MAGI NETWORK - WHAT IT IS AND WHY YOU SHOULD BE USING IT

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MAGI NETWORK - WHAT IT IS AND WHY YOU SHOULD BE USING IT

Let me start by telling you I have been involved with the Magi Network from the start. Must be close on to two years now. My involvement has been in running a witness node on the network. Started back when it was just a testnet and right up to were it is at today.

They have a post writing contest on the go to help spread the word. Magi Writing Contest! $500 USD in BTC and 90k HP in delegations up for grabs!. @magi.network

WHAT IS THE MAGI NETWORK

I am supposed to explain what the network is in my own words and do some screen shots of doing one of these things: "Use Magi. Go to https://altera.magi.eco/ and do a swap, deploy a token or NFT on https://terminal.okinoko.io/, explore whatever catches your eye."

I am going to do a swap but first what is the Magi Network.

To break it down to its simplest form you could consider it a DEX but it is so much more. Sorry if this post seems choppy but there is so much information.

Magi is also Cross-Chain DeFi on Hive. I am going to have to do some quoting from Magi posts.

"Moving assets between blockchains is genuinely hard. Bitcoin and Ethereum don't share any infrastructure. Solana and HIVE have no native communication layer. Each chain is a closed system, and getting value from one to another requires either trusting a centralized exchange to hold your funds while the transfer processes, or using a bridge, software that locks your assets on one chain, mints a synthetic representation on another, and hopes nothing goes wrong in between."

Until now :)

"Magi approaches cross-chain settlement from first principles. When you swap Bitcoin for Hive on Magi, your BTC is not sent to a company. It is deposited into a validator-managed vault on the Bitcoin network, an address controlled by a decentralized set of validators using Threshold Signature Scheme cryptography, meaning no single validator and no single entity holds a complete key.
The validators are bonded with staked HIVE as economic collateral, which they forfeit if they act dishonestly."

And I love this line: "The rest of DeFi build its foundation on currencies that answer to someone. Magi built its foundation on one that doesn't. Swap anything. Answer to no one."

So finally HIVE can interact with any other blockchain/token. There is no limits. As Magi grows, as more options are added, as the word gets out something amazing should have to Hive blockchain. The Hive and HBD tokens.

I saw the vision from the start and I cannot wait to see were all this is going to be in 6 months, a year, in 5 years. I am so excited.

This is Awesome Fracking Sauce stuff.

Now to do a little swap, I am going to do a Hive to HBD swap.

First I am going to deposit some Hive.

Right now these a deposit options to Magi.

I am going to use Hive Mainnet

Below is reviewing my depost

Now that I have some funds I am going to do a swap.

And I am learning as I go. lol. Apparently I did not have to deposit Hive onto Magi. You can do it strait from Hive mainnet. Lets do it.

Let me try 100 Hive to HBD

Now I just need to hit the swap button.

Now we wait for little bit.

And here we have it on Magi and on Hive wallet.

It is that simple. And should be that simple for any other swaps also.

Now please support their DHF.

https://peakd.com/me/proposals/378