Marmara Chain (Marmara Credit Loops) started
Marmara Blockchain started two days ago on 17th January, 2021.
FOREWORD
The Marmara Credit Loops (MCL) project, which has been under preparation for more than two years, started its life with the opening of the “Marmara Chain” Mainnet on the night of January 17, 2020. The project has been carried out in collaboration of Marmara University Open Innovations Lab and Komodo Platform.
MCL is the first DeFi that works for the real world items, it also migrates to blockchain a system that people have used for centuries. The initial version shows what is possible and it will be expanding in its popularity when the second version will be released.
Marmara Credit Loops (MCL) is the first and the only Decentralized Finance (DeFi) system in the World designed to run in real economy. The system rewards buyers and sellers when shopping with credit loops instead of cash.
Marmara Chain works as an independent smart chain with a 25% mineable and 75% stakeable coin integrated with two DeFi protocols. The system uses UTXO based Turing Complete Smart Contracting system powered by Komodo Platform.
Marmara Chain is protected against 51% attacks by means of Komodo dPoW technologies which recycle the hash power of another powerful network such as Bitcoin by backing up independent blockhains on the the host network.
Staking could only be done when users lock their coins in one of the two different funds, namely; “Activated” and “Locked in Credit Loop” (LCL) funds. When coins are locked in LCL funds, both issuer and holder(s) of credit have the chance for 3x staking. The system has a unique solution for coins locked in credit loops unlike other staking systems. Locking coins into credit loops for staking does not make them static. Instead, they can be circulated while they are locked and doing 3x staking via endorsement. The process of credit endorsement is designed to assure that transfer is only meaningful while shopping.
Credit Loops work also similar to post-dated cheques in cultures where redemption is not made before maturity date of a cheque and hence making collateralization unnecessary. The system consists of two protocols; 100% collateralization and under- or zero-collateralization. The first protocol is based on 100% collateralization. It is an interest-free system providing the negative entropy established through the mining and staking rewards on the same chain. The issuer provides the coins required for 100% collateralization until the maturity date of a credit loop. The second protocol is based on money creation with many different fiat and crypto currencies as well as assets such as gold and silver. The second protocol works by merging the trustless blockchain with communities and escrows who provide the required trust layer into system. The protocol 2 was designed to run in a multilaw structure to enable the use universally in any country and community. A third layer of blockchain fund integrated with escrows is maintained as a kind of distributed notarization system to further protect holders of credits against non-redemption.
Prof. Dr. B. Gültekin ÇETİNER
Marmara Chain Founder
History
Marmara Credit Loops (MCL) is the fruit of the famous Komodo Platform and Marmara Open Innovations Lab at Marmara University based on a real use case based on running almost half of GDP in both Turkey and India.
The story of MCL goes back to 2010 when seeking an interest-free and peer-to-peer alternative to credits in banking where banks create money out of thin air resulting in an unfair economical and social system. The two articles explain the major problems in banking systems [1, 2, 3]. A town story [4] during TV series in 2013 triggered the already existing alternative happening for decades known as post-dated cheques and promissory notes in Turkey. Those post-dated cheques work as analog blockchain in real-economy on a peer-to-peer credit creation basis without bearing any interest. We conducted several workshops by Open Innovation Labs at Marmara University to bring business people and academics. Post-dated cheques and promissory notes as inspiration to project were analzyed to find out the problems many case studies based on interviews. Then in 2016, we started the conceptual framework at Marmara University Open Innovation Laboratory. At the end of search, we discovered that the project could only be realized by an independent chain with a mineable/stakeable coin supporting advanced way of smart contracts based on multilaw principles due to multi-cultural requirements in the system. Further research and especially the Declaration of Independence [5] attracted us towards the Komodo Platform where we discussed the complexities of the work with James Lee, #jl777, the founder of Komodo Platform and we established a partnership to realize the project. Based on the first academic paper for MCL [6], the initial PoC was developed in 2019 by James Lee, the co-founder of Marmara and tests were carried out by hundreds of engineering students and some researchers. Many test chains were established to fine tune the system until the mainnet was started in 17th January, 2020.
The mainnet was started in 17th January, 2021 based on the consensus published in the first academic paper [6]. The consensus was improved later and reflected with second hard fork changes on mainnet in June [7].
1. Gündoğan, M and Çetiner, B. Gültekin (2014), Debt Based Monetary System, CIE44 & IMSS’14 Proceedings, 14–16 October 2014, Istanbul / Turkey, Pages: 2315–2323
2. Werner, R. A. (2016), A lost century in economics: Three theories of banking and the conclusive evidence, International Review of Financial Analysis, Volume 46, July 2016, Pages 361–379
3. Even, Louis (1939), The Money Myth Exploded, 01 January 1939. https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded, Accessed 17th January, 2020
4. jrosenhouse (2009), An Amusing Brainteaser, Accessed 17th January, 2020
5. Lee, James (2016), Declaration of Independence — Atomic Cross Chain Asset Standard, February 21, 2016, Accessed 17th January, 2020, https://bitcointalk.org/index.php?topic=1372879.0
6. Çetiner, B. Gültekin and Lee, James (2019), Marmara Credit Loops: A Blockchain Solution to Nonredemption problem in Post-dated Cheques,10th International Symposium on Intelligent Manufacturing and Service Systems, Pages 1491–1499
7. Çetiner, B. Gültekin (2020), Marmara Kredi Döngüleri’nde yeni hard fork geliyor (New Hard Fork on MarmaraChain), https://uzmancoin.com/marmara-yeni-hard-fork/, Accessed 27th May, 2020.
