FHE Chain
Mind Network's Research Result:
MindChain: ChainList, Mainnet Explorer, Testnet Explorer, Rust SDK
Mind Network's Research Details:
MindChain is a specialised rollup chain tailored for FHE Validation, boasting key features that cater to the unique requirements of this domain:
🗝️ Key Features
Support for Large Data Size: MindChain accommodates large data sizes, necessary to handle the overhead from encryption.
Fast Settlement and Transactions: Despite handling hefty data, MindChain maintains high security while enabling swift settlement and transactions, thanks to its high frequency.
RemoteStaking with Trustable Messaging: MindChain facilitates RemoteStaking with reliable messaging to broader source chains, ensuring trustworthiness in the staking process.
💻 Compatibility and Development
MindChain is EVM compatible, providing a familiar environment for developers. It supports the Solidity programming language, ensuring seamless transition for Ethereum developers. Your existing solidity development tools and deployment experience should remain consistent for smart contracts.
💼 Staking Mechanism in POSIV
Similar to POS, POSIV requires staking to represent voting power. Mind Network has developed a remote staking mechanism, deploying staking or restaking contracts in source chains like Ethereum, its rollup chains, Bitcoin L2, and AI bluechip chains. Tokens are locked in the source chains, while their amount information is sent to MindChain. MindChain keeps a ledger of all tokens owned by the staker, who then delegates to the SIV.
🚀 Benefits of RemoteStaking
RemoteStaking offers two major benefits:
Preventing Token Loss: It reduces the risk of token loss during bridging.
Minimising Token Value Loss: It helps minimize token value loss during swapping. This design caters to the needs of our partners who may not always want to swap their existing tokens. Hubs can also accept multiple tokens as long as the total token values match
📜 Immutable Ledger for Efficient Transactions
An immutable ledger serves as an integrated accounting book for all economic transactions such as delegation, rewards, and slashing. It enhances settlement efficiency, especially for small transactions, and ensures error-free ledger replayability. Moreover, the ledger accommodates mixed token activities to meet the flexible demands of Hubs, becoming a universal reference for checking stakers' Total Value Locked (TVL).
⏳ Unstaking Process
Unstaking occurs in the source chains, where smart contracts verify unstake amounts with the ledger and unlock tokens accordingly. Depending on the Task Definition in the Hub, unstake may get the updated stake amount if rewards are in the same tokens, or staked amount plus other token if rewards are in other tokens, or staked amount plus points if rewards are in points before token issues. Worth to mention, UTXO types of token needs careful consideration when design slash strategy.
Rewards and Slashing in Consensus
Both rewards and slashing are crucial in the consensus. We inspired from Ethereum consensus which has been proofed to be working for a long time. SIVs receive rewards for successfully submitting private votes, with higher rewards for good votes. On the slashing side, "bleeding" occurs if no votes are received, while "double voting" results in punishment. If more 2/3 stakes are lost, SIV are removed and need to re-opt-in if want to participate again.
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