Monster Network of Qicai Research Institute creates a groundbreaking new digital asset chain trading platform

At 20:00 on the evening of September 9, Qicai Research Institute and Monster Network shared practical information in the Qicai Research Institute live broadcast room with the theme of "Monster Network creates an epoch-making new digital asset chain trading platform". Host: Qicai Research Institute Ice Cream, sharing guest: CTO Albert.

The following content is provided by Monster Network and compiled and published by Qicai Research Institute.

Ice Cream from Qicai Research Institute: Good evening everyone. I am the host of today’s live broadcast. Thank you to all the friends from Qicai Research Institute for meeting us on time. Let us welcome Albert, CTO of Monster Network, to visit Qicai Research Institute and let us enter today’s AMA theme event.

Q1. Snow Ice Cream, host of Qicai Research Institute: First of all, can you give us a brief introduction to the basic situation of the Monster Network project?

A1. Guest: Monster Network is an on-chain protocol for instant digital currency transactions. The on-chain decentralized exchange based on the Monster Network protocol can provide users with a variety of applications, order generation, transmission, off-chain matching, and clearing and settlement on the chain, including building various transaction APIs and providing them to merchants and users to solve the problem of on-chain transaction congestion and ensure the openness and transparency of capital flow. Transactions do not require top-up or withdrawal, and cannot touch user funds. Loop matching technology can improve matching efficiency and achieve a better trading experience.

Cross-chain allows users on different public chains to use the digital currency or application. In simple terms, the same digital currency asset is circulated on different public chains at the same time or the same application is run on different public chains at the same time. Currently, it is mainly cross-chain circulation of assets.

Q2. Snow Ice, host of Qicai Research Institute: Can you tell us about the positioning and goals of the Monster Network project?

A2. Guest: A world-class financial service platform that integrates the liquidity of blockchain and the superiority of DeFi financial services (decentralization, borderlessness, and trustlessness, etc.), providing advanced investment and trading platforms and complete trading tool support for traditional financial institutions and commercial applications. Given our understanding of the entire encrypted digital asset ecosystem, we believe that the future development of the entire blockchain field will show the following trends: the trading market will further expand, traditional financial institutions will continue to enter the market, and the entire market will usher in an influx of institutional funds. At the same time, with the further commercialization of blockchain, related needs based on application scenarios will also be developed in the long run.

As the scale and volume of the trading market continue to grow, the number of global exchanges and trading markets is likely to grow further. Institutional investors and high-net-worth clients will inevitably need a basic service facility similar to a prime broker to simplify their investment costs in the complex trading market, reduce transaction-related risks, and improve investment efficiency; the latter, with the implementation and expansion of the blockchain application ecosystem, many tokens based on vertical application scenarios will inevitably need a protocol layer that can quickly find market supply and demand and realize lightning exchange and trading for merchants and users due to liquidity restrictions. Monster is positioned to create a decentralized global trading and clearing and settlement network protocol. It will adopt a technical solution combining Layer1+Layer2, taking into account asset security, performance, privacy and decentralization and other characteristics, so as to create an epoch-making new digital asset trading protocol. The ultimate goal of this trading protocol is to provide trading users (such as institutional investors and high-net-worth clients) with a one-stop decentralized prime broker service by aggregating the transaction depth of mainstream exchanges (centralized and decentralized) and merchant nodes. The service content includes transaction matching, financing and currency lending, asset management, intelligence services and functional value-added.

Q3. Ice Cream, host of Qicai Research Institute: Can you explain to us in detail the ecological architecture and basic characteristics of Monster DEX?

A3. Guest: The overall ecological architecture of Monster DEX:

1. Multiple application scenarios: coin-to-coin exchange, coin-to-coin trading, lending and mortgage

2. Value-added services: Flash exchange service Price limit service Pre-order

3. Off-chain matching agreement: real-time market push in public order book

4. On-chain settlement agreement: transaction settlement lock upgrade

5. Asset cross-chain protocol: In-chain asset cross-chain alliance multi-signature (coinage) (acceptance) off-chain asset interaction

Some features of Monster Dex:

In order to achieve rapid matching and settlement of various transaction pairs, this feature mainly refers to the cross-chain transaction function, and its implementation mainly relies on two paths: first, through the underlying cross-chain platform (such as COSMOS or Polkadot, etc.) or mature cross-chain technology (such as Atomic Swap) to achieve cross-chain asset exchange; second, through the cross-chain state channel, multiple main chains can be bridged and cross-chain transactions can be realized.

