Birmingham, England, 19 July 2021, ZEXPRWIRE, Chiron is launching a next generation quantitative DeFi protocol that will enable faster blockchain based transactions at a reduced cost. The ICO of the project, whose development began in December 2020, is scheduled for August 2021. Besides solving the speed and cost related challenges with the Bitcoin and Ethereum networks, the new protocol is designed to provide more opportunities to the blockchain and cryptocurrency users through features such as Chiron Pool, Chiron Market, and Chiron Pledge.
Chiron Network protocol targets to solve the problem of scalability that results to increased transaction fees and delayed transaction process – the two major limitations of bitcoin network. Chiron will leverage “side chain” and “sharding” technologies to create a protocol that overcomes the scalability problem.
The Network Side-Chain Expansion
Blockchain network processes four transactions per second, which many users consider slow. The slow transaction process is also energy intensive hence attracting criticism amongst many people. Developers and organizations in the blockchain and digital currency world have made efforts to solve the problem. For example, in 2014, Ethereum tried to build a more complex platform to support a huge variety of applications. However, its transaction speed, though faster than that of bitcoin, is still generally slow – 14 blocks per seconds in average. Ethereum has grown to be the choice development platform for many application developers; however, it still has many limitations that users long for their solutions. For instance, the network has high gas output, low throughput, and network crowding.
The Chiron network, unlike Bitcoin and Ethereum networks, offers a solution to these problems through the network’s “side-chain”. To avoid the congestion in the main chain, the side-chain will transfer some part of the work to side-protocols liked to the main-chain. Assets are automatically transferrable between the main-chain and side-chain through a process known as “two-way anchoring” (“two-way peg”, 2WP).The network will also enables participation of every node, thus reducing waste besides speeding up executions.
The network will also leverage “sharding”, a new technology that divides the network to enable miners to enable several mining process to run concurrently. Currently, blockchain network has a 10 minutes blocktime, meaning it takes 10 minutes for miners to approve a block and add it to the decentralized chain. “Sharding” enables partitioning of the blocks to allow different nodes to work on them concurrently, thus greatly reducing the transaction time.
The Network cross-chain expansion
Besides the futuristic side chain model, Chiron network will also leverage the cross-chain model to support synthetic issuance and derivative trading platforms. Users will take part in mining and staking activities and get rewards, through the network. The network will integrate other blockchains such as BSC, Polkadot, and Solana to achieve a high liquidity for the entire protocol. Chiron network users will be exposed to a wide range of opportunities from the disruptive synthetic products including derivative markets.
Through cross-chain and on-chain functions, the new network targets to create a protocol with high scalability, interoperability, and low transaction costs.
Major Products of Chiron Protocol
Chiron protocol offers several products that suits the needs of different blockchain and bitcoin users from traders, to investors, to miners.
Chiron cryptocurrency exchange platform provides a one-stop trading platform for digital token. Instead of the traditional order books, this platform will employ the automatic market maker (AMM) to perform transactions. The network will not require a third party to approve transactions. The market will also allow the users to perform cross-chain trading of contracts, options, and other derivatives through a cheap and fast process.
The protocol will also offer a wallet to enable users to receive, send, and keep their native tokens. The wallet is non-custodial (the user fully owns the private keys). The wallet will facilitate peer to peer token swaps.
Besides providing a marketplace for users, Chiron also offers a liquidity pool that enable users to enjoy unlimited liquidity. This pool integrates the liquidity of popular dexes including Balancer, Uniswap, 1nch, and PancakeSwap. With unlimited liquidity, users will enjoy the best trading experience. They will also earn passive income by pledging Chiron and minting assets such as eChiron.
Chiron is a native token for the protocol. The token can be traded on more than 10 marketplaces including the protocol’s marketplace. Users can also collateralize this toke on Chiron Network, a process known as “Chiron Pledge”. The staking pledge service, which will be built on BSC and later migrated to Polkadot, will enable users to earn rewards for locking their tokens to the program. The token is compatible with BEP-20 and ERC-20 tokens hence can be traded cross-chain. Users can compound these rewards and use them across multiple protocols. Due to cross-chain trading, users can chase the highest interest rates across various parts of the DeFi ecosystem.
Chiron is launching pre-ICO sales in August 2021, before launching an ICO for the general public. The development of the smart contract for the Chiron token release is underway. The side-chain development will commence in September 2021. The protocol’s application will also be launched around the same time. The fourth quarter will also see the integration with Ethereum and Binance, which will lead to the release of the project’s beta version. The wallet will also be released before the end of the year 2021. The year 2022 will see the development and release of Chiron SDK and implementation of cross-chain.