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Memechain cross-chain protocol
This Memechain cross-chain protocol bridges the original $MC blockchain link with Memechain. This protocol requires a 1:1 ratio of $MC coins to enter or exit Memechain. When users attach their $MC to Memechain, the Memechain protocol generates a wrapped $MC token ($wMC). Conversely, when the user destroys the $wMC token, he can withdraw the MC from the Memechain in a 1:1 ratio. In this context, a cross-chain bridge protocol module will be used to achieve cross-chain transactions. The main features of the cross-chain protocol are:
- 1.Decentralized and secure cross-chain support of $MC to Memechain
- 2.Generate untrusted keys for threshold signature schemes. The generated individual splits of the signing key will be used to compute the final signed transactions.
- 3.The community and third-party partners will also manage the private key to eliminate any risk of a single point of failure.
- 4.The protocol governance mechanism supports voting for organizations running on the cross-chain protocol.