OpenSwap Troll Talks: Chapter #8 — Core Concepts of Dynamic Multisig Withdrawal
In sync with the recent introduction of our core technology release, the previous chapter of OpenSwap Troll Talks took our followers on a mini detour, going into an in-depth walk-through of how OpenSwap DEX ensures the best on-chain swap prices for DeFi users through leveraging our initial key technologies — Spot Price Queue, and Hybrid Smart Router.
With Spot Price Queue guaranteeing on-chain swaps at zero slippage while also mitigating impermanent loss, armed with Hybrid Smart Router’s ability to take our trader’s swaps to the next level by coupling swap trades from AMM pools with Liquidity Queue, OpenSwap, and our project supporters are confidently marching onwards in this on-chain liquidity revolution, looking strong in fulfilling the mission of making cross-chain liquidity swaps a frictionless experience for all DeFi users across different chains enabled by the upcoming release of Open Interchain Protocol.
Going back to where we last left off about Open Interchain Protocol, we discussed how OpenSwap’s bridge is designed and will function differently from conventional cross-chain bridging models, and that our cross-chain bridge (Open Interchain Protocol) will be uniquely efficient through the adoption of Single Asset Vaults, and the core concept of Bridge Trolls.
Dynamic Multisig Withdrawal 🔰
As OpenSwap supporters would be well familiar with by now, the concept of Bridge Trolls sits at the core of the Open Interchain Protocol. They are tasked with the responsibility of monitoring the protocol for transaction requests, as well as verifying and signing transactions to carry out the withdrawal of funds on different blockchains.
Our Bridge Vaults are made to keep our users’ funds SAFU and are designed to be released based on a dynamic multisig arrangement that would require at minimum, 1 Mean Troll and 1 Green Troll to sign, and in addition, Bridge Trolls joining the network would need to provide a bond of $OSWAP tokens along with their public signing key. The bridge protocol will require signers based on a “signature algorithm” that may depend on the following factors:
- Size of Transaction: The larger the size of the transaction, the more signers (Mean Troll and Green Troll) will be required to complete the transaction.
- Available Bond: The available bond of the signers may be a factor determined by the signature algorithm under the assumption that the cumulative bond of Mean Troll must exceed the transaction size, and the cumulative bond of Green Trolls must also exceed a defined ratio of the transaction size.
💯 Only Good Trolls Allowed!
As users and stakeholders of this DeFi space, we are all familiar with the fact that there will always be bad blood trying to sneak their way into projects, as such, the OpenSwap dev team is designing the Open Interchain Protocol to filter out these bad apples. Any malicious transactions created or signed will result in the loss of bonded $OSWAP tokens from the participating Trolls and they will be immediately suspended from their duties as Bridge Trolls.
Aside from the size of the transactions and available bonds, the Dynamic Multisig Withdrawal algorithm may also determine and verify that all signers are in good standing, as well as the transaction creator meets the “fuzzy allocation protocol” of being at least an X number of transactions since the last time they submitted a transaction. All these will be determining factors before the Dynamic Multisig Withdrawal engine will allow a transaction to proceed.
Troll Thoughts 💭
OpenSwap’s Open Interchain Protocol and its single asset bridge vault design will surely be something unique to the DeFi space and to date, have never been done before. Along with the concept of Bridge Trolls being node validators for transactions, and the adoption of Dynamic Multisig Withdrawal, participating in the Open Interchain Protocol will be a worthwhile community-focused initiative to get more OpenSwap supporters involved while making sure bridge users’ funds are SAFU.
Becoming a Bridge Troll for the Open Interchain Protocol is easy, community members can do so by obtaining a Bridge Troll NFT from OpenSwap Troll Camp! And be sure to follow the next release of OpenSwap Troll Talks closely as we continue to dig deeper into the in-depth details about the Troll Selection Algorithm as well as other core concepts.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage and multi-chain arbitrage opportunities. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a comprehensive one-stop DeFi hub that offers the best on-chain pricing, multi-chain arbitrage, and zero slippage, allowing users to experience revolutionary benefits through optimizing their trades through unique features such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol.