security, At the same time, it lays a good foundation for the healthy development of the future decentralized application ecology; At the economic model level, The function of issuing and managing assets in the chain is realized. There are two kinds of POW workload proof mechanism represented by BTC and POS rights and interests proof mechanism represented by 3.0 public chain such as ETH and EOS. Murphy Chain invented a consensus mechanism for ZI-POS, Based on POS traditional consensus mechanism, An economic model of double-currency and double-deflation, So that the Murphy chain has both the performance of the POS consensus mechanism, And a BTC market - approved economic model, To ensure the ecological stability and benign development of the public chain, Create more revenue for ecological nodes and community users voting.
Murphy Chain protocol layer and versatile functional requirements are written into built-in contracts to achieve DeFi functions.These contracts are hard-coded on the chain, developers can call according to the interface parameters of the contract, and requests that do not meet the interface requirements will be rejected directly. Such contracts provide convenience to developers. It also improves security and stability.
With regard to model innovation, Murphy build a more automated service model and protocol based on the constraints and governance mechanisms of previous DeFi projects by introducing a Verifiable Random Function into the governance mechanism, and establish a governance mechanism for the development of benign community-driven projects, while ensuring Murphy scalability with distributed architecture, distributed processing technology, distributed settlement, in combination with richer financial products, The project participants can contribute the corresponding resources in the development of the Murphy, and enjoy the Murphy development dividend simultaneously.
In the future, Murphy will continue to change the world with new technology and bring new development to the wide application of digital assets in the real economy.