- Numencyber has completed the audit for the IOTAMPC bridge, covering the MPC platform, Iotaswap, and the bridge itself.
- The platform has several utilities, including bridging, custody, and oracle.
TanglePay is currently developing the IOTA MPC (Secure Multi-party Computation Platform) that allows multiple parties to jointly compute a function over their inputs while keeping the inputs private. This technology ensures security and shared governance. The platform has several utilities, including bridging, custody, and oracle.
Congratulations to the IOTAMPC platform!
— Garrett Jin (@GarrettBullish) April 10, 2023
Bridging Different Chains
The MPC platform enables bridging between different chains such as IOTA, Shimmer, and ASMB, among others, and their assets. This means that the platform will allow different chains to communicate with each other, and assets can be moved across them.
Secure Custody and Oracle
Multi-party custody can be applied to VCs and PEs to manage their crypto assets. The MPC platform can also be applied to custody like the current Iotabee cross-chain swap to store LP fund more securely. Additionally, the oracle is essential for lending and leverage-trading protocols as price feed.
Validators and Revenue Stream
TanglePay is calling for the community, including Shimmer Governance, leading projects, and individuals, to apply for the role of validators. The validators are the controllers of the platform, and they should be chosen and trusted by the community. The MPC platform will have a revenue stream, with 30% going to the validators, 20% to Shimmer governance treasure, 20% to the implementing platforms, and 30% to TanglePay as the technical delivery team that will upgrade the platform and ensure timely delivery.
Technical Delivery and Audit
The TanglePay and Tangle Rally dev team have completed the coding, and the MPC platform and bridge are ready to run. Currently, the codes are under auditing, and the team is moving into applications for validators. Interested parties can contact TanglePay for more information.
In conclusion, TanglePay’s IOTA MPC platform is expected to revolutionize secure multi-party computation. The platform will enable bridging between different chains and provide secure custody and an oracle for lending and leverage-trading protocols.
TanglePay is calling for the community to apply for the role of validators, and the platform will have a revenue stream that will benefit the validators, Shimmer governance treasure, implementing platforms, and TanglePay. The platform is currently under audit, and the TanglePay and Tangle Rally dev team is moving into applications for validators.