In the last months, the best devs within the TanglePay team have been working on building the IOTA MPC (Secure Multi-party Computation Platform).
What is an MPC? You may find more information from this link.
To make it simple, MPC allows several parties to jointly compute a function over their inputs while keeping the inputs private. It ensures security and shared governance. There are several utilities of such technology, we could assume building an MPC platform which enables functions such as bridging, custody, oracle and so on:
bridging could connect different chains (ex. IOTA, Shimmer and ASMB) and their assets. IOTA from Tangle can be “bridged” to Shimmer EVM or other chains. So that IOTA can be used to swap and generate yield on Shimmer EVM and used in different DeFi innovations. The MPC mechanism and validators will ensure the security of the IOTA.
multi-party custody can be applied to VCs and PEs to manage their crypto assets. It can also be applied to custody like the current Iotabee crosschain swap to store LP fund in a more secure way. The fund will no longer be controlled under the private key holding by one person but it will be controlled by validators and validators would not be able to move the fund.
oracle can be highly important for lending and leverage-trading protocols as price feed.
In the end, this MPC platform would benefit many more projects within the IOTA ecosystem and it will be 100% controlled and owned by the IOTA community.
As a leading project within the IOTA ecosystem with continuously expanded development resources , TanglePay would like to take the technical initiative to build this platform and would like to call for the community (Shimmer Governance, leading projects and individuals) to apply for the role of “validators”. The MPC platform requires several validators to work.
These validators are the controllers of the platform and they should be chosen to be trusted by the community.
On the economics side, the MPC platform will have some revenue stream as bridge, oracle or more roles as infrastructures. Among the revenue,
30% will go to the validators,
20% will go to Shimmer governance treasure directly,
20% will go to the platforms that implement this product,
30% will go to TanglePay as the technical delivery team that will constantly upgrade the platform and ensure in-time and quality delivery.
Where are we now?
TanglePay and Tangle Rally dev team have completed the coding and the MPC platform and bridge is ready to run. Currently the codes are under auditing and that’s why we should move into the applications for validators. If you are interested in taking part, please comment or contact me directly, and more details on the validator application will come soon.