What IsMerkle Network (MERKLE)?

Merkle Network (MERKLE)is a WEB3.0 interoperability protocolthat aims to enable the cross-chain transfer of blockchaindata and assets between multiple blockchains. WEB3.0is a platform built to facilitate decentralization, greater user utility, and openness. Merkle takes advantage of the interoperable oracles to move data between the blockchains. The network is developed to aim to be trustworthy and secure via various penalties and incentives for the node operators. Also, the platform is created to support multiple chains and is not limited to chains like Ethereum, MATIC, Binance Smart Chain, etc. Furthermore, the network believes that the transmission can either originate from destination blockchain or source blockchain to achieve interoperability.

Merkle realized that transferring data and assets is one of the biggest issues within the crypto world as blockchain operates independently, which restricts growth and uses. Also, a lack of framework or protocol enables interoperability between chains and unlocks the true power of blockchains. Merkle network aims to solve the interoperability problem between chains by utilizing an oracle network for communication networks. The network facilitates information between blockchain and allows both applications to tap into the information of the other blockchain and update the data on other blockchains. Thus, the two-way interaction opens the applications and develops decentralized applications and innumerable use cases.

MERKLE is the official cryptocurrencyand utility token of the platform. The network uses the tokento seek to reward Merkle node operators for transferring the data with integrity and readability from source blockchain to destination blockchain. Users and smart contractsthat utilize the Merkle Network have to pay in Merkle tokens to the node operators to transfer the data between multiple chains. The token serves usage for paying transaction fees to node operators to retrieve data from source blockchain and convert it into a readable format for destination blockchain. Furthermore, the MERKLE tokens are used by validators to stake in the stakingpool and join the Merkle Network and secure the consensus nodes in the network’s proof-of-stakeconsensus. The tokens are further rewarded for maintaining the integrity and uptime of the system.

History of Merkle Network (MERKLE)

As the whitepapersuggests, Q4 of 2021 marks the release of the whitepaper, token launch, test net launch, and mainnet launch on multiple chains. The experienced team includes Sam, CEO of Merkle Network, Pratheek, CTO, Alex Cupra, CPO, and Sohail Shaikh, CMO of the network.