M^0 and Chronicle: Raising the Standard in Collateral Verification

Ensuring the integrity and security of digital assets is paramount. Recognizing this critical need, M^0 has partnered with Chronicle, a leader in verifiable data and blockchain oracles, to enhance the transparency and trustworthiness of its ecosystem. Chronicle serves as an independent validator, utilizing its RWA Oracle to verify M^0’s collateral balances, reinforcing the reliability of M^0’s cryptodollar issuance.

What is Chronicle?

Chronicle is a leading provider of verifiable data and blockchain oracles, ensuring the accuracy and reliability of off-chain data. They are the developers of Chronicle Protocol, a blockchain-agnostic layer for securely and verifiably sourcing and delivering data. Chronicle is best known for developing novel technology that has enhanced the security and decentralization of data verification, reliably securing up to $22 billion for MakerDAO and its ecosystem since 2017. As the value of on-chain assets expands to trillions, Chronicle prioritizes the creation of secure, scalable, and affordable data infrastructure, essential for widespread adoption and trust in the DeFi landscape.

The Role of Chronicle as a Validator

Within this partnership, Chronicle is entrusted with a crucial role: validating the presence and quality of collateral deposited by Minters. Validators like Chronicle are independent entities responsible for ensuring the security and integrity of the M^0 ecosystem. When Minters deposit their eligible collateral into governance-approved storage facilities, Validators verify its presence, value, and composition. This verification process is continuous and rigorous, ensuring that all $M tokens in circulation are securely backed.

Chronicle’s integration with M^0 is permissioned by the protocol’s governance, allowing them to provide timely information on the off-chain collateral used by Minters to generate $M. $M, a decentralized, interoperable, and fungible cryptodollar, is generated by Minters by locking Eligible Collateral, currently short-term U.S. Treasury bills, in a secure off-chain facility. Chronicle has also established a contract with MXON to independently validate their collateral used within the network. 

Verification Process

Once the collateral is verified, Chronicle, acting as the Validator, creates a verifiable digital signature. This signature is essential for the network to mint the appropriate amount of $M tokens. This continuous verification process ensures that the $M tokens are backed by robust and verifiable collateral, thus maintaining the trust and security of the M^0 ecosystem. This enhances M^0’s collateral verification process, ensuring that all $M tokens are backed by high-quality collateral. 

Driving Innovation in DeFi

By employing a rigorous and transparent validation process, M^0 not only ensures the security of its cryptodollar but also fosters greater trust among its users and stakeholders. This partnership highlights the critical role of independent validators in the ecosystem, showcasing how collaboration can drive the industry forward. At M^0, we firmly believe in the slogan “we are stronger together.” By addressing the network effect and scalability challenges of stablecoin projects, we can drive widespread adoption through fostering collaboration and interoperability​​​​. Partnerships like the one between Chronicle and M^0 are essential for transparency and trust in the M^0 ecosystem. 

Adopt a novel business model by helping ensure governing parameters and network transparency. Become a Validator: https://www.m0.org/participate 

By M^0 Foundation and Chronicle

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About the M^0 Ecosystem

M^0 is money middleware for the digital age. It is a decentralized, on-chain protocol, as well as a corresponding set of off-chain standards and APIs, that powers a federation of cryptodollar issuers. With M^0, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible cryptodollar asset.

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About Chronicle

Chronicle, the original oracle on Ethereum, is a novel, blockchain-agnostic Oracle solution that has exclusively secured up to $22B in assets for MakerDAO and its ecosystem since 2017. Chronicle’s mission is to deliver on DeFi’s vision of transparency and decentralization. To solve the tradeoffs between security, decentralization, and cost, Chronicle spearheaded a breakthrough in Oracle network architecture by developing Scribe, an extremely gas-efficient Oracle based on aggregated Schnorr signatures. In doing so, Chronicle is raising the industry standard for Oracles by delivering more security, more transparency, and more resilience, at a lower cost.