Hi everyone. Today I am going to talk about Symbiosis Redefined. First of all, what is symbiosis. It is a decentralized exchange that allows you to swap tokens across several different blockchains right now. The blockchains are Binance (BNB), Ethereum, Polygon and Avalanche networks and they will keep adding more and more blockchains as soon as possible. the wallets it uses is Metamask, Coin98, Trust, and XDEFI. The network allows you to swap multi coins and coin combinations. They also can do wrapped and non-wrapped tokens. So, it takes a variety/ diversity of coins with different blockchains/ networks and combines them with new technology to give you a place that allows you to swap or trade coins to other coins and it will automatically find you the best possible prices. it is fully decentralized so that no one central party can stop people/ users from accessing it. It is also a non-custodial platform so no one can access your funds either. The front-end is the mobile app/ web browser that gathers all the information on the coins on each supported blockchain that is supported on symbiosis, searches for the best prices. Then it helps you to send/sign those transactions to the supported blockchains. The symbiosis protocol uses supported blockchains that is a set of smart contracts. It uses cross-chain liquidity pools and off-chain routing mechanisms which also allows it to use AMM liquidity across all it blockchains. They call this the cross-chain liquidity engine. The last aspect of this is the relayers network. The symbiosis relayers network is a P2P network (which anyone can join if they stake enough SIS coins) All the nodes are equal. And their relayers is generic so that it can integrated with several blockchains simultaneously. The security is done with three main mechanisms which are Crypto-economic mechanism (proof of bond), Cross-chain multi-party computation (MPC) and Threshold signature scheme protocol (TSS). Another note that I saw is that they are trying to get it so that you can pay the gas fees using the crypto currency that you are swapping for. Example: you want USDT, you can pay the gas fee with the USDT you are getting from the swap. Now that would be awesome. No more having to have BNB for the Binance network, ETH for the Ethereum network, or AVAX for the avalanche network. I think that is going to be the future feature that would attract a lot of people to their platform. To learn more about it, you can go to symbiosis. ok that is it for now. You can go to their website and learn all about itself, it gives more detail there for everyone. ok, time to get back to the renovating. May life bring you a smile, laughter and love.
Symbiosis
By can-amcitizen | can-am citizen | 14 Mar 2022
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