The MUN Blockchain is a Level-1 Blockchain that is based upon Tendermint as a crucial component of the overall concept in Cosmos Hub. It is a cutting-edge Blockchain that is unique in combining blockchain technology with real-world applications to revolutionize the global financial transfer market.
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Consensus mechanism
Tendermint/Ignite is a Byzantine-Fault-Tolerant (BFT) Proof of-Stake (PoS) consensus mechanism that was created to support the Cosmos Hub blockchain. Ignite Core, the central consensus mechanism utilized by all blockchains that are built on Cosmos.
What is MUN??
It’s a layer one, Open Blockchain to send money for free in real-time. It is developed to work in a different way from and in parallel to traditional financial channels, banking and remittance networks.
The global market for remittances is an essential element of the financial system that is estimated to have $900 billion worth of money being transferred globally each year. This market is made up of several large corporations including Western Union, MoneyGram, and Ria. However, it also includes numerous smaller firms.
It is said that the USA is the nation which sends the largest amount of money, while India receives the highest. China is the country with the best balance in its economy that is able to balance sending and receiving. Western Union processes over $70 billion worth of payments each year which is more than twice that of its nearest rival, UAE Exchange.
While the market for remittances increased rapidly in the past few years, it is still facing a variety of issues, including excessive fees and a lack of availability of banking. This is the point at which Blockchain technology, along with MUN enter into play.
MUN Coin serves as the cost currency for the MUN Blockchain. The MUN Coin is able to send money home anywhere in the world with no additional cost.
The benefit lies in the potential for interest that is based on global transfers. It’s like a bank branch which is open, money flows through. Be part of the open-source community and enjoy the freedom of speech..
How does MUN work?
The diagram illustrates how the remittance process is operated: (1) a ALICE (A left-hand side) meets MUN-Broker (X) in one city, and offers an amount of money in cash (red Arrow) which is then transfered to BOB (B left-hand side) in a different, typically foreign city. Alongside the cash it is also a requirement to provide the password that will lead to the cash being released (blue Arrows). (2b) A MUN-broker X sends an email to the other MUN-broker M in the city of the recipient as well as informs M about the payment. The beneficiary BOB (B) who was notified of the password by ALICE (A) about the password (2a) is now in contact with M and reveals the password that was agreed upon (3a). In the event that B’s password is valid, M transfers the sum for B (3b).
What is MUN framework?
MUN Chain is 100% based on the Cosmos SDK framework, which allows developers to develop Cosmos-specific blockchains that are available on the Cosmos Network. The Cosmos SDK allows blockchains that are independent to be created on Cosmos to tailor their protocols for chain-agnostic management storage and transfer of assets by staking and slashing.
Based on the number of validators enrolled within this network, at any time, Ignite processes between 4000 and 16000 transactions in a second (TPS) and blocks are updated within a matter of 1-2 seconds.
Ignite is an intermediate software application that is designed to copy various parts that comprise Cosmos Hub to create additional sovereign Cosmos blockchains by using Cosmos Software Development Kit (SDK).
Ignite crypto protocol is linked with Cosmos Blockchains and applications by using the Application Blockchain Interface (ABCI) and integrates with other components, such as the Inter-Blockchain Communications (IBC) protocol as well as Cosmos SDK.
Tokenomics
The MUN blockchain has assets-based M-USD and M.GOLD. A network of MUN brokers allows to cash in and out worldwide.
- The total number of MUN100 million
- Total airdrops of 20 million
- Foundation/DAO Treasury60 Million
- DEX Liquidity wallet10 million
- Ambassador Program10 Million
What are the charges for MUN transactions?
When MUN launches its remittance service it could be that there are charges for transactions imposed from MUN’s MUN networks system. Below is the charge list.
- Transfer fees (First year)0.5 percent
- Fees for exchange (Second year)1 1 %
- Transfer fees (Third year)1.5 1 %
- Transfer fees (Fourth year)2 percent
- Transfer fees (Fifth year)2.5 percent
- Exchange fees (From the sixth year)3 percent
When is the testnet launch?
The decentralized transfer network announced on 4th Novemberas the opening of its first public Test net. The project also invites its more than 80,000 members to take a look around the Testnet and submit suggestions to improve. After it launches the Testnet, MUN will launch its Mainnet in the quarter-year beginning of 2023 in accordance with their plan.
When will the MUN airdrop take place?
It is expected that the MUN Airdrop will be held in Q4 2022 . It it will go to early adapters. A total of 20 million MUN are to be distributed.
Follow the 4 steps to claim your free Airdrop:
- The first step to participate in the airdrop is the installation of the KEPLR Wallet
- 100 test tokens to claim at the faucet
- Join MUN’s Twitter account
- Sign up to MUN Discord to receive the role of airdrop
The amount of MUN received is contingent on the airdrop you claim. There are four airdrops.
- STAKEDROP will offer MUN coins to those who stake in blockchains, such as ATOM, JUNO, etc.
- MISSION-AIRDROP where users are required to complete their missions to receive MUN coins.
- REKTDROP for those who invested in UST or LUNA on the Terra blockchain prior to the crash. We will announce the details of the airdrops over the next weeks.
- LOCKDROP which allows users to keep their stable USDC and BUSD USDC along with USDT, stake for an undetermined period of time, and earn MUN coins as rewards.
Where can I find free MUN?
It is possible to receive MUN for free through airdrops. Following that, you’ll be able get MUN through MUNSWAP system, which is scheduled to be launched in the fourth quarter of 2022. If you require MUN from test net (TMUN) as a faucet, contact the developers in Discord channel.
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