MYDA | A Multi-Chain Decentralized Protocol Facilitating Low-Cost Token Exchange with High Security
Jul 06, 2021 — Tallinn, Estonia/ Vindax has recently listed MYDA Coin in their platform. At present, MYDA can be exchanged with ETH and USDT, while other pairings will be available soon. MYDA is a multi-chain decentralized exchange system built on multiple chains, including ETH, BNB, and TRX.
Collaborating Different Exchanges Under One Roof
Centralized exchanges are defective with low transaction speed, higher network costs, lower volume, and security issues. MYDA Coin addresses these issues by creating a secure, fast, and wide-networked decentralized exchange paving the way for fast and easy transactions.
Multiple blockchains and platforms create issues for the user in terms of tracking their assets and staying updated with the market position vis-a-vis their asset. MYDA checks the issues created due to the fragmented environment by bringing different blockchains together. To ensure seamless operation with each other, MYDA is integrated with a cross-chain swaps protocol.
Cross-chain swapping allows the users to exchange tokens belonging to different blockchains from MYDA quickly and efficiently. To address the security concerns arising out of swapping, MYDA facilitates the safeguarding of the blockchains. Trading among the cryptocurrencies on MYDA invites a 0.2% trading fee.
MYDA staking system is also based on a multi-chain exchange arrangement relying on the Proof of Stake consensus mechanism. The cryptocurrency holders can stake their currencies on a different blockchain with high-end security and contribute to the network’s operations. There is a benefit for the users staking on MYDA as they will get a discount on the trading fee.
The holders of MYDA coins can also vote within the governing system. The voting gives the users the power to propose actions and make collective decisions. Those eligible to make them can also propose changes in token supply, collateral, staking, commissions, asset listing, etc.
Secure and Fast Cross-Chain Swapping
MYDA Coins features a Protocol Validator, which is a better and more secure mechanism to help users exchange their coins than using third-party protocols. MYDA protocol validator allows different users having varied cryptocurrencies to exchange them without having to rely on insecure and centralized systems. The protocol validator validates the transaction in-house.
Once validated, the users will receive the coins exchanged instantly and cost-effectively. The same validator updates the general user information across the different blockchains and modifies the voting changes across all the blockchains.
The transition from a centralized to a decentralized exchange system was done to remove the security and performance barriers of the former. As a platform that addresses the defects left by the centralized exchange systems, MYDA benefits a decentralized cryptocurrency exchange to the community. With multiple blockchains working together on a single platform with a decentralized character, users get fast and secure access to the crypto network. Even within the decentralized cryptocurrency platform, exchanging coins with other chains is costly; MYDA offers fast, secure, and cost-effective ways to exchange tokens within three blockchain networks.
Chris Woo-Sung CHEON