RE: Magi Network DHF Proposal 2026

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RE: Magi Network DHF Proposal 2026

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igormuba in #hive • 4 days ago

Unrelated to my previous comment so new comment:

The Fourth Protocol Ever to Do This

If 3 other chains have done that wouldn't it be faster/easier/cheaper/safer to fork them? I know THORchain has had multiple hacks, took them years to get where they are and being the fourth doesn't give it very good odds. Wouldn't forking keeping HBD as settlement be an alternative? Why build from scratch? I ask that because I am unfamiliar with all the development behind Magi and VSC, but why build from scratch rather than forking?

Those other chains seem to have already solved the distributed key generation, the multi-round signing ceremonies, the key rotation and all in and in between that. Their chains are open source, and are being tested by real adversaries with real (and aA LOT OF)money on the line, if there are vulnerabilities or bottlenecks on magi it will take years before there is enough liquidity to make it worth attacking it not because they would not have found it but because attackers find it and wait for the "jackpot" to grow large enough.

Stupid of me and clever if Magi is already built off a fork of something already existing and tested, but if it is built from scratch then it raises yet more risks for the business.

4 days ago in #hive by igormuba

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lordbutterfly 4 days ago

Swaps are large portion of our features and revenue model but they are not our only offering. Our main competitors are focused solely on this functionality, mainnet to mainnet swaps across major chains.
Magi is fundamentally built differently, allowing for custody of all of our supported tokens in any of our supported wallets (such as holding BTC on Magi in an EVM wallet), allowing for feeless (RC based) transfers of these assets on Magi.

We in many ways evolved whats possible with trustless crosschain tech far beyond what other crosschain protocols considered doing.

Our goal is not only to provide a convenient swap interface, but also to simplify onboarding by allowing users to interact with our full feature set easily from any wallet.
We used Thorchain code heavily as reference but did not fork it, that would have created a multitude of integration issues.

They did a lot of heavy lifting and made mistakes, basically for us to learn from and not repeat.

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lordbutterfly 4 days ago

Ill give you an example of a killer payment app idea we will develop in a few months that's solely possible due to our Native asset mapping tech i mention here.
Would basically allow anyone to make payments in any cryptocurrency (we integrate) they own, with whatever wallet the coins/tokens are in to any merchant without the merchant needing to do anything.

This abstracts:

Any need to use a specific blockchain
Any need for user to download any app
Any need for merchant to download anything.

This is the idea we are currently sitting on. Basically solves all problems all crypto payment systems have. Its all trustless and would not require us to run anything at all.
So yeah, theres so many things we enable its hard to even put into text here. @igormuba