What is the “anyswap” project and its digital currency “ANY” and what distinguishes it?
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Answer What is the “anyswap” project and its digital currency “ANY” and what distinguishes it?
What is the Anyswap project?
Launched in July 2020, AnySwap is a fully distributed protocol that allows the exchange of cryptocurrencies from different decentralized platforms and this is what distinguishes it.
The strength of the AnySwap system comes from the support of an automated signature and algorithm called “ECDSA”, this algorithm is supported by 95% of active digital currencies such as Bitcoin, Tether, Litecoin, Ripple…
In addition, the AnySwap protocol is powered by Fusion’s decentralized control rights management (DCRM) technology, which enhances Anyswap’s ability to handle the movement of cryptocurrencies between different blockchains.
Notably, Fusion Network uses private key hashing to ensure asset integrity.Read:Bitcoin Restores $40K Level and Dogecoin Rises 31% After Elon Musk’s Announcement
With hashing, the private key is divided into several bits and handled by different nodes on the network.
Therefore, for the transaction to take place, the participating contract must sign the transaction.
Most importantly, the parts of the private key are never assembled to enhance the security of the assets during transfer or trading.
Additionally, Fusion supports atomic swaps, where time is a key component in time-sensitive financial applications.
With Fusion, Anyswap can build atomic systems to meet prices and liquidity on the platform.
In general, the network architecture includes a decentralized exchange interface, decentralized applications (Dapps), bridge assets across a chain, and nodes.
Notably, the smart contracts on Anyswap are open source to improve security by allowing individual auditing.
Transparency aside, open source code helps prove that the platform is truly decentralized.
Despite being open source, Anyswap has received an assurance certificate from Slow Mist, a reputable smart contract auditing firm.
Main features of the “Anyswap” project:
- Providing an inter-blockchain bridge that allows users to deposit any ECDSA-compliant token and receive encrypted cryptocurrencies without the need for a third party.
- Swaps between Blockchains: This allows Anyswap users to exchange cryptocurrencies instantly.
- Programmed liquidity: Liquidity providers determine the liquidity levels on the platform, and the project also uses available liquidity to change prices accordingly.
Digital currency “ANY”:
AnySwap is a cryptocurrency that follows the standards on the Fusion platform and is used for governance purposes.Read:21Shares Heads to the Middle East and Offers Bitcoin ETP on Nasdaq Dubai
Any of its holders has the right to vote for a business contract on the AnySwap network.
The coin also gives “ANY” holders the freedom to select the ideal cryptocurrency for inclusion in the decentralized “AnySwap” platform.
In addition, “ANY” allows owners to vote or suggest changes to important parameters in the system.
Regardless of governance, ANY allows investors to earn rewards on the protocol and its uses.
General information about the digital currency “ANY”:
ANY’s total supply has been set at 100 million units.
Of that, 10 million were allocated ANY to the Anyswap community.
It has also allocated five million to the initial liquidity and to the “Anyswap” team.
85 million coins are allocated as rewards, which are distributed as follows:
- DCRM Contract Bonuses (10 million).
- Liquidity bonuses (15 million).
- Team bonuses (15 million).
- Shareholders (20 million).
- Swap/trading (25 million).
The platform charges users for exchanging cryptocurrencies and rewards liquidity providers (LPs).
For example, each token swap costs 0.4 percent, each LPs receive 0.3 percent of the fee, and 0.1 percent goes to AnySwap.Read:Crypto market surpasses $1.75 trillion with Bitcoin price up 33% in the last 30 days
Anyswap’s liquidity pools use a CPMM (Fixed Product Market Maker) approach to manage deposits and withdrawals within the pool.
The model works on the basic approach of increasing and decreasing cryptocurrencies in a trading pair on an equal scale during trading sessions.
ANY digital currency stake is available on the “Fusion” network.
The option is activated by clicking on the “Staking” option on the platform.
Staking returns are based on the total bets placed on any tokens and displayed to the stakers.
The Anyswap platform can be used on different blockchain networks such as “Binance Smart Chain”, “Fusion” or “Fantom”.
The AnySwap project introduces another dimension to the DeFi ecosystem, by rewarding traders, LPs and contract work, where everyone in the ecosystem receives incentives for their contribution to the network.
Notably, the system’s use of “Fusion” cements its position as the first DeFi platform to support transactions across various blockchain networks.
The protocol’s use of open source smart contracts and community governance not only makes it more decentralized, but also community-driven.
With all the competing systems based on decentralized finance, it is difficult to determine which system is in place to survive and thrive.
The only thing that is clear here is that the AnySwap project is important and worth pursuing, especially given the rise in the locked money in its protocols, which is currently estimated at $5.51 billion according to the platform.Devilama“.
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