Background

On its own, DeFiChain is quite isolated. It's similar to Bitcoin, which has few applications like DEXes and NFT marketplaces that use its chain. Compare that to Ethereum, which is connected to many different chains, including Avalanche, Polygon, and Polkadot. It has a wide variety of apps, including Uniswap and Opensea, generating billions of dollars of volume.

Ethereum is categorized as what is called a Turing-complete blockchain, while DeFiChain and Bitcoin are non-Turing-complete. Turing-complete blockchains benefit from being able to handle more complex programming such as smart contracts (and therefore, dApps like Uniswap are easier to make), but the complexity also opens up opportunities for exploitation (e.g. multimillion-dollar hacks). In contrast, non-Turing-complete blockchains do not support complex programs, but are more secure because attack vectors (bugs, loopholes) found in smart contracts cannot be introduced.

The Introduction of DeFiMetaChain

DeFiMetaChain, which may be referred to as simply "DMC," brings out some of the best of the characteristics of non-Turing-complete and Turing-complete blockchains. DMC was publicized on 15 November 2021, when developer Prasanna Loganathar opened a DFIP vote-of-confidence giving some details about the idea (which hadn't been called DMC yet). 

Function

Currently, DeFiChain on its own cannot execute any smart contracts. As one of its goals, DMC would make it possible to do so. One of the largest smart contract executors is the Ethereum Virtual Machine (EVM). Since the EVM is so widely used and can access all nodes on Ethereum, the largest network besides Bitcoin, it would make sense to connect DeFiChain with the EVM. Just as the DeFiChain mainnet links to Bitcoin by anchoring, the EVM is linked to DeFiChain with DMC.

By linking DeFiChain and Ethereum, DMC also creates more possibilities for DeFiChain to connect to other chains. It sets a precedent for how DeFiChain can connect with other chains in the future and on its own, Ethereum has connections to many other networks, allowing DeFiChain users to connect to them by using Ethereum as a mediator.

Projects

Even in the early stage, many projects are already getting involved to operate with DMC. Everything from DEXes and new stablecoins to NFT marketplaces and betting platforms are being created. 

Check out some of the projects here: https://docs.google.com/spreadsheets/d/1uZxf5Juq7-rkMQLAeszDk6B1jeYCVfaO3iToOcbwJuw/edit#gid=0

This is the final tutorial in the series for now, but feel free to explore another page. Stay tuned!