INSPIRATION: POST-DATED CHEQUES AND PROMISSORY NOTES
Post-dated cheques or promissory notes are p2p credit instruments that operate on trust in some countries and are the driving engine of the real economy. For example, one quarter of the economy in Turkey and taken into consideration when a large number of endorsement, half of GDP is run with Post-dated cheques. Again in India, even with the value on the face of the checks, Half of the Economy is returning with checkes.
Vadeli Çeklerden ilham alan “Marmara Chain” projesinde, başta en büyük sorun olan karşılıksızlık olmak üzere tabanda kredi yaratmada sorunların nasıl çözülebileceği gösterilmektedir. Versiyon 1.0 olarak tanımlanan Milenyum sürümünde kredilerin ilk çıkışından itibaren sürekli %100 karşılığı bulunması nedeniyle güven gerektirmeyen blokzinciri kullanılması mümkün oldu. Güvene dayalı gereksinimler Versiyon 2'ye bırakıldı.
İki yılı aşkın süredir çalışmaları yürütülen Marmara Kredi Döngüleri projesi 17 Ocak 2020 gecesinde “Marmara Chain” Ana Blokzincirinin başlamasıyla yaşamına başladı.
Marmara Chain Blokzincirinde Ne Tür Yenilikler Getirdi?
“Staking” Gücü
Enerji tüketen madencilik yerine koin kilitlemeye dayalı “staking” ön plana çıkmaktadır.
“Marmara Chain” projesinin blokzincirine getirdiği en büyük yenilik kilitli koinlerle “staking”e dayalı olarak blok bulma ödülü sağlanmasıdır. “Marmara Chain” madenciliğe olan ihtiyacı %25'lere indirerek aktif olarak adlandırılan kilitli koinlerle %75 “staking” gücünü öne çıkarmıştır.
Kilitli koinlere dayalı blok ödüllerinin amacı karşılıksızlığı ortadan kaldırmaktır.
İnsanlar Koinleri Kilitledikçe kazanacaklar bu da Vadeli Çeklerdeki en önemli sorun olan karşılıksızlığa karşı %100 karşılıklı kredileri teşvik edecektir.
Kredi Döngülerinde 3x “Staking” Gücü
Aktif yani kilitli koinlere göre daha fazla “staking” için Kredi Döngülerinde kilitlenen yani aktif hale getirilen koinlere 3 katı “staking” gücü verilmiştir.
Tam Karşılıklı (%100) Kredi Döngüleri
Vadeli Çekler krediyi var eden kişinin (keşideci) gelecekteki bir tarihte bankaya para koyma taahhüdüne yani güvene dayalı araçlardır. Marmara Kredi Döngüleri Versiyon 1.0'da keşideci tarafından var edilmesinden zincirin son halkası olan hamil öncesine kadar kredinin her zaman %100 karşılığı bulunmaktadır. Bunu sağlamak için kredi döngülerinde kilitlenen koinlere verilen 3 katı “staking” gücüne güvenilmektedir.
Marmara Kredi Döngüsü Nasıl Çalışır?
Kredi Döngülerinin esinlendiği Vadeli Çekler en iyi mal ve hizmet karşılığında çalışırlar. Diyelim 1 yıllık 600 MCL değerinde bir kredi çıkarmak istiyorsunuz. Aldığınız mal ve hizmete karşılık olarak 600 MCL’yi kilitlemeniz gerekiyor. 1 yıl boyunca eğer başkasına devredilmezse tek başınıza 3x “staking” ile ödül kazanabilirsiniz. Muhtemelen krediyi alan başkasına devretmek isteyecektir. Bu durumda yarısını yani 300 MCL’yi kilitleyerek döngüye katılacaktır. Döngüye katıldığı anda 3 katı “staking” ile ödül kazanabilecektir. Döngüye başka birisi girdiğinde 200 MCL kilitlemek zorunda olacak ve bu şekilde Kredi/(Döngüdeki Kişi Sayısı -1) formülüne göre koin kilitleyerek döngüye dahil olacaklardır. Her yeni kişi dahil olduğunda kilitlenen yeni koin miktarı kadar harcanabilir koin önceki düğümlere uygun şekilde dağıtılmaktadır.
Ayrıntılar için: http://marmara.io/IMSS2019_WhitePaper_Turkce.pdf
Blokzinciri Adresi: http://explorer.marmara.io