Security: BoomFlow will ensure the security of user assets in two ways. First, it manages assets through open source contracts, which are open, transparent, and publicly supervised. No one or organization can misappropriate user assets. Second, it reduces the security risks of contracts, allowing users to withdraw assets in time through the "forced withdrawal" function when there are security vulnerabilities in the contract settlement function, avoiding asset losses.

Privacy: BoomFlow contracts verify user orders through user signatures, and synchronize user operations and matching results recorded in the off-chain ledger to the chain in real time. Among them, the information on the chain only involves the hash value of the order, and does not contain the plain text of the order. The user's order information can be verified on the chain, but it cannot be traced, ensuring the user's privacy.

Convenience: Under the mainstream digital asset standard ERC20, when users need to interact with smart contracts such as DAPP for transfers (such as DEX), they need to call two methods in succession: first authorization (approve) to allow the DApp contract to have the ability to transfer assets; then transfer currency (transferFrom), which is a "two-step" transfer interaction within the DApp contract, which is very user-unfriendly. At the same time, in order to avoid users having to perform authorization operations every time they interact with DApp contracts, most DApp developers will set a large asset limit for users when authorizing. If there is a vulnerability in the smart contract, users will be at risk of losing digital assets. In order to improve the convenience of user operations and reduce the risk of over-authorization, Conflux chooses to support the ERC777 standard that is backward compatible with the ERC20 protocol + the CRC-L standard developed by the Conflux community as a user asset deposit ledger, which can support simplifying the two-step transaction operation in ERC20 into a one-step operation, without the need for the approval authorization operation, and directly exchange digital assets in the smart contract (such as BoomFlow). "One-step transaction operation" not only lowers the user's usage threshold and improves the user's operation convenience, but also reduces the transaction fee costs incurred by users in multiple operations.

After the BoomFlow protocol is deployed on the chain in the form of a smart contract, it is inevitable that bugs may occur, just like a centralized business system, and continuous iteration and upgrades may be required. Monster will also provide management operations similar to centralized business systems in smart contracts.

Emergency lock function: If a bug occurs in a contract, BoomFlow Admin can initiate an emergency contract lock request to lock the operations involving account assets in the contract for a period of time to ensure asset security and prevent asset loss. After the bug is fixed with the help of the contract upgrade function, BoomFlow Admin can unlock the contract and continue trading.

Q4. Ice Cream, host of Qicai Research Institute: Compared with other similar projects, what advantages or highlights does Monster Network have?

A4. Guest: Monster combines the trading market and trading depth of centralized exchanges and decentralized exchanges; breaks through the current bottleneck of decentralized exchanges’ non-scalability; has cross-chain interoperability and is compatible with native tokens of multiple underlying public chains; has built-in dark pool trading features, and can support the splitting of large trading orders, independent transactions, etc. Monster adopts a technical solution combining Layer1+Layer2, taking into account asset security, performance, privacy, decentralization and other characteristics, and adopts a trading model of on-chain transactions and off-chain matching, and is committed to creating an epoch-making new digital asset on-chain trading platform.

Q5. Ice Cream, host of Qicai Research Institute: Monster Network adopts a dual-token economic model, with the governance token (MOT) and platform token (ST) closely linked. Can you give us a detailed introduction to the governance token (MOT) and exchange rewards?

A5. Guest: MOT is the name of the circulation unit in the Monster Network ecosystem. It is a symbol of the rights and interests of the platform and is also called a governance token or a rights and interests token. As a platform token, ST mining raw materials cannot be replaced. In the future, it will be used for hybrid exchange governance, voting, decision-making (such as listing, on-chain upgrades, and other functions and profits), and as a mining pool node dividend function.

Total issuance: 54.5 million

How to obtain: Obtained through smart contract exchange

The exchange is divided into ten rounds, each round consists of ten layers. The initial exchange amount for the first layer is 50,000 MOTs. After each layer, 10,000 MOTs are added.

The governance token MOT is both the minting fuel for destruction and the minting product for acquisition. Each MOT guardian needs to obtain MOT through the exchange pool. The earliest participant will receive the largest proportion, that is, 10MOT=1USDT.

Exchange Rewards:

The exchange channel is only open for 30 minutes a day (20:00–20:30 every day)

Nine addresses form a group, three of which are successful in winning the lottery and receiving MOT of equal value, and six addresses fail to win and receive the "Participation Award"

(The contract is automatically executed and the winning number is random)

If the exchange is successful, you will get the equivalent MOT. If the exchange is unsuccessful, you will get a "participation award" of 10% (100USDT*10%=10USDT)

Invite friends to redeem and receive 1%-5% invitation bonus (per person per time).

