Introducing Cross-Chain Tokens, the rebranded version of M-Tokens
Our team is rebranding M-Tokens to Cross-Chain Tokens due to technological upgrades. Going through irritating transfers in blockchain ecosystems should be a thing of the past, not only for Bitcoin but for all cryptocurrencies. The rebranded name reflects the project’s mission to bring cross-chain transaction convenience to more assets!
Existing M-Token solutions will still be a high priority and will remain functional. Our Developers, Product Designers, Researchers, and other members of our team will continue to work hard for the Cross-Chain community.
Project Background
M-Tokens are cross-chain tokens backed 1:1 with native assets like Bitcoin that enable seamless integration of various crypto assets into different blockchain networks. Our vision is to bring more crypto utility for everyone by providing convenient cross-chain solutions.
The development of DApps, DEXes, DeFi, and other technology has prompted the prosperity of the Ethereum ecosystem. It has attracted a diverse group of crypto holders to invest their assets into projects in a seamless manner.
Even with the progress that the Ethereum ecosystem has made, the tech behind the atomic swap of crypto assets among different chains is not fully developed yet. The majority of crypto holders have no choice but to trade their currencies into Ethereum or stablecoins to participate in DeFi activities. This results in high transaction fees that will impact price stability. Due to this, there will be amplified risks during large market fluctuations.
A platform capable of bringing assets into the Ethereum ecosystem in a fast, convenient, and secure manner is an essential infrastructure because many cross-chain assets will be Ethereum based. Although similar projects have met the requirements, there is still room for improvement. As assets under the management of wrapped assets increase, risk will also increase for custodians. Due to this, various cross-chain platforms will coexist to lower risk and increase choices to institutional and retail users.
In the past few months, our team has contacted many DeFi teams to find more opportunities to work together. An important achievement for us is that our cross-chain Bitcoin has passed the vote on Curve Finance’s metapool.
Why did we “Re-brand” the project name?
After 6 months of developing M-Tokens, in July 2021, we decided to expand our cross chain technology from Bitcoin to many more assets. This is the reason why we rebranded our name from M-Tokens to Cross-Chain Tokens. From now on, the website domain will change to www.crosschain.network.
Here is the snapshot of the first version of the website. The rebranded name reflects the project’s mission more specifically. A cross-chain is the interoperability between two independent blockchains. In other words, it allows blockchains to speak to one another because they are built in a standardized way.
Then, what are Cross-Chain Tokens?
Cross-Chian Tokens will have the same functions as M-Tokens. It aims to bring convenient cross-chain transactions and more utility for crypto.
All Coss-Cian Tokens reserves are safeguarded by qualified custodians. Cross-Chain Tokens is currently supported by Cactus Custody. Cactus Custody manages private keys in the industry’s high-level HSM.
Its segregation of duty and the zero-trust system design can guarantee the safety and availability of the assets without dependency on a single individual. Furthermore, a multi-signature mechanism is adopted by M-Tokens for its aspects such as mining, burning, and allowing on-the-chain verifications. Thus, it provides cross-chain asset services that are both transparent and reliable. Major parties taking part in M-Tokens include the governing bodies, custodians, merchants, and end-users.
In terms of the technical aspects of Cross-Chain Tokens, smart contracts and hash mapping are adopted. The reserve deposit addresses, outstanding balances, and transaction records are made public and traceable to enable exact cross-chain mapping.
As for governance, checks and balances are achieved through a multi-institutional framework, roles/rights segregation, and decentralization. This will facilitate the prevention of malice committed by any individual or entity. Moreover, the blacklisting mechanism lays a foundation for ongoing governance and regulatory compliance.
What happens to $MBTC and $MBCH?
People who are still holding MBTC and MBCH do not need to take any action. The assets has been successfully converted into $ccTokens on August 6th, 2021, please check with the below contract address:
ccBTC: 0xef206fefe1c7506a8aa2cb39597ae3263204416d
ccBCH: 0xdb792b1d8869a7cfc34916d6c845ff05a7c9b789
Last but not the least, “we will be airdropping very limited Early Adopter NFTs to our early users. Users will be able to claim the NFT next week.” Thanks so much for your support!
If you are keen to learn more about cross-chain or want to build with us, please join our community!
- Whitepaper: https://www.crosschain.network/Cross-Chain%20Tokens%20Whitepaper.pdf
- Audit report: https://www.crosschain.network/PeckShield-Audit-Report-ccTokens-v1.0.pdf
- M-Tokens Express: https://crosschaintoken.medium.com/
- Twitter: https://twitter.com/CrosschainToken
- Website: https://www.crosschain.network/
