New Year of a Freedom Decentralized Application Future

It’s a new year

There is a sense of excitement and anticipation surrounding Web3.

The 2021 cryptocurrency cycle has witnessed massive crypto products entering the market. Whether it’s a GameFi, SocialFi, DEX, Sport, NFT, or Music, there have been so many new entries into the market, leading to the potential for mass adoption.

It is great to see that as we reach the end of 2023, many of our friends are returning to the industry after almost 2 years of bear market. We are pleased to witness their comeback and look forward to working together again. The Bitcoin ecosystem’s rapid growth (especially the concept of Ordinals) has lit a new fever up on developer enthusiasm and business confidence, with a focus on the development of new blockchain technology committed to making better products with an even better experience. Web3 is undoubtedly witnessing a boon in innovation again, with no shortage on the horizon!

What we look forward to in 2024:

1. How high will Bitcoin go after the halving? And what will happen with Bitcoin economy?

2. After the Cancun upgrade, what innovative applications will emerge for ETH?

3. How will other non-EVM chains, such as Solana, give rise to new strategies or approaches?

We expect to see a massive increase of web3 applications as a result of updates. However, each system focuses on building its own system, optimizing it to meet the needs of its users only. Yet the number of systems has also led to each system being isolated from one another, developers have to rewrite the same code for each network and has created difficulty to transfer assets from one system to another. Whilst user experience has issues with the number of high gas fees needing to be paid and the security within cross-chains has also led to issues with funds being stolen. With more than $1 billion involved in unrecoverable payments, users’ concerns about the security of on-chain operations have kept most users stuck on centralized exchanges while taking on the risk of being centralized and unable to participate in the many applications on the chain. This has meant the web3 for now is still “web 2.5” with users finding the “actual web3” difficult to navigate.

Both the user and the developer have issues regarding the product: with the developer having to repeat the deployment of the product, whilst the users have issues with the UX and the number of gas fees operating between multiple chains. As a developer attracted by decentralization potential of web3, we feel there are so many issues regarding multi-chain, multi-contract, multi-address development.

This has led to interoperability being one of the key trends of 2024.

We hope to make a completely decentralized infrastructure that can liberate developers, give users a more secure and convenient on-chain operation experience, and promote the establishment of a completely open and free web3 world. As Vitalik’s mission, “ The crypto world is a perfect testbed environment to take its open and decentralized approach to security and actually apply it in a realistic high-stakes environment, and mature it to the point where parts of it can then be applied in the broader world. ”

Cycle Network has been given this mission from the very beginning of its establishment, “Empower the boundless creativity of Web3”. We are looking forward to bringing a high-speed, low-cost, secure, and multi-chain barrier-free service to everyone in 2024 so that more people can build a new Web3.

Who are we?

In order to solve the issue of interoperability, Cycle has created the Omni Distributed Ledger Technology (ODLT). This technology will solve the issues of Decentralized Application Centric Infrastructure, allowing developers to simply have to write their codes on one network for it to work with the other chains that are connected to it. By using account abstraction, users and dApp can connect to each other without the need of the user’s private key or seeds. Furthermore, we have created a Trustless Multi-Chain Rollup cross-chain solution, which can achieve secure cross-chain for all assets.

In the era of web2, developers focused on how to provide a better user experience of the product; but in web3, for almost every feature update, they have to consider the security of the contract assets, the cost of the gas fees for users, and then consider which blockchain to use. Once a developer chooses a blockchain, it means giving up potential users from other chains. So why is web3 facing such cut-throat competition? Interoperability becomes an inevitable trend as multiple chains cooperate and collaborate with each other. However, the industry’s need for interoperability cannot be met at present, resulting in the majority of funds only being passively stuck in a single platform or ecosystem, unable to actively participate in the development of the industry. Many bridge-linking solutions are unable to perfectly meet the needs of users and developers.

Cycle is an Omni Distributed Ledger and builds a trustless communication network across all chains, including application layers, middle layers, and all L1s. We aim to abstract and streamline the existing bridging and cross-chain communication framework, and interconnect with dApps on every chain. This facilitates seamless communication and the transfer of value across all chains, layers, and dapps.

In this article, we would like to provide more information and describe more details on what we are doing and what you can expect in the near future.

