What is Sifchain? Learn about the Sifchain project and the ROWAN token

• Overview of Sifchain
• What is Sifchain?
• Highlights of Sifchain
• The main technologies of Sifchain
• Development roadmap
• The project's development team, investors and partners
• ROWAN token overview 
• General information about ROWAN token
• Functions of ROWAN token 
• ROWAN Token Allocation
• Future of Sifchain project and should invest in ROWAN token?
• summary

Overview of Sifchain

What is Sifchain?

The name Sifchain was inspired by Norse folktales. Sif is the name of the goddess of the land, who brings prosperity, joy and wisdom wherever she goes. 

Sifchain was created with the desire to promote further cooperation in the field of cryptocurrencies, so that the community will receive worthy rewards from the connection between blockchains. 

Sifchain describes itself as the world's first Omni-Chain DEX (multi-chain decentralized exchange), targeting cross-chain integration for over 20 leading blockchains such as: Bitcoin , Ethereum , Binance Smart Chain , Polkadot, EOS… 

The reason that Sifchain chose these blockchains is that they are accounting for the majority of the trading volume of the entire market, which means that through Sifchain DEX users will be able to access almost all the liquidity in the crypto space. chemical. 

Highlights of Sifchain

Cross-chain transaction support

As introduced, in the future Sifchain will support cross-chain transactions for the top 20 to 25 blockchains in the Crypto market. This integration makes it possible for users to diversify their portfolios, increasing the liquidity of tokens accessed on-chain.

A highly efficient DEX exchange 

The project is designed with the Cosmos SDK, which is capable of processing multiple transactions at once much faster than Ethereum, making it 100 times more efficient than current leading DEX platforms. 

Continuous Liquidity Pool (CLP)

The project development team will combine the advantages of using liquidity pools with the order book to help the order execution process be most efficient. To do so, Sifchain uses a hybrid order matching model that enables profitable order execution through continuous liquidity pools (CLPs).

It is also a DEX with an AMM (Automated Market Maker ) support for limit orders and token swaps. 

Margin trading

The project also allows users to make margin transactions by borrowing from the liquidity pool. Interest rates are set based on market demand and liquidity conditions. This increases profits for liquidity providers who have a second source of income besides swap fees.

Industry-leading technology partners

The Sifchain team is working with some of the most experienced market makers (AMMs, traders, and experts in the cryptocurrency space) to review the formulas used for the payment pool algorithms. account.

Truly Decentralized Governance

SifDAO will be launched in conjunction with the ROWAN public sale and will be allocated an amount of ROWAN tokens independent of the development team's reserves. According to the roadmap, SifDAO will inherit the responsibilities of the core team piece by piece until managing the entire Sifchain ecosystem.

The main technologies of Sifchain

Peggy and IBC (Inter Blockchain Communication)

To fulfill its mission of being the world's first DEX that allows users to exchange assets between multiple blockchain ecosystems, Sifchain uses an advanced bridging technology called peg zone to connect all main block together. 

Peggy is a Cosmos SDK application that supports the movement of assets in or out of the EVM-based POW chain. Peggy is the starting point for cross-chain value transfer from the Ethereum blockchain to the Cosmos blockchain. This is done using Peggy from Ethereum to Sifchain and via IBC from Sifchain to other blockchains. 

In August 2021, Sifchain was integrated with IBC. Through IBC and Peggy, users now transfer assets between Sifchain and any blockchain that supports IBC. In the future, up to 25 major blockchains will be able to interact seamlessly through the Sifchain interface.

Liquidity from all cryptocurrencies will be accessible on-chain, allowing for a more optimal capital coordination implementation. The project uses a two-way peg protocol (abbreviated as 2WP) that allows swapping of pegged tokens.

Example: A user on Sifchain wants to exchange LTC to BTC, this person will trade in a token that has been pegged by the Cosmos SDK blockchain that is: cLTC to cBTC. 

Continuous Liquidity Pool 

Liquidity pools allow users to buy, sell or exchange assets on cryptocurrency exchanges. Imagine liquidity pools as small markets within a larger market, ensuring reliability and efficiency when users trade two different tokens. 

Liquidity pools are very important in decentralized finance (DeFi), especially Sifchain in particular and decentralized exchanges (DEX) in general. Therefore, the project team considers CLP (continuous liquidity pool) as the core foundation for development. 

