Why We Need MathChain
MathWallet has supported more than 50 public chains, with over a million users so far, however we have never stopped thinking about the future of the blockchain world, and the most important issue is how to serve the mainstream users.
Smart Wallet is an area that MATH has always been researching, and we saw the value of Smart Wallet in lowering the barriers for new users to participate, there are some products that have done great in smart wallet field, such as Argent, Dapper, and MYKEY.
But we also saw some of the limitations of Smart Wallet today:
1. Account creation costs are high, because it need to create the mainnet contract for each new user.
2. Smart contract transaction has limitation in some scenarios, such as the exchange blocks the smart contract deposit, etc.
3. Difficulty for upgrading smart contract.
Thus, we are introducing a new generation of ‘Smart Chain Wallet’ which will address those problems by moving the logic of smart contract into MathChain, which will be a Polkadot parachain.
So, creating a new generation of “smart chain wallet” is the main reason why we launched MathChain.
Why MathChain is based on Substrate
Since last May, Polkadot ecosystem has been the field where MATH has invested the most resources. We participated in the Web3 Summit in Berlin, were elected as the ambassador of Polkadot, and received Kusama Treasury awards for our continued contributions from the very beginning of Polkadot Testnet, and we have partnered with a number of Polkadot ecological projects ever since.
But the most important reasons are:
1. Being based on Substrate can connect MathChain to the Polkadot Relay Chain, and obtain the same security as the Polkadot Relay Chain, thus ensuring the safety of assets on MathChain.
2. XCMP (Cross-chain message protocol) on Polkadot can make MathChain communicate with other Parachains of Polkadot, which will create similar DeFi Lego effort currently on Ethereum.
3. The underlying mechanisms of Substrate and Polkadot can provide sufficient transaction speed and low cost.
What applications will emerge on the MathChain
MathChain’s growth strategy will focus on both sides of capital and asset.
On the capital side of MathChain, it is a ‘Smart Chain Wallet’ that will provide a lower barrier for new users to entry and open up digital assets world to mainstream users.
Meanwhile, MathChain will also benefit from the advantage of multi-chain supports that MathWallet has built, by launching MathHub, the assets from more than 50 public chains supported by MathWallet will be connected with the Polkadot Ecosystem.
On the asset side of MathChain, it provides services: Stablecoin Optimized AMM Swap, VPoS Pool will be moved over MathChain, and Mutual Insurance for on-chain assets.
And through these open protocols, as well as Polkadot’s cross-chain message capacities, more on-chain applications with network effect can be realized.
MATH Token Value
Previous MATH Token will capture the value of MathVPoS, MathSwap and MathStaking. After the MathChain launch, MATH token will also be used as the transaction fees and these fees will be burned.
We can’t wait to share with you the other great new products we are working on recently, please stay tuned.