Exclusive Preview for the Community

At the beginning of 2023, we started this project. Highly motivated from winning the EDCON competition, and after co-working and collaborating in various web3 Hacker Houses, we have been working actively on Cycle’s setup.

In September 2023, the first version of Cycle Network’s test network went live and has now achieved trustless connectivity to major EVM networks. During the test network, it has been tested with a chain-wide stablecoin project for connectivity and won an award at Blockchain Academy Hackathon. In 2023’s market downturn, Cycle also gained the support of well-known institutions with its strong technical strength and formed a complete project team to prepare for the network upgrade and open source plan.

Currently, the team is working on upgrading the overall cross-chain experience without any breaks, we are using ZK technology to improve the experience, hoping to bring users a more high-speed and secure experience of inter-chain asset interaction. The upgraded version of Cycle Network will be launched in January 2024, and developers will be invited to test it and offered various incentives. At the same time, Cycle Network’s technical whitepaper will also be released, and we look forward to communicating with web3 technology enthusiasts. Following this, we will also launch a dapp that demonstrates the benefits of ODLT and looks to significantly optimize the experience of the different assets currently on the chain.

Over the next year, Cycle will also enable trustless links between more mainstream non-EVM chains. The main network will be the first to connect to the BTC network, enabling seamless links between BTC assets and the rest of the ecosystem. The development team will also focus on expanding more non-EVM chains, and the next step will be to connect to the BTC network first to provide more secure and convenient interaction services for the two largest ecosystems of web3 users.

After the BTC network is connected, we plan to give the initiative of which blockchains to access, to the community. Community users can vote for the ecosystems they want to access, and the Cycle development team will be the first to respond to the demand.

Anticipated Impact

Cycle provides a seamless liquidity experience, allowing users to transact and exchange value effortlessly across different chains within the network. This addresses the challenge of liquidity fragmentation that often hinders the fluidity of transactions in the blockchain space.

What are our advantages?

Omnichain Interoperability:

Cycle facilitates omnichain interoperability, enabling various blockchains to communicate and interact seamlessly. This tackles the issue of isolated blockchain ecosystems, fostering collaboration and synergy between different projects and networks.

Empowering Limitless Creativity:

Cycle’s focus on empowering limitless creativity means that developers and users can explore innovative solutions and applications without constraints. This approach encourages a vibrant and diverse ecosystem, addressing the challenge of limited flexibility in some blockchain environments.

Robust Security Infrastructure:

At the core of Cycle’s mission is the implementation of a robust security infrastructure. We prioritize the highest standards of security protocols to ensure the safety and integrity of transactions and data across our chain’s network.

What can Cycle offer dAPPs, developers, and users?

For web3 developers who are troubled by the number of chains, Cycle will be a convenient solution to offer one system fit for all. The project will be in each chain of funds aiming to reduce the cost of capital, while accessible to all users, completely focusing on improving the user experience.

For developers who are building, Cycle’s solution does not allow developers to be hindered by the question of which eco-system to start building from, and helps you to realize from day one that full access to the Web3 network will efficiently manage the development of your dApps to its full potential.

Cycle’s goal is to welcome the arrival of web3 mass adoption: whether it’s the infrastructure, the user experience, the number of chains involved, we aim to maintain a consistency throughout the product aiming for the lowest fees and the best user experience!

New Year Wishes!

We look forward to welcoming any web3 enthusiasts to come and join our Discord community. In the spirit of complete decentralization, we look forward to involving the community in deciding the next steps of Cycle’s development, and will be launching a series of community rewards and ambassadorships, as well as introducing fair and open governance mechanisms over time.

The success of Cycle will start with your early involvement, and we invite you to be a part of our innovations, and we look forward to working together with you to build the underlying capabilities that will satisfy the needs of the people who use them. Your feedback and suggestions will have a direct impact on the creation of new products and features, and will shape the direction of the project.

Meanwhile, Discord is the only place for developers to communicate with each other, and we’ll be here 24 hours a day to provide technical answers to your questions. Not only will you be able to get everything you want to know about how we’re realizing Cycle’s technology and breakthroughs, but you’ll also be able to get feedback on any questions you may have, and share your own knowledge and ideas, and be inspired by the collision of ideas that come out of it all. Also, follow us on Twitter for more updates and activities.

Ready to get started? Come and join Cycle Network in the new year 2024. Let’s seize the opportunity of the times, and together we can create something valuable for web3 and serve every web3 enthusiast!