The crypto world is currently at the nexus of a new cycle. As one of the most talked-about tracks of the year, the crypto derivatives market is rapidly gaining in popularity, with mainstream investors accelerating their deployment. MCDEX is one of the pioneers among the projects. MCDEX, known as Monte-Carlo DEX, is an Ethereum L2-based decentralized sustainable contracts trading platform that allows anyone to create sustainable contracts on the chain through the Mai protocol and introduces AMM as an alternative liquidity provider. As one of the first decentralized derivative trading platforms, MCDEX is the first DEX to launch an ETH decentralized sustainable contracts product, allowing users to hold ETH and trade without any tokens such as DAI or USDT. All transactions are margin-priced and settled in ETH.
As a new type of digital currency, MCDEX will solve the existing drawbacks of decentralized derivatives trading one by one. DEX has some advantages over traditional financial transactions. Still, due to the short time of origin and rapid development, many trading mechanisms are prone to drawbacks. Both in the replication of the spot in centralized trading and the transition of derivatives, there will be different tolerances. The existing decentralized derivatives trading still has phenomena such as insufficient depth and liquidity, delayed trading, low leverage, and few contract currencies, etc. MCDEX launched Mai V3 decentralized sustainable contract protocol to solve the pain points and make decentralized derivatives trading popular among users to solve the difficulties of decentralization in derivatives trading.
The most significant change in MCDEX is the introduction of a new concept called Operator. Anyone can become an Operator and create a sustainable contract market based on any underlying asset without a license. This feature will empower the entire community to work together to build the MCDEX ecosystem, allowing anyone to create and maintain derivatives on and off-chain assets simply and inexpensively. This is very important to DEX. Currently, DEX relies on long-tail assets for its early start-up, and a license-free approach will significantly amplify the effectiveness of various long-tail assets. This is also an excellent convenience for other derivatives or project placement.
MCDEX currently has promising applications in healthcare and insurance such as mcdex.app. First, in healthcare, our currency has the following prominent roles
In the medical field, the main application of MCDEX is the preservation of personal medical records, which can be understood as electronic medical records on MCDEX. If you think of medical records as an account book, initially, it was in the hands of various hospitals. Still, not the patients themselves, so the patients have no way to get their medical records and history, which will cause a lot of trouble for patients to seek medical treatment because doctors can not understand your medical history in detail. But now, if we can use MCDEX technology to save it, we will have personal medical history data to have historical data to use when we see a doctor or plan our health. In addition, MCDEX can also make medical devices more secure, especially networked medical devices, to avoid hacking of medical devices and enhance communication between influential organizations. After all, MCDEX can quickly achieve cross-platform information sharing.
2. DNA wallet
Genetic and medical data can be securely stored using MCDEX technology and obtained through private keys, which will form a DNA wallet. This allows healthcare providers to securely share and count patient data to help drug companies develop drugs more efficiently, and this model is gradually being established.
3. Anti-counterfeiting of pharmaceutical products
Similar to the coded security technology, for pharmaceutical products using the MCDEX technology, there is a scratchable surface on the surface of the pharmaceutical packaging with a particular authentication label underneath, which is cross-referenced with the MCDEX to ensure the legitimacy of the pharmaceutical product.
4. Protein folding
Because of the rapidity of the protein folding process, Stanford University previously relied on very expensive supercomputers to analogize the protein folding process. This approach was costly and had a single point of failure. By using MCDEX, they were able to choose to use a vast decentralized network for high-speed computing. This example will be very attractive to other companies that use expensive supercomputers.
5. Digital currency payments
The development of MCDEX technology has facilitated digital money payments, giving patients more options to pay for their insurance. While this is also dependent on the state of development of digital currency in the market, insurers offering this option have a more significant advantage over their competitors. For health insurance companies, MCDEX is being established as a part of the financial services.
In addition, the application of MCDEX in the medical industry can also reduce the waste of medical resources, especially in the area of billing and medical claims. As far as billing is concerned, patients can know how much they have to pay before they receive treatment, which can, to a certain extent, avoid extra medical expenses and prevent some doctors from overusing drugs. In the drug supply chain, the use of MCDEX makes management more accessible and makes the use of drugs safer.
The insurance industry faces a considerable demand for information integration and sharing within the industry and between the insurance industry and other industries. There are technical limitations that prevent the processing and sharing of information, high costs that prevent commercialization on a large scale, and security issues such as data leakage, which greatly hinder the insurance industry’s ability to serve the real economy and prevent and control risks.
Since the problems that MCDEX can solve have a high degree of fit with the above pain points and difficulties in the development of the insurance industry, we use the technology of MCDEX to invent our currency, such as using our currency to carry out the consensus algorithm of MCDEX to verify data, using decentralized book technology to store data, using cryptography to ensure the security of data transmission and access, using intelligent contracts to automate business processes, etc., thus becoming a key area of exploration in many application scenarios and may become one of the early breakthroughs in the industry. The use of intelligent contracts to automate business processes, etc., has become a key area of exploration in many application scenarios and is likely to be one of the early breakthrough industries. According to incomplete statistics, more than 20% of the MCDEX application scenarios currently explored worldwide involve insurance.
Our currency has many functions. The traceability of the MCDEX technology used in our currency can make the insurance service process more transparent; at the same time, its security capability can also solve the problem of privacy protection and business information security in data transmission; more importantly, the consensus mechanism included in our currency can further protect the trustworthiness of transactions at the source. The above characteristics can primarily help the insurance industry realize the information sharing and connection of many decentralized nodes within the industry, between industries and among users, thus greatly accelerating the space and speed of insurance innovation.
Based on our currency, MCDEX-based technology enables digital management of customer information, which can simplify the user’s enrollment process and improve the risk control capabilities of insurance institutions. At the same time, marriage certificates, birth certificates, business contracts and other services can be tied to the currency. Our currency can be used to apply MCDEX technology to citizens’ electronic health record systems. With the advent of wearables, consumers are becoming aware of the importance of proactively managing their health, healthcare and insurance. Through our currency, exercise, fitness, health, medical and insurance data can be combined, which will significantly impact the current health insurance pricing and claims process while fully protecting user privacy. More importantly, through our currency, it can be a driver of change for reinsurance, which currently still has a lot of manual mail processing traditionally. PwC’s research indicates that the reinsurance industry can automate most of its business processes with MCDEX technology, reducing human error, saving labor costs, and saving reinsurers 15-20% in operating expenses, which can be well achieved through our currency.
Finally, through our currency, we can play a role in promoting the change of mutual insurance. An essential topic of mutual insurance is the trust between joint members and mutual insurance institutions, and the technical characteristics of MCDEX can play a critical role in solving the trust problem of multi-party transactions.
MCDEX has facilitated the birth and development of the Internet of Value. The Ethernet system developed by MCDEX, which supports robust smart contracts, is birthing a new era of credit Internet and smart contract society, demonstrating the ability of new technologies to revolutionize the economy and life of virtual space and physical community.