Introducing MicroVisionChain’s BRC-20 Decentralized Exchange
MicroVisionChain (MVC), a Bitcoin side-chain, has recently unveiled a BRC-20 decentralized exchange (DEX) as part of its roadmap for Q1 2024. In an interview with Cointelegraph, Jason Kwok, the Chief Operating Officer of MVC, explained the significance of this development.
A Parallel Version of Bitcoin Assets
Kwok claims that MVC has developed a “1:1 mapping relationship” with Bitcoin on its sidechain. This allows users to create a parallel version of their Bitcoin assets, such as BRC-20 tokens, on the MVC sidechain. By doing so, users can bypass the high transaction and gas fees associated with deploying decentralized applications (DApps) on the Bitcoin mainnet.
Furthermore, MVC shares the same underlying architecture as Bitcoin, which means that the same mnemonic phrases and receiving addresses can be used across both platforms. This reduces the learning curve and enhances user-friendliness.
A Collaborative Endeavor
MVC follows the spirit of Bitcoin’s creator, Satoshi Nakamoto, by having no particular founders or corporate headquarters. Instead, it is a collaborative endeavor involving many development teams that form the Bitcoin ecosystem. This decentralized approach aligns with the ethos of blockchain technology.
The Rise of BRC-20 Tokens
BRC-20 tokens, invented by Web3 developer Rodarmor in January, have gained popularity as one of the largest technological advancements in the 15-year-old blockchain industry. These tokens use the Bitcoin Ordinals numbering system, which assigns a unique number to each satoshi (1/100 millionth of a Bitcoin). This enables tracking and transfer of digital assets on the Bitcoin blockchain.
As a result, the market cap of BRC-20 tokens has exceeded $1.5 billion, with memecoin Ordinals (ORDI) leading the way. It’s important to note that Ordinals (ORDI) is not associated with the Ordinals protocol.
Expanding the Capabilities
In addition to the BRC-20 DEX, MVC has plans to develop a meta-contract integrated development environment (IDE). This IDE would enable the migration of DApps from the Ethereum Virtual Machine (EVM) to MVC’s Bitcoin sidechain.
The meta-contract IDE can compile TypeScript, a high-level language, into the low-level op_code language on MVC. This process is crucial for the development of MVC smart contracts and the expansion of Bitcoin Virtual Machine (BVM) DApps.
BVM aims to integrate Turing-complete smart contracts into the Bitcoin architecture. By incorporating additional OP_CODES into Bitcoin’s original structure and redefining the method of generating underlying transaction IDs, developers can enable more complex functionalities.
Bitcoin in the DeFi Ecosystem
Kwok acknowledges that current layer-2 solutions like the Bitcoin Lightning Network address scalability and low fee issues. However, they are limited in their ability to onboard Bitcoin into the greater decentralized finance (DeFi) ecosystem.
With MVC, Bitcoin ecosystem applications, such as wallets and nonfungible token (NFT) markets, can easily add support without extensive additional development. This opens up new possibilities for Bitcoin’s integration into the DeFi space.
Conclusion
MicroVisionChain’s BRC-20 decentralized exchange marks an important milestone in the development of Bitcoin side-chains. By creating a parallel version of Bitcoin assets on MVC, users can avoid high fees and enjoy a more user-friendly experience. With plans to expand the capabilities through a meta-contract IDE and the integration of Turing-complete smart contracts, MVC is positioning itself as a key player in the blockchain industry.
Sources: Cointelegraph
