MicroVisionChain's Q1 2024 Roadmap: Unveiling BRC-20 DEX, Enhancing DeFi Integration
Summary:
The Bitcoin sidechain, MicroVisionChain (MVC), unveiled plans to launch a BRC-20 decentralized exchange during Q1 2024. MVC, sharing the same underlying architecture as Bitcoin, thus simplifies usage for the Bitcoin community. The MVC sidechain plans also include a meta-contract integrated development environment (IDE), supporting the transition of DApps from the Ethereum Virtual Machine to MVC's Bitcoin sidechain. The project also aims to better integrate Bitcoin into the decentralized finance (DeFi) ecosystem.
The developers behind the Bitcoin side-chain, MicroVisionChain (MVC), have announced that a BRC-20 decentralized exchange (DEX) will be part of their plans for the first quarter of 2024. During a discussion with Cointelegraph, MVC's COO, Jason Kwok, revealed a unique 1:1 correspondence architecture in place between Bitcoin and its sidechain. In essence, an equivalent version of Bitcoin assets like BRC-20 blossoms on MVC, eradicates high deployment and transaction fees associated with decentralized applications (DApps) on Bitcoin's mainnet.
Sharing Bitcoin’s fundamental infrastructure, MVC lets users leverage the same mnemonic phrases and receiving addresses for both Bitcoin and the sidechain, simplifying the utilisation and learning curve. Kwok emphasized that unlike typical organizations, MVC lacks specific founders and a corporate base, operating as a collective project steered by numerous development teams that construct Bitcoin's ecosystem.
Originally designed by Web3 developer, Rodarmor, in January, BRC-20 tokens have witnessed an accelerated increase in popularity, marking one of the pivotal technological leaps in a 15-year-old blockchain. Through the Bitcoin Ordinals numbering system, each satoshi or 1/100 millionth of a Bitcoin (BTC) gets a distinctive number, facilitating its tracking and trading. Coupled with the inscription technique, users can now establish unique digital assets on the Bitcoin blockchain. Reflecting on this success, the market cap of BRC-20 tokens outpaced $1.5 billion, spearheaded by the memecoin Ordinals (ORDI), an independent entity from the Ordinals protocol.
Looking ahead, the MVC project plans include developing a meta-contract integrated development environment (IDE) by 2024. This tool will streamline the transition of DApps from the Ethereum Virtual Machine (EVM) to MVC's Bitcoin sidechain. The meta-contract IDE prowess lies in compiling TypeScript, an advanced language, into MVC's base-level op_code language. This conversion is a vital component for developing MVC smart contracts and extending BVM (Bitcoin Virtual Machine) DApps.
The BVM aims to embed complex Turing smart contracts into the Bitcoin’s framework, a feat made possible due to extending existing Bitcoin operations and reengineering the mechanism for generating basic transaction IDs. These strategies are also embraced by Trustless Market – a spin-off of Uniswap v2, which facilitated swaps worth $500,000 within its initial three days.
Kwok notes that while existing layer-2 solutions like the Bitcoin Lightning Network solve scalability and low-cost issues, they fall short in integrating Bitcoin into a more extensive decentralized finance (DeFi) ecosystem. However, MVC enables easy Bitcoin ecosystem applications such as wallets and nonfungible token (NFT) markets, bypassing the need for further exhaustive development.
Published At
12/8/2023 1:00:00 PM
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