What is Mirror Protocol (MIR)? How to buy MIR in India?
What is Mirror Protocol (MIR)?
The Mirror Protocol is a unique project that enables the creation of Synthetix to obtain on-chain price exposure for real-world assets. Through the use of advanced smart contracts, the platform allows someone to issue and trade synthetic assets that monitor and track the price of arbitrary real-world assets. Influentially, all of this is accomplished without the need for physical support. The Mirror Protocol accomplishes this task through collateralized smart contracts that remain algorithmically stable on the blockchain.
Founders
Mirror was developed by TerraForm Labs, although it was designed to be completely decentralized and community-operated. Terraform Labs, based in Seoul, South Korea, is the group behind the Terra Blockchain as well as projects such as Astroport and Anchor Protocol.
What Problems Does Mirror Protocol (MIR) Solve?
There are several problems that the developers behind the Mirror Protocol set out to fix. Primarily, the project aims to accelerate the integration of traditional assets entering the blockchain space. By providing exposure to these assets through Synthetix, anyone can participate in the market. Currently, there are millions of people around the world who cannot access valuable financial resources because of their location, status, or other restrictive measures. It is very difficult for a population outside the US and Europe to invest in traditional financial assets such as stocks, bonds, and derivatives. Additionally, there are many additional costs associated with these investments that add to the difficulties experienced by many investors. Mirror Protocol offers a more inclusive alternative to the market.
Advantages of Mirror Protocol (MIR)
The advantages of the Mirror Protocol make it ideal for use in today’s digital finance. The protocol capable users to tokenize anything and everything from traditional equities to real estate. In turn, these assets become globally accessible, transparent, and affordable to the public. Additionally, the network introduces a self-induced solvency feature to help ensure that the platform remains profitable going forward.
Blockchain Integration — One of the biggest benefits of the Mirror Protocol is that it facilitates blockchain adoption. The network’s unique technical infrastructure reduces the financial and technical barriers that limit blockchain integration. Mirror gives users the ability to create globally accessible, infinitely divisible, and affordable digital assets.
Safe — Mirror Protocol is an open-source project that was designed to work on both the Terra and Ethereum blockchains. The network was vetted by the community and cyber audits have been conducted by the Cyber Unit. In addition, the network regularly hosts open bug bounties where users can earn free crypto for discovering any potential vulnerabilities.
How Does the Mirror Protocol (MIR) Work?
Mirror Protocol launched in 2020. The goal of the project was to allow anyone to benefit from access and exposure to traditional financial assets and tools using Terra’s blockchain. The platform was originally designed uniquely for Terra users. However, the developers decided to extend their services to the Ethereum ecosystem. This maneuver provided the network with deeper liquidity and superior market penetration.
Final Thoughts
Mirror Protocol is one of the top projects in the DeFi sector, built and hosted on Terra, the next-generation platform that can support dApps and protocols focused on decentralized finance. As a relatively new project, the Mirror Protocol has already come a long way, thanks to its technology, technical capability, and use cases, which keep evolving. As the DeFi field continues to grow in popularity, the Mirror Protocol is becoming a more relevant project that provides ultimate access to all financial assets that would otherwise not be available to a large number of traders around the world.
