Join our Discord server using this link: https://discord.gg/3c4gVn7d

Alternatively, log into Discord and search for “Digital Monetary Fund”.

Members of the DMF DAO are active in our Discord server and can assist others interested in the project.

To join the DMF DAO community on crew3, follow this link:
https://digitalmonetaryfund.crew3.xyz

Sucess for the DMF DAO project depends on building and active and engaged community who share our vision to create a collection of smart, multi-chain, next-generation stablecoins. We hope to see you on out crew3 site.

The DMF DAO ERC20 Smart Contract status can be viewed online:
https://etherscan.io/token/0xa42be035918a91406ad0d756e96af0dd442e12df

The Audit Reports can be viewed online:
https://www.digitalmonetary.fund/audits/

As we move closer to launching the DMF project additional Audit and Review Reports will be published.

State channels are the general form of payment channels, applying the same idea to any kind of state-altering operation normally performed on a blockchain.

Moving these interactions off of the chain without requiring any additional trust can lead to significant improvements in cost and speed. State channels will be a critical part of scaling blockchain technologies to support higher levels of use.

The basic components of a state channel are very simple:

A 2 way state channel

1) Part of the blockchain state is locked via multisignature or some sort of smart contract, so that a specific set of participants must completely agree with each other to update it.

2) Participants update the state amongst themselves by constructing and signing transactions that could be submitted to the blockchain, but instead are merely held onto for now. Each new update “trumps” previous updates.

3) Finally, participants submit the state back to the blockchain, which closes the state channel and unlocks the state again (usually in a different configuration than it started with).

If the “state” being updated between participants was a digital currency balance, then we would have a payment channel. Steps 1 and 3, which open and close the channel, involve blockchain operations. But in step 2 an unlimited number of updates can be rapidly made without the need to involve the blockchain at all — and this is where the power of state channels comes into play, because only steps 1 and 3 need to be published to the network, pay fees, or wait for confirmations. In fact, with careful planning and design, state channels can remain open almost indefinitely, and be used as part of larger hub and spoke systems to power an entire economy or ecosystem.

DMF will use State Channels to facilitate complex trustless transactions, such as Escrow and Security facilities.

The Chains and their native (gas) tokens we plan to deploy on include:

• Ethereum (ETH)
• Binance Smart Chain (BNB)
• Polygon chain (MATIC)
• Huobi ECO Chain (HT)
• Avalanche chain (AVAX)
• xDai chain (STAKE)

We are investigating other EVM chains for later deployment. Some of those chains are:

• Fantom Opera chain (FTM)
• Harmony chain (ONE)
• TomoChain (TOMO)
• OKExChain (OKT)
• Near (NEAR)
• Fusion (FSN)
• KuChain (KCS)

There are a lot of EVM compatible blockchains coming out. Crypto exchanges are trying to release their own Ethereum-killer chain and developers are rushing to build the next big DeFi platform on those chains.

Ethereum Virtual Machine (EVM) blockchains are forks (basically copies) of the original Ethereum blockchain open-source project. These new EVM blockchains use most of the same code as Ethereum, but vary in their consensus method. They mostly use Proof of Stake (PoS) consensus protocols.

The most popular EVM blockchain spin-off is Binance Smart Chain (BSC) created by Binance. It became very popular because it was an alternative for people who wanted to use DeFi but didn’t want to pay the insane gas fees on Ethereum.

BSC uses a PoS consensus method with 21 validators. This allows it to operate with lower gas fees.

The other new EVM blockchains are pretty much running under same idea: Proof of Stake allows for lower gas fees and faster transactions, which attracts more users onto the chain.

The convenient thing about EVM chains is that they are easily integrated by MetaMask wallets.

The current Ethereum Mainnet will complete the transition from proof-of-work to proof-of-stake by merging with the Beacon Chain, while preserving contract execution functions and full historical data with the current user state. The merge is not merely a response to the call for lower global carbon emissions, but also a critical step to lay the foundation for future upgrades including sharding.

After the Merge, changes will be seen in the network structure, block structure, consensus mechanism and state. The new block will carry the exterior of a Beacon block with contents from Ethereum proof-of-work (POW). The network will adopt an architecture in the form of a consensus layer and an execution layer (execution engine) to produce and synchronize blocks. The proof-of-stake (POS) consensus mechanism will be adopted in the new system where a verifiers’ committee carries out the function of proposing and voting to form consensus upon certain blocks. The consensus and execution layers will be linked; and statelessness will also be introduced not only to help maintain the degree of decentralization, but also contribute to future sharding.

Compared to Ethereum, the Solidity code required very few changes, transaction processing was faster and fees certainly cost less.

Next we will test the DMF Smart Contracts on the HECO Blockchain.

To protect against unexpected network behavior at the time of the fork, we will halt all Ethereum network-based transactions for approximately 4 hours to guarantee a smooth transition. We will do everything we can to ensure this will be as short as possible.

We’re continuously monitoring the Ethereum community for a possible network split and will be prepared for that scenario.

Etherscan’s blog post explains that it only tracks addresses that match certain conditions (that the addresses have both forward & reverse resolution set) so the data doesn’t include all Ethereum names. But it does show the rapid growth of Ethereum names over the last few months, considering there were only 1,000 new addresses in March.

The increase in Ethereum names coincided with a steep decrease in Ethereum gas fees, as using the blockchain became much cheaper.

Ethereum names are a bit of a blessing and a curse. While someone can have a personalized and publicly known Ethereum name that their friends (or anyone) can send money to, the downside is that anyone can see their address and watch their transactions.

Therefore, it’s typically seen as good practice to limit the funds in them because, in theory, they could be used by criminals to make an ordered list of the most wealthy Ethereum users and target them.

And yet, according to Etherscan, the addresses associated with existing Ethereum names contain a significant amount of cryptocurrency. This includes 116,500 ether (ETH), 6,300 wrapped ether (WETH), 23.5 million of the stablecoin USDC and 963,500 uniswap (UNI).

In total, this is worth around $277 million at current market prices.

But ENS users will need to use some of these funds to keep paying for the names, especially the expensive ones with fewer characters.

There has been a lot of discussion about the efficient management of collateralisation. Modelling is being performed to test the effectiveness of holding collateral in major digital assets, such as Ethereum or Bitcoin, and using synthetic instruments to hedge against markets movements and risk to the underlying instrument.

A formal policy document on this topic will be published next month.