Libra’s Fellow Traveler, the MANGO Chain: Building a New Financial Ecosystem on a “Consensual” Chain

January 09 10:46 2020

Libra, the global digital crypt currency owned by Facebook, was officially launched on June 18th, which caused a great stir.

Libra will create a simple, border-less currency, a financial infrastructure for billions of people. Although the Libra deal has yet to succeed, it is still a shock to the world’s financial and monetary system.

The advantages of block chain such as transparency, security and decentralization have been widely recognized, and anyone who wants to benefit from the advantages of block chain technology but does not want to lose the guarantees (such as trust and stability) provided by fiat currency needs some kind of stable crypt-currency.

That’s what stability COINS are all about, and thanks to Libra’s design of a border-less currency, a digital ecosystem on the Chain, and inclusive finance, the MANGO Chain was born.

Unlike Libra, however, MANGO Chain believes that a more thorough and comprehensive cross-chain financial ecosystem is a better solution for the moment than a global stability currency.

Libra’s dilemma

Why not consider cross-chain finance, which is the nature of Libra. What makes Libra great is that it is not just a digital currency project, but a comprehensive product that combines block-chain technology, distributed organization, payment system and international trade system.

Because they are stable, and because the Libra reserve is 100% linked to bank deposits and Treasury bills, they have the advantages of stability, low inflation, universal acceptance, and interchangeability.

Therefore, only from the perspective of payment means, its enforce ability and landing ability will directly attach to any similar block-chain project at present.

Although USDT is also a stable currency with good liquidity, after all, there are only Omni, ERC20 and TRC20 networks, and it is not as good as Libra in terms of principal credit, organizational structure, currency stability and ecological construction.

Libra may be part of the block-chain industry’s “hope”, but the rule is that new things are bound to encounter resistance, especially if they threaten the monetary sovereignty of sovereign states.

Libra’s line-up and ambitions are large enough to change the world, but the world’s financial system is set in motion so quickly that landing will not be easy.

In addition, as mentioned earlier, Libra naturally faces similar risks as commercial Banks as a currency, including risks of over-issuance, bank runs and privacy breaches, in addition to regulatory issues.

Going the commercial banking route, Libra will have few block-chain attributes, but decentralization limits its monetary attributes because the more transparent the currency business, the more prone it is to runs.

Thus, Libra’s dilemma is evident.

A more Integrated Solution

As a global stability currency system, Libra’s results have determined that this path may not work and that markets need a stable, efficient, and grounded solution.

According to the project leader, MGP is designed to be a globally oriented main chain, supporting M-DPOS consensus mechanism, distributed storage, dynamic pricing, anti-quantum computing, cross-chain operation and other technologies.

In other words, the MGP is not a local innovation, but a large-scale, high-latitude innovation.

Why aim for the track of cross – chain finance? As we all know, cross-chain is essentially a set of chain to chain clearing mechanism, and the essence of clearing is accurate accounting.

However, no matter from the perspective of block chain technology implementation or commercial application, it is impossible to achieve accurate accounting for a set of books.

Instead, countless block-chains have sprung up, suggesting that the block-chain world is moving toward the free market Hayek described.

The ability to clear is the basis for the existence of any value exchange market. Markets would become illiquid and more prosperous markets would not emerge.

Unlike the exchange matching mechanism, the cross-chain mechanism provides a more basic clearing capability through a distributed approach.The most important function of MGP is transaction clearing, which is a major demand of block chain application market at the present stage.

The advantage of the MGP is that it supports cross-chain operations of different types of block-chains at the same time, making cross-chain scenarios richer.

In addition, it introduces regulatory nodes and designs new DAG structures so that transactions with high trust, speed and transparency can be achieved technically.

Not just cross-chain. Like Libra, MGP also has a stable coin system, but unlike mBTC, which is based on MGP chains and prices anchor the BTC.

What Libra can do for free, fast, and legal exchange, it can do as well.

Why is it free? Generally speaking, in order to prevent malicious attacks and improve miners’ enthusiasm, the MGP solves the two problems of the former, so it can simultaneously achieve three features that the traditional chain can not achieve before — instant arrival, zero handling fee and high security.

The MGP is a more solid solution in terms of means of payment, speed of transaction and enforce ability, which lays the foundation for its integration with the HFT industry.

When it comes to community ecology, in the era of digital economy, data will become a new key factor of production, and valuable data will become a scarce resource.

