The developers of the Bitcoin side chain MicroVisionChain (MVC) have unveiled a decentralized BRC-20 exchange (DEX) as part of their roadmap for the first quarter of 2024.
In an interview with Cointelegraph, MVC Chief Operating Officer Jason Kwok claims to have established a “1:1 mapping relationship” with Bitcoin on its sidechain. “This essentially creates a parallel version of your Bitcoin assets, such as: BRC-20, on MVC,” Kwok said, explaining that the bridge allows users to swap BRC-20 token assets on the MVC sidechain, bypassing the high transaction and gas overhead fees required for the Deployment of decentralized applications (DApps) on the Bitcoin mainnet is required.
“MVC uses the same underlying architecture as Bitcoin, meaning that both can use the same mnemonic phrases and receiving addresses. This significantly reduces the learning curve and increases usability.”
In the spirit of Bitcoin creator Satoshi Nakamoto, Kwok explains that MVC has no specific founders or corporate headquarters. Instead, the sidechain is a “collaborative effort” involving many development teams that make up the Bitcoin ecosystem.
Invented in January by Web3 developer Rodarmor, BRC-20 tokens have continued to grow in popularity as one of the biggest technological advancements on a 15-year-old blockchain. Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin (BTC), allowing tracking and transfer. Combined with the inscription process that adds a layer of data to each Satoshi, users can mint unique digital assets on the Bitcoin blockchain.
The BRC-20 token market cap has since surpassed $1.5 billion, led by Memecoin Ordinals (ORDI), which is not affiliated with the Ordinals Protocol.
As part of MVC's 2024 roadmap, Kwok said the project is also developing a meta-contract integrated development environment (IDE) that would enable the migration of DApps from the Ethereum Virtual Machine (EVM) to MVC's Bitcoin sidechain. “The Metacontract IDE is capable of compiling TypeScript, a high-level language, into the low-level op_code language on MVC. This process is a crucial component in developing MVC smart contracts and expanding BVM [Bitcoin Virtual Machine] DApps,” he said.
BVM aims to integrate the functionality of Turing-complete smart contracts into the Bitcoin architecture. Kwok said this was achievable by “incorporating additional OP_CODES into Bitcoin’s original structure and redefining the method of generating underlying transaction IDs.” The process is also adopted by developers Trustless Market, a Uniswap v2 fork that enabled $500,000 worth of swaps in the first three days.
Kwok explained that while current Layer 2 solutions such as the Bitcoin Lightning Network solve issues related to scalability and low fees, they cannot integrate Bitcoin into the larger decentralized finance (DeFi) ecosystem. “Bitcoin ecosystem applications such as wallets and NFT [nonfungible token] Markets can easily add support for MVC without the need for extensive additional development,” said Kwok.
MVC's roadmap for the first quarter of 2024. Source: MVC
Related: Bitcoin Ordinals’ ORDI Token Tops $1 Billion Market Cap After 850% Monthly Surge
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