Binance's seventh season incubation project Cycle Network, along with project interpretation and early interaction guide
Source: CoinWorld
Author: Web3 Scent Observation
Recently, Binance Labs announced the first batch of projects incubated in its seventh season, including Cycle Network. The project's technology and team strength are quite impressive, and it is currently in the testnet phase. Interested friends can follow and participate in point collection to prepare for airdrop.
Cycle Network has launched an airdrop points program, where users can earn points by completing free tasks. The more points earned, the larger the future airdrop distribution.
Cycle Network aims to provide a universal, secure, and verifiable chain abstraction architecture for all blockchains, as well as a bridge-less aggregated liquidity network. It is reported that Cycle Network has received investments from institutions such as Binance Labs, Summer Ventures, Sequoia Capital, Superchain Capital, and LiquidityTech Protocol.
Cycle Network Background and Project Introduction
In the rapidly evolving Web3 field, the "scalability" issue has always been a major challenge. Although developers have tried various scaling solutions, they still face problems such as fragmented liquidity, high transaction costs, complex learning curves, and trust assumptions of centralized services. These limitations hinder innovation and user experience in the Web3 ecosystem.
Moreover, with the emergence of numerous blockchain platforms, each platform has its own protocols and assets, leading to fragmented liquidity, which affects user experience and market operation efficiency. In a multi-chain environment, users need to manage assets through complex bridging and solutions, while developers have to redeploy applications across different ecosystems, increasing the complexity and security risks of cross-chain operations.
Cycle Network aims to address these issues by providing a universal, secure, and verifiable solution, as well as a bridge-less aggregated liquidity network for all blockchains. Cycle Network is also a fully trustless distributed ledger, allowing developers to create their dApps on a new layer without having to recreate code on different chains.
For Developers: Cycle Network liberates developers by providing seamless cross-chain liquidity and functionality, as well as self-hosting capabilities, eliminating the need to repeatedly handle information/asset synchronization and deployment across different blockchain structures.
For Users: Cycle Network enables users to interact and transact across chains and dApps in a trustless, secure, and full-chain environment without the need for bridging. By abstracting accounts, users will no longer need to use their private keys or seeds to access dApps, thus reducing the gas fees involved.
Chain Abstraction
According to Binance Labs, CYCLE NETWORK is a universal, secure, and verifiable chain abstraction that provides a bridge-less aggregated liquidity network for all blockchains (whether L1, L2, EVM, or non-EVM).
Chain Abstraction: Refers to the abstraction and encapsulation of the complexity of blockchain systems, allowing developers and users to interact without directly dealing with the underlying technical details. Through chain abstraction, developers can use a unified interface and tools to interact with different blockchains without worrying about the specific implementation details of each blockchain, while users can seamlessly browse and use Web3 applications without focusing on the underlying blockchain, cross-chain operations, gas payments, and other complex details.
Cycle Network is based on aggregated sorters and chain abstraction. Cycle utilizes multi-chain zk-rollup technology to extend traditional one-to-one native bridges between L1 and L2 into a fully connected network that supports all chains. This enables users to achieve trustless full-chain interoperability on Cycle.
Through Cycle Network, developers and users can experience seamless communication and value transfer across all chains, layers, and dApps.
Features and Characteristics
Cycle Network is an innovative solution aimed at achieving interoperability, security, and efficiency between blockchains. It utilizes Verifiable State Aggregation (VSA) technology to construct a universal, secure, and verifiable on-chain abstraction architecture. In this way, Cycle Network can achieve seamless interaction between different blockchain platforms without relying on traditional cross-chain bridging technologies.
The core features of Cycle Network include:
Decentralized Application Center Infrastructure (DACI): Facilitating the development of decentralized applications and the popularization of Web3.
Omni State Channel Indexer (OSCI): A decentralized multi-chain indexer that enables trustless verification and determination of Cycle ledger states.
Zero-Knowledge Hardware Acceleration: Enhancing efficiency and scalability through dedicated hardware acceleration for generating and verifying zero-knowledge proofs (ZKP).
Fully Homomorphic Encryption (FHE): Allowing computations to be performed on encrypted data without decryption, enhancing data privacy and security.
Participate in Tasks to Earn Airdrop Points
Cycle Network has launched airdrop point tasks, which will be used for subsequent rights distribution and airdrop rewards. Participation in the points activity is very simple, requiring only social media linking, following, and other operations.
Detailed Steps:
- Visit the Cycle Network Points airdrop website, link your EVM wallet (such as MetaMask), and sign;
- On the activity page, link Twitter X, follow Twitter X, join the Telegram community, and after completing all tasks, you will receive 300 Points.
External Joint Activities and Invitation Activities
Cycle Network also has external joint activities, with the latest being a joint event with the Tapup project. After completing tasks, users can not only earn Points but also participate in Tapup's U prize pool. Additionally, by inviting friends to participate, users can earn more Points.
The core team members of Cycle Network mainly come from the University of Illinois, University of California, Berkeley, Google, and other professors and experts, who have been dedicated to the research and development of blockchain foundational technologies. The Cycle Network testnet has also been launched, and interested friends can go experience it. Remember to apply for test coins from the project party before operating.
