FAQ
MicroChains performs 1:1 secure cross-chain of assets by locking source chain assets to a compliant custodian and minting tokens of the destination chain.Seamless cross-chain of native assets between mainstream public chains are supported on MicroChains.For all supported chains, users can move their assets easily from one chain to another in mutual way.
To Provide Emerging Public Chains Friendly Cross-chain Solutions with Better Security and Smoother Experience.
CBTC is an centralized cross-chain solution provider founded in 2021. Based on the incubation of CBTC Bridge, MicroChains is born to provide better and more diversified cross-chain services of multi-chains. The new brand carries the brand positioning of decentralized multi-chain bridge. As the decentralized cross-chain solution provider, MicroChains focuses on the infrastructure and security of cross-chain interactions between any two chains, aiming to bring more secure and decentralized cross-chain services to users.
No, MicroChains is a decentralized product that applies the centralized asset custody solution. That is, only assets are hosted on a centralized platform (custodian), but the minting and extraction of assets require multiple verification,namely the decentralized way.Besides, the cross-chain experience of MicroChains is the Web 3.0 mode. The same case for Metamask, it uses a centralized data service provided by Infure, but it’s typically decentralized.
We will also work with more asset custody providers and make sure the asset custody more diversified.
MicroChains has strategically cooperated with Huobi Trust that holds a Hong Kong TCSP license and Cobo Custody, and originally created the cross-chain bridge solution of POT+VOMEN (Proof of Trust + Verification of Multiple & Enhanced Nodes)
The mix of multi- signature and custodian security technology, offering multi-level protection.
A mature team with abundant experiences in cross-chain and finance to ensure product safety.
Work with reliable custodians including Huobi Trust & Cobo to assure the asset security.
Custodians conduct asset custody and supervise the implementation of 1:1 token anchoring principle, preventing token over-issuance.
Audit reports issued by the credible auditors like Certik & SlowMist. All certificates are open and provable.
VoMEN Network——Verification of Multiple & Enhanced Nodes Network
In addition to the multiple audits & monitoring mechanism of the project, the custodian (trust company) is assigned as a third-party enhanced verification node. For the withdraw of any locked assets and minted assets, it can be extracted only after both the project side and the custodians have verified there are sufficient asset collateral on the source chain.
(1) Mint Verification: MicroChains verifies minting through internal multi-node risk control module, and performs strict posting verification of source-chain asset, thus ensuring the sufficient assets collateral .
(2) Custody of Lock-up Assets: Lock-up assets are kept by top third-party custodian service providers including Huobi Trust and Cobo Custody.
(3) Multiple Audits of Withdrawals: In addition to the multiple audits of the monitoring and warning mechanism, there are custodians that completed KYC acting as third-party enhanced validation nodes. For the extraction of any locked assets and minted assets, it can only be extracted after the verification of the sufficient asset collateral on the source chain by MicroChains team and custodians.
The assets shall be safely kept because of the centralized cross-chain. And it is an arduous task to ensure the security of assets, both technically and institutionally. The licensed institutions under listed companies are the most suitable entities to cooperate.
(1) Huobi Trust is a licensed institution and is regulated. Any illegal operations are subject to strong third-party supervision;
(2) Huobi Trust is backed by the 8-year accumulation of blockchain technology of Huobi, and its experience in digital currency custody is much more sufficient than most projects in the industry;
(3) Huobi Trust officially launched its product in 2021, and the technical transformation is highly coordinated;
(4) Last but not least, Huobi Trust will soon be covered by insurance, and the security of funds will be better assured.
(1) Cobo Custody, as an industry-leading custodian, owns numerous industry partners, solid technology and product strength.
(2) Making asset custody diversified and reducing single-point risks by introducing Cobo Custody.
Huobi Trust and Cobo Custody are introduced as reliable third-party validators to prevent assets theft, over-issuance and asset abuse.
Mint Verification: Mint assets can only be released to the user address after verification.
Withdrawal Verification: Each withdrawal from locked account must be approved by validators before assets are officially released.
Third-party Node Verification: In addition to the multi-audits of the project’s internal monitoring mechanism, all transfers and withdrawals of cross-chain delegated assets from Trust accounts must be verified by the third-party witness.
Small-amount Withdrawal: Automatic verification through the system.
Large-amount withdrawal: Both custodians (Huobi Trust & Cobo Custody) require internal multi-node manual review for large amount withdrawal.
Proof of Assets: Regularly publicize custody assets in Huobi Trust and Cobo Custody to show the adequacy of collateral assets.
Audit Report: Regular audits for the escrow assets by well-known auditors after stable operation.
The whole cross-chain experience will be the same as the Web 3.0 experience. You only need to Connect Wallet on MicroChains page through each chain's wallet plug-in, and then you can directly cross-chain assets.
Currently, we don’t support China, Japan, the United States, Cuba, Iran, North Korea, Syria, Crimea, and countries/regions sanctioned by the United Nations.
Last modified 9mo ago