How we are fixing DeFi…
June 18, 2021
Just as any other concept, the success of Defi lies in its ability to maintain continuous growth. This growth happens every day, thanks to the relentless builders and goal-oriented projects in the space. Every defi project long to proffer solutions to the problems impeding substantial growth of defi as a concept of financial importance. Regardless of the chain or community assertion, these projects form the hub of defi, interoperability brings these different hubs together to form an even bigger hub.
In our full capacity, we are enhancing existing solutions and introducing new protocols and algorithms to solve existing and anticipated problems. Mute was born out of the urge to build better alternatives. Having studied contemporary issues and brainstormed possible ways to at least, prevent them; we are assembling these pieces of ideas to build a complete solution – the MUTE SWITCH
Here's a preview of Mute Switch.
Relatively, we are building a unique solution. Our technology moves a step further from existing ones, this aligns with our goal of delivering solutions that lives up to the bidding and expectation of the general cryptocurrency community and not just the defi space.
Previously, we discussed a number of issues facing defi today (read up here). Each one contributes a good quota. We don’t believe in perfect systems; but we understand that defi could get better than what it currently is, that’s we have sought ways to rebuild/enhance existing solutions and create new ones where needed.
With that being said, here’s how we are fixing Defi…
Jet-speed and efficient transaction
Ethereum’s layer-1 is a pretty ‘stuffed up’ place; yeah ‘stuffed up’ in the right sense. Its inability to handle the overwhelming amount of transactions sent across the mainnet accounts for the relatively slow transaction processing speed and also the failed transactions. To achieve optimum speed and efficiency, we are building our solutions on ethereum’s super-fast layer-2.
The Layer-2 is designed to help scale applications by handling transactions off the Ethereum mainnet (layer 1), while taking advantage of its robust decentralized security model. Transactions on our platform are processed using the ZK-rollup protocol. ZK-rollup bundles hundreds of transfers off-chain and generates a cryptographic proof, known as a Succinct Non-interactive Argument of Knowledge (SNARK) which is submitted to the mainnet for verification. Building on Layer-2, we move away from the congested layer-1 while remaining on the ethereum blockchain. Roll-up protocol further enhances this speed by aiding the processing of numerous transactions at a time.
Having a stable, efficient and fast backbone presents our application(s) with enough resources to work at maximum capacity. Our ZK-rollup contract is fully compatible with the Ethereum Virtual Machine (EVM).
Security optimized protocols
Security of investors and users of our platform is of topmost importance to us. Whilst funds in your wallet enjoy blockchain-level security, defi protocols are notably prone to exploitations. We have seen this play out in a number of situation(s), our experiences and lessons from these unfaithful events have enabled us to craft more secure defi protocols to ensure that users on our platform enjoy security at its possible best.
Layer-2 maintains the same security levels as the parent layer-1. ZK-rollup protocol again solidifies security on our platform. Transactions processed by the ZK-rollup submits a Validity proof to the mainnet. Validity proof is a security model for layer 2 solutions where, to increase speed, transactions are rolled up into batches and submitted to Ethereum in a single transaction. The transaction computation is done off-chain and then supplied to the main chain with a proof of their validity. This establishes the authenticity of the transactions.
In addition to this we are meticulously developing our applications to avoid exploitable security bugs. Our building and testing procedures are sophisticated and reliable. In the future, we will ensure that protocols deployed on the platform will maintain this security level.
Near-zero fee transactions
Well, we talked a lot about ‘Roll-ups’; they come into play again. By submitting hundreds of transactions as one, ZK-Rollup greatly reduces transaction fees. This reduction is so significant that ‘free’ wouldn’t be a wrong descriptive term.
Blockchain transactions should be at least cheaper than traditional banking charges, we understand this and using ZK-Rollups to process transactions on our application ensures that users pay the least imaginable fees while enjoying speed and efficiency. Yeah, you’re welcome!
A specialized privacy layer
The thought of a faster, ‘fee-less’ and secure solution must fascinate you; but we are going miles beyond that to add a feature craved by ‘every’ human – PRIVACY.
‘Privacy’ is a term we understand clearly and hold dearly. We are adding a privacy layer to our defi platform. Our privacy protocols conceal users’ transaction and gives them the ability to ‘move in stealth’. Our privacy-conscious De-fi platform introduces the concept of <b>Pri-Fi</b>. A privacy focused De-fi protocol which returns the right to visibility to the users. Prior to our rebranding, we have been building a privacy protocol which allows addition of a privacy layer to ‘any’ platform. This technology comes into play.
Ownership and governance by the community
We are not only building decentralized solutions; we are also building a decentralized community of enthusiastic members. We believe that decentralization is not only a technological term, but a social term as well. Mute’s governance is vested on the community. VOICE token is the community governance token. Holders of the Voice token will be able to vote on proposals and influence the overall management of the Mute’s ecosystem and products. Our governance system perfects the decentralized autonomous organization (DAO) provisions and as well offers investors an avenue to stay in control of their investment. VOICE token gives you a voice, an unhampered and immutable voice. Token holders can easily visit the DAO portal and vote on project improvement proposals.
Via the Voice Control DApp, we have automated our ‘on-chain’ governance model. Token holders utilize the voting portal to exercise their franchise. Voice control DApp automatically calculates and displays current vote actions on existing proposals as well as the community’s decision on past proposals, this is a function of the percentage of votes for or against the proposal.
Every proposal is explicitly presented to the community, the community is notified of the proposals’ deliveries and requirements too. Financial obligations emerging from proposals are settled using the MUTE token which powers the economy of the Mute ecosystem. This governance system puts the community in charge of every administrative process of the ecosystem.
Our strategies are non-exhaustive as we are constantly studying events around the defi space and our own ecosystem (as well) and working towards improving on current efforts, improving existing solutions and developing new ones where needed. One of our greatest strengths is our flexibility, it gives us wit to change things up and improve any situation. We are a team of solid developers backed by an ever-solid community. We are revolutionizing defi and we are serious about it!