What Is MicroChains Gov Token (MCG)? Complete Guide & Review About MicroChains Gov Token

What Is MicroChains Gov Token(MCG)?

MicroChains (previously known as CBTC Bridge) carries the mission of “ The Power to Bridge More Emerging Chains” and is committed to providing highly secure cross-chain experiences for emerging chains projects and blockchain users. This is an emerging chains friendly bridge that aiming to deliver cross-chain solutions with better security and smoother experience.

MicroChains Coin performs 1:1 secure cross-chain of assets by locking source chain assets to a compliant custodian and minting tokens of the destination chain. Seamless cross-chain of native assets between mainstream public chains are supported on. For all supported chains, users can move their assets easily from one chain to another in mutual way.

More Secure Cross-chain Bridge Solutions

Given the frequent cross-chain asset accidents, MicroChains first introduces the VoMEN Network security solution to greatly improve cross-chain services. Highlights for advantages:

1. 1. Lock assets are in safe custody by a top trust company (Huobi Trust). Also, adopting multi-signature, HSM, and high insurance coverage ensures the safety of locked assets.
2. 2. Applies a third-party enhanced node (Huobi Trust) to strictly verify every cross-chain transaction, avoiding issues of over-issuance and asset theft.
3. 3. Smoother & easier cross-chain experience without the upper limit.
4. 4. Quickly occupy the market by fast deployments of emerging chains.

Not Centralized

MicroChains is not a centralized product that just applies the asset custody service provided by a trusted custodian. They cross-chain product is definitely decentralized with the mechanism of multi-signature and multiple verifications of token mint & withdrawal, in which the asset custodian as a third-party external validator participates in the cross-chain verification. Similarly, you can’t say a project is centralized because of the partial part of centralization like using the AWS server. The essence of the product or the project decides whether is centralized or decentralized, not the surface you see.

Cross-chain Transactions & Fees

1. How long does it take to receive cross-chain assets after I sent native assets ?

MicroChains Gov Token arrival time varies depending on the cryptocurrency. Usually within 10-30 minutes, BTC may take 20 to 40 minutes. If you do not receive it, please contact our customer service in the Telegram group.

When contacting customer service, please identify and confirm that the customer service agent is the official admin. Do not disclose your private key to anyone, otherwise your assets may be stolen by the fake customer service agent.

2. Why the “Expected received amount” is different from “Actual received amount”?

MicroChains Gov Token is because the withdrawal fees charged by custodians are dynamic. There will be fluctuations between the expected amount and the actual amount. That’s why you’ll get the amount more or less than the expected received amount displayed in the withdrawal page.

3. The calculation formula

Actual amount received = Amount of native assets- Cross-chain fees

4. Minimum cross-chain amount

The minimum amount for each currency varies. Please refer to the page description.

5. Cautions for cross-chain

(1) Please make sure you fill in the correct receiving address, once you fill in the wrong address, the assets will not be recovered.

(2) Please do not send native assets directly from the exchange wallet, this will lead to cross-chain failure and the assets cannot be retrieved.

MCG Tokenomics

Base on the current performance of hot tokens during the DeFi Summer time, it can be concluded that pure governance tokens are hard to be recognized by the market. The MicroChains Gov Token team deeply understand the importance of token issuance to a successful project, therefore the following token economic scenarios are designed.