Ensuring the integrity and security of digital assets is paramount. Recognizing this critical need, we’re delighted that M^0 has partnered with Chronicle to enhance the transparency and trustworthiness of its ecosystem. We will serve as an independent validator, utilizing our RWA Oracle to verify M^0’s collateral balances, reinforcing the reliability of M^0’s cryptodollar issuance.
What is M^0?
In short, M^0 is money middleware for the digital age. Going deeper, M^0 is a decentralized infrastructure that can be utilized by any institution to issue cryptodollar assets like stablecoins. Ultimately, this allows institutions from around the world to become their own cryptodollar issuer, minting M^0’s interoperable and fungible asset, $M, and opening up access to blockchain-based finance for traditional capital.
The Role of Chronicle and the RWA Oracle
Within this partnership, Chronicle is entrusted with a crucial role: validating the presence and quality of collateral deposited by Minters. It is vital that Validators are independent entities as we are responsible for ensuring the security and integrity of the M^0 ecosystem. When Minters deposit their eligible collateral into governance-approved storage facilities, Validators verify its presence, value, and composition. This verification process is continuous and rigorous, ensuring that all $M tokens in circulation are securely backed.
Chronicle’s integration with M^0 is permissioned by the protocol’s governance. This allows us to utilize our RWA Oracle to provide timely information on the off-chain collateral used by Minters to generate $M. $M, a decentralized, interoperable, and fungible cryptodollar, can be generated by Minters by locking Eligible Collateral, currently short-term U.S. Treasury bills, in a secure off-chain facility.
Verification Process
Once the collateral is verified, Chronicle creates a verifiable digital signature. This signature is essential for the network to mint the appropriate amount of $M tokens. This continuous verification process ensures that the $M tokens are backed by robust and verifiable collateral, thus maintaining the trust and security of the M^0 ecosystem. This enhances M^0’s collateral verification process, ensuring that all $M tokens are backed by high-quality collateral.
Driving Innovation in DeFi
By employing a rigorous and transparent validation process, M^0 not only ensures the security of its cryptodollar but also fosters greater trust among its users and stakeholders. This partnership highlights the critical role of independent validators in the ecosystem, showcasing how collaboration can drive the industry forward. M^0’s goal is to address the network effect and scalability challenges of stablecoin projects, and drive widespread adoption through fostering collaboration and interoperability.
By partnering with Chronicle, M^0 will leverage our technology powered transparency via our transparent and verifiable Oracle network, and our reputation powered trust, constructed over eight years through securing billions of dollars for MakerDAO and its ecosystem. Further growing the trust and confidence in the M^0 ecosystem.
About the M^0 Ecosystem
M^0 is money middleware for the digital age. It is a decentralized, on-chain protocol, as well as a corresponding set of off-chain standards and APIs, that powers a federation of cryptodollar issuers. With M^0, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible cryptodollar asset.
About Chronicle
Chronicle, the original oracle on Ethereum, is a novel, blockchain-agnostic Oracle solution that has exclusively secured up to $22B in assets for MakerDAO and its ecosystem since 2017. Chronicle’s mission is to deliver on DeFi’s vision of transparency and decentralization. To solve the tradeoffs between security, decentralization, and cost, Chronicle spearheaded a breakthrough in Oracle network architecture by developing Scribe, an extremely gas-efficient Oracle based on aggregated Schnorr signatures. In doing so, Chronicle is raising the industry standard for Oracles by delivering more security, more transparency, and more resilience, at a lower cost.