Sifchain's consensus mechanism

Sifchain's consensus mechanism includes Tendermint's consensus engine with reasonable parameters to ensure smooth, continuous on-chain transactions.

Sifchain validators will stake their ROWAN tokens and also those ROWAN tokens authorized by others.

Sifchain's consensus mechanism includes 100 validators with the highest number of staked ROWANs. These validators may change over time when they want to leave or are forced to leave this consensus mechanism.

Development roadmap

Quarter 4 of 2021:

• Launch Sif's Expansion
• Launch SifDAO

1st quarter of 2022

• Front-end Provider Initiative
• Transfer tokens from Ethereum to Cosmos 
• Monetary Trade Policy Protocol (PMTP)
• Integrated Omni EVM 

Second quarter of 2022:

• Continue to integrate Omni-EVM
• Margin trading

The project's development team, investors and partners

Development team 

The project development team is currently anonymous. However, according to the official information published by Sifchain on the project's homepage, the founding team are outstanding talents and have a lot of experience in fields such as Marketing, Product, Engineering. 

The project engineer team is also very quality with more than ten senior engineers, architects and blockchain developers who have worked on famous projects such as: Thorchain , Cosmos , Polkadot . The engineering team also has many years of working in financial fields such as: Economic modeling, financial engineering, security and other fields related to blockchain.

Investors and partners of Sifchain

In the first seed round on August 15, 2020, Sifchain Finance raised a total of $3.5 million in funding from investors: Alameda Research, AU21 capital, NEO Global Capital (NGC), Kenetic… 

This group of the most keen partners and investors in the blockchain space has helped Sifchain maximize its potential in marketing, research, engineering, recruitment, operations, business development, product orientation. .

ROWAN token overview 

ROWAN is the official token of Sifchain. 

General information about ROWAN token

The ROWAN token will be first issued on Ethereum with the ERC20 standard, called erowan because there is no official mainnet yet. All erowan will be converted to ROWAN at 1:1 ratio after BetaNet launch. 

• Name: ROWAN
• Contract: 0x07…0f2dcbe
• Blockchain: Ethereum
• Token Standard: ERC-20
• Total supply of ROWAN: 1,000,000,000 VND
• ERC20 token name: erowan
• Initial total supply of erowan: 1,240,459,123
• Total circulating supply of erowan: 636,059,697.55 (according to CoinMarketCap as of 02/2022)

Functions of ROWAN token 

• Used to create liquidity pool: A liquidity pool is made up of ROWAN token with another token, when there is a token swap transaction in the pool, the liquidity provider will receive the swap fee in ROWAN token.
• Payment of fees on the Sifchain . platform
• Stake ROWAN to become a validator or stake ROWAN to authorize a node and earn block rewards in ROWAN
• Rewards for validators
• Use to vote in governance proposals 

ROWAN Token Allocation

• Token Sale: 4%
• Private Sale Round 1: 24%
• Private Sale round 2: 4.5%.
• Seed Round: 4%
• Ecosystem: 26.5%
• Team: 10%
• Team Reserve: 24%

ROWAN token distribution details

Future of Sifchain project and should invest in ROWAN token?

In 2019, every day, $8.5 billion in crypto derivatives transactions were conducted with a total amount of up to $3 trillion. Most of these transactions take place on centralized exchanges.

Although crypto investors prefer decentralized exchanges, DEXs currently have a huge limitation that they limit investors to a small subset of blockchain ecosystems. . Besides they have slow processing speed and high fees. 

With the Cosmos SDK and unique technological solutions, Sifchain is the first DEX that has found a way to overcome the above limitations of the market, allowing the free transfer of assets between different blockchains. Not only can it process transactions many times faster than Ethereum, but it is also 100 times more efficient than other DEXs, saving users a lot of time and money.

Besides, the Order Book, Margin Order features integrated with CLP have brought very positive experiences to users that are not inferior to today's leading centralized exchanges. 

In addition, the project received the participation of many major funds in the world such as: Alameda Research, AU21 capital, KOSMOS, AU21... all names that will contribute significantly to the success of the project in the future. . 

summary

Hopefully, through the article, investors have had an overview of the Sifchain project as well as a brief assessment of the potential of this project. As the field of cryptocurrencies is expanding, Sifchain is also one of the projects that contributes significantly to the overall development by reducing barriers for the open source community. However, investing in cryptocurrencies, like other financial investment channels, comes with many potential risks. You should consider carefully before participating in any project.

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