With a constantly increasing number of users and partners, the Morpheus.Network blockchain solution is now obliged to increase its security. The platform is starting a migration to version 2.0 with the introduction of masternodes, and a staking program for MNW token holders. We take a look at the evolution of Morpheus.Network.
Morpheus.Network (MNW), the blockchain in the supply chain
Among the many projects that have been developed in recent years, few go beyond the Internet and have real-world implications.
Morpheus.Network is a solution to the problems faced by the supply chain using blockchain technology. The platform uses smart contracts to automate the transactions of its users, but also to secure them.
After announcing a few months ago the change of their token, Morpheus.Network is now turning to an overhaul of their system in order to increase the decentralisation and security of its network.
The limitations of Morpheus.Network
Despite the use of the blockchain, this first version of the platform is still too centralized according to its leaders, and this brings various problems.
The first point to raise is that the public blockchain cannot verify the content of flows. The confidentiality of the elements exchanged does not allow for the monitoring of the processing of information from the various transactions.
The centralisation of Morpheus.Network also makes it a target. The platform could thus attract ill-intentioned individuals, despite the security put in place by the network.
Finally, the governance of its MNW token is not well enough distributed according to the team, which would increase the risks of being attacked from the inside as well as the outside.
Solutions offered by Morpheus.Network 2.0
Morpheus.Network is not content to rest on its laurels and has decided to take the lead in solving the problems that the platform is experiencing and in strengthening its security.
Version 2.0 of the service will use Proof of Stake (PoS), a common mechanism in the cryptocurrency world used to enhance the capabilities of a blockchain.
The use of masternodes
This new version, which is now in the testing phase, will use Zero-Knowledge Proof. This technique makes it possible to produce a proof of the transaction, without knowing its content. Thus, these transactions will continue to be even more secure through the blockchain without disclosing confidential information.
Users with MNWs, the Morpheus.Network ERC-20 token, will be able to lock their assets to maintain network nodes. This is where the decentralisation comes in, as the validation of nodes will take place on the Ethereum network.
Development is being done step by step, but the platform plans to accelerate the implementation of this new system once all its users have migrated to this new transaction method.
After a long wait, Ledger Live finally shows the https://t.co/pnaszU8NsF token $MNW Very glad that this is now settled ledger
Let’s now continue accumulating and keep our $MNW tokens safe! pic.twitter.com/Yvnq4C5UXY
– trippledutch Ⓜ️ (@trippledutch) February 9, 2022
Rewards for node operators
The MNW, which follows on from the MRPH, promised to add new features to the platform’s token. It has now been added to the platform’s token, allowing it to secure the network using masternodes and Zero-Knowledge Proof.
To reward users who lock their MNWs to validate transactions, Morpheus.Network offers 18% interest per year depending on the amount of tokens deposited.
Contributor Rewards Chart
The minimum amount required to run a node in this test phase is MNW 1,800, implying that this amount may change in the future.
Also note that a maximum amount of 360,000 MNW per person has been set to avoid any one individual or group gaining too much power, which could compromise the decentralisation of the network.
If you own MNWs and want to participate in the first masternodes, you will have to subscribe to a whitelist to confirm that you are not already participating.
This new feature, which increases the security of the network and rewards those who participate, could increase the attractiveness of Morpheus.Network. It is therefore possible that the platform will continue to be talked about in the coming months.