5% for successful exchange: Level 1 80% (100USDTx5%x80%=4USDT)

Second level 20% (100USDTx5%x20%=1USDT)

If the exchange fails, you will get 1%: 80% for the first level (100USDTx1%x80%=0.8USDT)

Second level 20% (100USDTx1%x20%=0.2USDT)

Q6. Ice Cream, host of Qicai Research Institute: Can you continue to introduce the Monster DEX platform token ST to us?

A6. Guest: The role of ST in Monster Network is mainly to provide liquidity funds for transaction depth, as well as fuel fees when calling transaction and clearing and settlement functions. The native token ST only plays a functional role in Monster Network and does not represent or promise any form of dividends or equity returns.

Platform Token ST

Total issuance: 210,000,000

Mining algorithm: Calculation+Proportion

Block interval: 3s/block

Single block output: 0.729166

The total network computing power is divided into 80% (21000×80%=19800)

Small mine owners share 10% (21000×10%=2100)

Chinese mine owners share 6%

Big miners share 4%

1MOT = 1 computing power

Stake ≥ 100 MOT. If less than 100 MOT, no computing power will be added. Each additional MOT staked will increase 1 computing power.

50% of the transaction fees generated by the entire ecosystem will be used to repurchase the platform token ST, and will eventually be destroyed when the number of ST tokens reaches 21 million.

Q7. Ice Cream, host of Qicai Research Institute: So how can our users open a mining pool and obtain corresponding rights and interests? Can you give a detailed introduction?

A7. Guest: Users above V3 are eligible to open their own mining pools, which will receive a certain percentage of computing power bonus.

Small miners:

Reached V3 level

Pledge ≥ 100 MOT

Pledge ≥ 3,000 ST

Benefits: 1. Increase the mining pool computing power by 5%

2. Share 10% of the total daily output of ST (21000×20%x50%)

Chinese mine owners:

Reached V4 level

Pledge ≥ 100 MOT

Pledge ≥ 5,000 ST

Benefits: 1. Increase 8% mining pool computing power bonus

2. Share 6% of the total daily output of ST (21000×20%x30%)

Big mine owner:

Reach V5 level

Pledge ≥ 100 MOT

Pledge ≥ 8,000 ST

Benefits: 1. Increase mining pool computing power by 10%

2. Share 4% of the total daily output of ST (21000×20%x20%)

Q8. Ice Cream, host of Qicai Research Institute: Could you please introduce to us the future development plan of the project?

A8. Guest: Given that the current blockchain infrastructure is not yet sound and mature, Monster Network will adopt a “step-by-step” strategy to promote the project.

The details are as follows:

Step 1: Establish a mature prime broker business model and ecosystem based on the centralized Monster and gather resources. At this stage, the project will provide services to users in a centralized manner, explore and verify the feasibility of the business model, and provide resource reserves and technical support for decentralized evolution.

Step 2: Implement basic decentralized trading and clearing and settlement functions based on the TRON network. In this phase, only the :TRC20 token trading area based on the platform currency will be opened. This phase is mainly to verify the decentralized technical solution.

Step 3: Once the mature technical solutions based on BTC and ETH are verified, asset trading and clearing and settlement services based on public chain platforms such as EOS/Tron/Cosmos and Polkadot will be launched one after another, thereby expanding the application scenarios of Monster Network, expanding the community influence, and adding basic cross-chain support (through cross-chain public chains COSMOS or Polkadot).

Step 4: Functional expansion phase, including: developing Monster Network Instant components (APIS) to facilitate integration into various centralized or decentralized applications; improving the off-chain transaction layer functions based on mature off-chain state channel technologies (such as Bitcoin Lightning Network and Celer Network); improving Monster Network's cross-chain and dark pool trading functions.

Step 5: Monster DEX, a decentralized cross-chain aggregation platform, is launched

Step 6: Test and launch decentralized multi-chain wallet

Colorful Research Institute host Xue Gao: Thank you very much to Monster Network CTO Albert for your patient explanation tonight. Due to time constraints, we cannot arrange a free question session tonight, but the guest Colorful users brought full sincerity and airdrop benefits. I look forward to being a guest at Colorful Research Institute again, and wish you a hundredfold start.

This event is co-organized by Qicai Research Institute and Monster Network.

With strategic support from multiple media outlets, thank you to all my colleagues for your support. See you in the next episode in the Qicai Research Institute’s live studio.