The developers behind the Bitcoin side-chain MicroVisionChain (MVC) have announced the launch of a BRC-20 decentralized exchange (DEX) as a key feature in their Q1 2024 roadmap.
In a conversation with Cointelegraph, MVC’s Chief Operating Officer, Jason Kwok, discussed the development of a “1:1 mapping relationship” with Bitcoin on their sidechain. Kwok explained that this mapping creates a parallel version of Bitcoin assets, like BRC-20 tokens, on MVC. This allows users to trade BRC-20 token assets on the MVC sidechain, circumventing the high transaction and gas fees typically associated with deploying decentralized applications (DApps) on the Bitcoin mainnet.
Kwok emphasized that MVC, in line with Bitcoin creator Satoshi Nakamoto’s vision, doesn’t have specific founders or a corporate headquarters. It’s a collective project involving multiple development teams within the Bitcoin ecosystem.
BRC-20 tokens, introduced by Web3 developer Rodarmor in January, have gained significant traction, representing a major technological advancement in Bitcoin’s 15-year history. The Bitcoin Ordinals system, which assigns a unique number to each satoshi (the smallest unit of Bitcoin), facilitates the tracking and transfer of these tokens. This system, along with the inscription process that adds data layers to each satoshi, enables the creation of unique digital assets on the Bitcoin blockchain.
The market capitalization of BRC-20 tokens has surpassed $1.5 billion, with Ordinals (ORDI) memecoin, unrelated to the Ordinals protocol, leading the way.
For MVC’s 2024 roadmap, Kwok revealed plans to develop a meta-contract integrated development environment (IDE). This IDE would allow the migration of DApps from the Ethereum Virtual Machine (EVM) to MVC’s Bitcoin sidechain. The meta-contract IDE will be capable of converting TypeScript, a high-level programming language, into MVC’s low-level op_code language, a crucial step for developing MVC smart contracts and expanding Bitcoin Virtual Machine (BVM) DApps.
The BVM is designed to integrate Turing-complete smart contracts into Bitcoin’s architecture. According to Kwok, this integration is possible by adding new OP_CODES to Bitcoin’s original structure and altering the method for generating underlying transaction IDs. This approach is also being utilized by Trustless Market, a Uniswap v2 fork, which facilitated $500,000 worth of swaps in its initial three days.
Kwok pointed out that while existing layer-2 solutions like the Bitcoin Lightning Network solve scalability and fee issues, they don’t fully integrate Bitcoin into the broader decentralized finance (DeFi) ecosystem. He stated that Bitcoin ecosystem applications, including wallets and NFT markets, could easily support MVC with minimal additional development.
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