The developers of Bitcoin side-chain Microvirtualchain (MVC) have unveiled the BRC-20 decentralized exchange (DEX) as part of their roadmap for Q1 2024.
In an interview with Cointelegraph, MVC COO Jason Kwok claimed to have developed a “1:1 mapping relationship” with Bitcoin on its sidechain. “It essentially creates a parallel version of your Bitcoin assets, like BRC-20 on MVC,” Kwok said, explaining that the bridge allows users to swap BRC-20 token assets on the MVC sidechain. , thus bypassing high transactions and gas. The fee required to deploy decentralized applications (dApps) on the Bitcoin mainnet.
“MVC shares the same underlying architecture as Bitcoin, which means the same mnemonic phrases and receiving addresses can be used in both. This significantly reduces the learning curve and increases user-friendliness.
In keeping with the sentiment of Bitcoin’s creator, Satoshi Nakamoto, Kwok points out that MVC has no specific founder or corporate headquarters. Instead, the sidechain is a “collaborative effort” involving the multiple development teams that make up the Bitcoin ecosystem.
Invented by Web3 developer Rodarmor in January, BRC-20 token In the 15-year-old blockchain has grown in popularity as one of the biggest technological advancements. Bitcoin ordinals are a numbering system that assigns a unique number to each Satoshi, or 1/100 millionth of a Bitcoin (B T c), enabling tracking and transfer. Combined with the inscription process, which adds a layer of data to each Satoshi, users can create unique digital assets on the Bitcoin blockchain.
The market capitalization of the BRC-20 token has since crossed $1.5 billion, led by Memecoin Ordinals (ORDI), which is not affiliated with the Ordinals protocol.
As part of MVC’s 2024 roadmap, Kwok says the project is also developing a meta-contract integrated development environment (IDE) that will enable the migration of dApps from the Ethereum Virtual Machine (EVM) to MVC’s Bitcoin sidechain. . “The meta-contract IDE is able to compile TypeScript, a high-level language, into a low-level op_code language on MVC. This process is a key component in the development of MVC smart contracts and the extension of BVM. [Bitcoin Virtual Machine] DAP,” he said.
BVM aims to integrate the functionality of Turing-complete smart contracts into the Bitcoin architecture. Kwok said this could be accomplished by “incorporating additional OP_CODES into the basic structure of Bitcoin and redefining the method of generating underlying transaction IDs.” This process is also being adopted by the developers of Trustless Market, a Uniswap v2 fork that has enabled $500,000 worth of swaps three days before,
Kwok said that existing layer-2 solutions like the Bitcoin Lightning Network address issues related to scalability and low fees, but they cannot incorporate Bitcoin into the greater decentralized finance (DeFi) ecosystem. “Bitcoin ecosystem applications, such as wallets and NFTs [nonfungible token] Marketplaces can easily add support for MVC without requiring extensive additional development,” Kwok said.
Connected: Bitcoin Ordinals ORDI token tops $1B market cap after 850% monthly gain
