"MOV becomes, BTM will become". At the ChainNode AMA on October 9th, I was told by the founder of the original chain when answering questions from the community.
In the general environment where the public chain can't find a very good business model, MOV has placed a high hope on the original chain team.
According to Babbitt, "MOV" was launched on September 19th and is a next-generation decentralized cross-chain Layer 2 value exchange protocol based on the Bystack main sidechain architecture. The emergence of MOV has made it possible to “transfer, transfer, and smart contract”, which has positive significance for the development of DEFI ecology and even the blockchain industry. Therefore, it has received great attention from the community once it is launched.
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What is the MOV protocol? What is the relationship between it and Bytom and Bystack? What kind of influence and change can it bring to the original chain and even the entire blockchain? And what are the actions and plans linked to the original? On the evening of October 9th, the AMA held by ChainNode had a more comprehensive response to the concerns of the community than the founder of the original chain, Chang Hao, CEO Lang Yu, and CTO Zhu Yizhen.
MOV: Open the ecological entrance than the original chain
As written in the white paper, MOV is a next-generation decentralized cross-chain Layer 2 value exchange protocol based on the Bystack main sidechain architecture, powered by the value exchange engine Magnet, the Center-to-Center Cross-Link Gateway (OFMF) and the Layer 2 high-speed side. The three core modules of the chain (Vapor) are dedicated to building a heterogeneous and integrated value asset exchange and collaboration ecosystem.
OFMF (Open Federation Management Framework) is an important part of the MOV protocol. It is a practical cross-chain collaboration framework based on the federation gateway. It has decentralized governance of gateways, proof of authenticity of cross-chain events, and data of unified cross-chain protocols. Features such as format, cross-chain message validity proof.
Lang Yu said that the cross-chain of technology implementation today is not 100% "atomic cross-chain" or "de-trust cross-chain". OFMF makes up for this defect, through key rule management and organization management rule design, combined with chain HTLC (hash time lock) technology and chain threshold signature encryption technology to achieve decentralization of asset management, management rights and responsibilities Clear and "doomsday self-help" and other programs, all aspects of the system may be considered.
At the same time, the framework design of OFMF has a significant impact on the ecological environment compared to the original chain. “OFMF has opened up the entrance to the original cross-chain ecosystem, allowing more eco-constructors with resources and traffic to obtain revenue, and also lifting concerns based on the single-party credit risk of the original chain,” Lang Yu said.
The core of the OFMF management architecture is to build a trusted asset management system that is inseparable from the support of federal nodes such as wallets and professional digital asset custodians. Chang Hao said in the AMA that, in the next step, MOV will open the federal node plan and fully realize the cross-chain autonomy (the DOMF governance program can focus on the MOV white paper ).
How long does it take to cross-chain time after opening federal management? James said that the time of cross-chaining depends on the review and approval time of the multi-party participants in the federation. Theoretically, within a certain range, the more participants in the open federation, the shorter the time required to cross-chain. However, different chain cross-chain waiting/approval times are different. For example, bitcoin's cross-chain time will be longer than that of Ethereum because of the block interval.
Fully promote the landing of the cross-chain DeFi scene
Since the establishment of the original chain in early 2017, more than two years ago, the team step by step, one step at a time.
From 2017 to 2018, the main chain of Bytom research and development and related ecological construction was completed; from 2018 to 2019, the related research and development work of the side chain Vopor and the main side gateway Federation was completed.
In 2019, it was re-energized by the original chain team to accumulate large-scale application of the blockchain. It has completed the related research and development work of the main-side architecture BaaS platform Bystack and the open cross-chain protocol OFMF and the magnetic contract MOV.
For this "main, side, cross" development plan, Chang Yu explained:
The scenario targeted by the main chain is obviously asset issuance and mapping (ICO, IEO, STO, etc.). The scenes of these strong regulatory environments are obviously not the current direction, but there will be potential in the future.
The asset trading (transfer) for the side chain and the advanced financial scenario DeFi (transaction, transfer, mortgage, stable currency, borrowing, futures, etc.) based on smart contracts are the focus of the moment.
Through the powerful cross-chain agreement OFMF, we can put the existing mainstream chain assets into the side chain, realize the transaction and transfer, and solve the liquidity problem through the magnetic contract and SWAP protocol, so that the user can achieve the same as the wallet. The experience of centralized trading, the active trading in the chain, makes the realization of the chain predictor possible. In the next step, according to Changchun, the team will fully promote the cross-chain DeFi scene. MOV will also provide SDKs for each module, combining different trading variables to achieve flexible and high-speed magnetic contract templates to meet DeFi's diverse and high-end business needs, while also opening up its own mature middleware services, and exchange value in a fair and free chain. The market continues to create and enrich the ecological scene of DeFi.
MOV into, BTM will become
In the MOV ecosystem, six main participating roles are defined: Federation Custodian, Depositor (Locker), Trader, Voter, Consensus (BPer) And asset-based application operators (OPer). In order to ensure the operation of the trading system and the enthusiasm of participants in the early and middle of the ecological period, MOV's ecological incentive model sets clear economic input and economic output for each participant and each link, and maintains it at different stages of development. The dynamic balance of cost and benefit ratios. These benefits are largely settled by BTM. For example, in the MOV white paper, voting rights holders can get node dividends by locking the BTM.
For the importance of BTM in the MOV ecosystem, Changchun uses the “most core” to describe it. "Because of the value of the currency, it is also the basis of interest for the consensus node, the federal node, the DAPP and the protocol developer. The design of our economic model is all around the BTM. The MOV becomes, the BTM will be formed." Chang said.
Langyu also added that MOV success will bring a large number of users, as long as there are users, everything is in order.
World Blockchain Conference (Wuzhen) will officially release cross-chain testing network
Chang Hao said that according to the original chain planning, after the World Blockchain Conference (Wuzhen), cross-chain testing will be officially opened. Based on DPoS, the consensus node can achieve 10,000 TPS, which can fully meet the actual needs of DEX. The federated node is based on a multi-signal + threshold scheme, and the experience is no different from the exchange's coin-collecting experience, and the security is higher. It is expected that by the end of the year, MOV will occupy a place in the DeFi scene.
World Blockchain Conference (Wuzhen) official website: https://www.8btc.com/wbc-2019