Developers of Bitcoin sidechain MVC prepare for BRC-20 DEX launch

4 months ago

The MVC governance token has surged successful 2023 to a afloat diluted marketplace headdress of implicit $400 million.

Developers of Bitcoin sidechain MVC hole for BRC-20 DEX launch

Developers of Bitcoin side-chain MicroVisionChain (MVC) person unveiled a BRC-20 decentralized speech (DEX) arsenic portion of its roadmap for Q1 2024.

In an interrogation with Cointelegraph, MVC main operating serviceman Jason Kwok claims to person developed a “1:1 mapping relationship” with Bitcoin connected its sidechain. “This fundamentally creates a parallel mentation of your Bitcoin assets, specified arsenic BRC-20, connected MVC,” said Kwok, explaining that the span allows users to swap BRC-20 token assets connected the MVC sidechain, frankincense bypassing the precocious transaction and state fees required to deploy decentralized applications (DApps) connected the Bitcoin mainnet.

“MVC shares the aforesaid underlying architecture arsenic Bitcoin, which means the aforesaid mnemonic phrases and receiving addresses tin beryllium utilized crossed both. This importantly reduces the learning curve and enhances user-friendliness.”

In keeping with the tone of Bitcoin’s creator, Satoshi Nakamoto, Kwok explains that MVC has nary peculiar founders oregon firm headquarters. Instead, the sidechain is simply a “collaborative endeavor” involving galore improvement teams that signifier the Bitcoin ecosystem.

Invented by Web3 developer Rodarmor successful January, BRC-20 tokens person surged successful popularity arsenic 1 of the largest technological advancements successful a 15-year-old blockchain. Bitcoin Ordinals is simply a numbering strategy that assigns a unsocial fig to each satoshi, oregon 1/100 millionth of a Bitcoin (BTC), enabling tracking and transfer. Combined with the inscription process, which adds a furniture of information to each satoshi, users tin mint unsocial integer assets connected the Bitcoin blockchain.

The marketplace headdress of BRC-20 tokens has since exceeded $1.5 billion, led by memecoin Ordinals (ORDI), which is not associated with the Ordinals protocol.

As portion of MVC’s 2024 roadmap, Kwok says that the task is besides processing a meta-contract integrated improvement situation (IDE) that would alteration the migration of DApps from the Ethereum Virtual Machine (EVM) to MVC’s Bitcoin sidechain. “The meta-contract IDE is susceptible of compiling TypeScript, a high-level language, into the low-level op_code connection connected MVC. This process is simply a captious constituent successful the improvement of MVC astute contracts and the enlargement of BVM [Bitcoin Virtual Machine] DApps,” helium said.

BVM aims to integrate the functionality of Turing-complete astute contracts into the Bitcoin architecture. Kwok said this is accomplishable by “incorporating further OP_CODES into Bitcoin’s archetypal operation and redefining the method of generating underlying transaction IDs.” The process is besides being adopted by developers Trustless Market, a Uniswap v2 fork that enabled $500,000 worthy of swaps successful its archetypal 3 days.

Kwok stated that portion existent layer-2 solutions similar the Bitcoin Lightning Network code issues related to scalability and debased fees, they cannot onboard Bitcoin into the greater decentralized concern (DeFi) ecosystem. “Bitcoin ecosystem applications, similar wallets and NFT [nonfungible token] markets, tin easy adhd enactment for MVC without requiring extended further development,” said Kwok.