What Is Map Protocol (MAP)?
MAP Protocol is a decentralized cross-chain interoperability system supported by a dedicated blockchain. The MAP Protocol intends to protect cross-chain assets and enables decentralized applications or DApps to reach their maximum potential. Chain interoperability explains that one blockchain (active chain) can read/write to another blockchain (passive chain). The MAP Protocol allows developers to create a wide range of cross-chain decentralized finance (DeFi) apps on the system. The DeFi apps seek to overcome the issues related to exchanging and using transaction information. Therefore, it enables flexible liquidity transfer throughout the blockchain ecosystem.
According to its whitepaper, the MAP Protocol allows independent chains to exchange data, information, assets, and smart-contract instructions. The protocol has also built a network on many chains that permit consumers to utilize any interoperable cross-chain service without CEXes. Any blockchain system that supports the MAP protocol can communicate with other blockchain systems. As a result, an open blockchain interoperability environment is developed. Map protocol seeks to provide a safe end-to-end method for any blockchain user to transfer and trade assets.
The MAP Protocol has a dedicated blockchain called MAP Chain, which ensures the security mechanism of ledger and fund custody. The MAP chain is completely EVM compliant and is based on the Proof-of-Stake mechanism and the Byzantine Fault Tolerant consensus protocol. Byzantine Fault Tolerant consensus protocol provides the ability of a cryptocurrency to run normally even if some of the nodes don't function correctly. The MAP protocol also features a governance system managed by the DAO. The MAP token holders can participate in the governance system through proposals.
The Map Standard Chain's native token is termed MAP. The MAP tokens are used to reward system contributors that develop the MAP protocol, create DApps, and establish technological or user communities. Holders of the MAP token are also eligible to engage in on-chain governance and give their votes.
History of Map Protocol (MAP)
MAP protocol was released in 2019. The maximum supply of MAP protocol is ten billion MAP coins.