Facebook’s control over user data is centralized, and users have little trust in official privacy protection. Libra’s currency property also makes it sensitive to transparency, which conflicts with the design principle of block-chain, indicating that its ecology and credit system have not been fully established at present.

In the era of digital economy, once there is a lack of trust between users and external subjects, there will be no consensus on the authenticity and validity of data and information. Therefore, the ecological digital economy requires the formation of a social credit system for all users.

Therefore, MANGO Chain has made up for this shortcoming. As the infrastructure platform of the future digital economy, MGP aims to reshape the credit system by linking service objects of the platform, dealing with business settlement, providing capital value-added services and linking external service agencies.

In other words, the community ecology of MGP is open, standardized and fair, which can ensure the safe and regulatory processing of information in the presence of many subjects, which exactly conforms to the design principle of block chain.

Turning to community governance, the governance structure has always been a thorny issue given the distributed nature of block-chain projects. The exploration of governance model is a long-term process that needs to be improved repeatedly. There are many difficulties encountered, such as the incompatibility between the consensus mechanism related to block chain and the traditional decision-making mechanism.

However, Libra has also realistically proposed a start-up compromise, managed and operated by a permissioned network of Libra associations. The association was originally composed of founding members from diverse backgrounds across geographic boundaries, but as the project evolves, membership will shift from a set of high entry criteria to a single requirement based solely on the possession of Libra tokens.

In addition, after PayPal, MasterCard, Visa and other companies successively quit, it further indicates that this management mode is in urgent need of improvement. This mode needs to be verified and cannot be verified for the time being.

In order to improve a set of service facilities, it is necessary to have the participation and coordination of users, infrastructure service providers and external service providers, so as to clarify the implementation of interests, policy continuity, policy transparency and other factors. And how to design this system has become a top priority.

The advantage of MGP community governance structure is that it gives enough incentive and autonomy to community members.

In addition to providing rich mining incentives and implementing community voting mechanisms, the basic rules of community governance will be written into smart contracts, which will be automatically implemented by the system. In this way, the interests of community members are fully protected and the stability of rules is maintained.

In order to ensure openness and maintain consensus on the chain, MGP will strictly regulate the electoral system and improve the responsibilities and rights of the community committee to ensure the complete operation of community autonomy.

Although MGP also established the expert advisory board, the executive committee, the role of these similar decision committee, but, after all, Libra design to corporate governance, ordinary cash users are no decision-making authority, and MGP ecological events and strategic decisions are decided by all the pass card holders to vote, this is also the biggest MGP and Libra the mark.

Because of its accessibility, Libra is an infrastructure project, and lawmakers and regulators are the absolute stakeholders who will largely determine its direction.

Compared with the MGP’s attempts at cross-chain finance ecology, the considerations are more about enforce-ability, and Libra’s need to balance the regulatory requirements of multiple countries and regions around the world meets considerable resistance.

In the process of globalization, we can see that Libra is about to go through a very difficult road, and the MGP, which focuses on the financial ecology of the chain and is more executable and grounded, will be a more acceptable solution in the current regulatory environment.

Consensus makers and implementer on the chain

For MGP, Libra is more of a “companion” than a “first mover”.

History has been proven by countless “pioneers”, but it also needs countless “fellow travelers” to create it. MGP has created the conditions for this world-changing opportunity.

In a “consensus-first” society, where open, distributed thinking prevails, where everyone has an inherent right to control the fruits of their legitimate labor, there will be increasing trust in decentralized forms of management.

Code is law, consensus is value. MGP believes that only technology can be used as a rule, so the contract is used to write ecological criteria; Only consensus is the highest value, so replace centralized governance with community committees.

MGP’s mission is to construct a cross-chain financial ecosystem of accountability, information security, and underlying stability, and to create a global, open node network for all.

Libra is a global stability currency system that USES huge social networks and user carriers to shock the global financial landscape.

MANGO is an infrastructure link that builds a new ecosystem of cross-cutting finance through “consensus-building” community committees.

MGP is not about disruption, but innovation, not impact, but creation.

The MGP may be a small step in the block-chain world, but it is a big step in the cross-chain financial ecosystem.

We don’t know where Libra is going, and the rise and fall of any block-chain project is no longer an accident in an age of technological explosion, but it is certain that a more efficient, landing, and logical platform would be the more trustworthy option. It is believed that MGP will evolve into a new, distributed, “consensus-first” chain financial ecosystem.

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