Rebranding: From Account Transfer Protocol to Layer 1
Mycel invented the concept of Transferable Accounts in September 2024 and has been continuing research and development since then. Currently, Mycel has successfully achieved smooth UX for native token exchanges between BTC, ETH, SOL, TRX, and MATIC in our internal testing. (You can try this UX at the URL below. Note that Potcat v0.5.1 is an experimental P2P DEX we developed. Since it hasn't been audited, we cannot guarantee the safety of your assets.)
Currently, Mycel is implemented as a Canister (smart contract) on Internet Computer. However, since Internet Computer wasn't specifically designed for exchanging account ownership, running ATP permanently would create issues such as ambiguity around who pays gas fees (currently $ICP in this architecture) and the overall asset exchange speed being dependent on Internet Computer.
To deliver a self-sovereign and truly chain-agnostic cross-chain swap experience to people worldwide, we realized we needed to implement from a more fundamental level. This is our rebranding from Account Transfer Protocol to our own Layer 1.
The New Mycel Stack
Previously, we attempted to solve these issues by deploying Canisters on Internet Computer. However, by developing our own blockchain consensus layer, Mycel will achieve seamless UX through order book-type matchmaking and secure cross-chain exchanges.
Application Layer: Potcat
Potcat is an application that sits on top of OTP and HyphaBFT, allowing users to execute cross-chain swaps from the frontend. The Application Layer makes the ownership exchange via OTP and high throughput via HyphaBFT accessible through the frontend experience.
Execution Layer: Ownership Transfer Protocol (OTP)
Ownership Transfer Protocol (OTP) is a further abstraction of the Account Transfer Protocol concept. Using Threshold Signature Scheme (TSS) technology on top of HyphaBFT to safely perform key generation (DKG) and signing, users can directly exchange assets on each state machine without generating wrapped tokens on Mycel.
Cross-chain swaps via OTP adopt an architecture where assets don't remain on Mycel for extended periods, making it superior in terms of economic security. We'll share more details about OTP in future blog posts.
Consensus Layer: HyphaBFT
HyphaBFT is a CometBFT-based consensus layer customized for OTP. HyphaBFT consists of two processes: the transaction process and the TSS process (DKG + signing), which interact with each other to deliver a secure and fast asset exchange experience. Through its pBFT nature, HyphaBFT provides high scalability and Byzantine Fault Tolerance. We'll share more detailed information about HyphaBFT in the future.
The Future of Mycel
Mycel will continue to commit to "exchanging value across different state machines in a decentralized and trustless manner." Through research and development, we'll build superior experiences and contribute to a self-sovereign society.
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Official X/Twitter: https://x.com/mycelmycel