MOV is officially launched, creating an ace DeFi infrastructure, making transactions everywhere

On March 30, MOV was officially launched.

MOV is a next-generation decentralized cross-chain Layer2 value exchange protocol. It consists of three core modules: the value exchange engine magnetic contract (Magnet), decentralized cross-chain gateway (OFMF), and Layer2 high-speed side chain (Vapor). Construct an integrated and diversified asset value exchange and collaboration ecosystem.

From the release of the white paper on September 19, 2019, after more than 190 days, the developers of the original chain have continued to overcome difficulties. From cutting-edge theoretical research to key technological breakthroughs, the answer sheet has finally been delivered, and MOV arrived on schedule.

In the first stage after MOV went online, the two functions of asset cross-chain and exchange of BTM, USDT, and ETH were realized. In the second stage, BTC and MOV stable coin systems will be launched, and various ecological access will be opened at the same time.

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Asset cross-chain

Cross-chain solves how to transfer tokens on one chain to another chain. MOV uses a decentralized cross-chain gateway (OFMF) model to perform cross-chain. The gateway mechanism is an efficient and practical mechanism that has been tested in actual scenarios. The gateway plays an important role in establishing cross-chain trust endorsements, unifying cross-chain communication protocols, and coordinating transaction confirmation on the main and side chains.

When assets are transferred from the main chain to the side chain, corresponding assets need to be created on the side chain, and if you want to transfer back from the side chain to the main chain, you need to destroy the corresponding assets on the side chain. Among them, when the assets of the main chain are cross-chained to the side chain, the assets of the main chain need to be managed. MOV takes the signature trusteeship to the utmost in terms of escrow technology. Not only does it have a mature multi-signature solution, it also took a long time to overcome it A practical limited-party threshold signature scheme enables gateway hosting to take into account both security and flexibility, while greatly increasing the system's attack cost and difficulty.

In addition, in the design of the risk control system , OFMF has focused on access control, reconciliation auditing, three-layer isolation of hot and cold, HSM module, 24-hour early warning, internal risk control, etc., to protect users' assets in an all-round way without dead ends. Safety.

At present, MOV has realized three types of assets: BTM, USDT, and ETH . From the experience point of view, BTM assets are the most convenient to cross-chain, and users can perform one-click operations in the Bycoin wallet. USDT and ETH need to be assisted by a third-party tool, bind the original (side chain) address, select the corresponding asset, enter the number of assets that need to be cross-chain, and submit a cross-chain request. By using an automatic signature scheme, MOV can achieve asset cross-chain within an hour at the fastest .

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(USDT cross-chain display diagram: the left picture is USDT cross-chain to MOV, the right picture is USDT transfer from MOV)

Asset exchange

Asset exchange includes lightning exchange (flash) and magnetic exchange.

Flash is a decentralized currency exchange system implemented by MOV based on the 0x protocol. The user enters the assets to be exchanged and the number of exchanges . Mov will automatically give an optimal quote and complete the exchange of multiple assets with one click . Its main advantages are: ① There is no need to place orders to eat, and one-click redemption. ② Timely update of transaction quotation and provide competitive transaction quotation. ③ What you see is what you get at the transaction price.

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(Schematic diagram of flashing)

The lightning exchange rate is 0.3%.

Magnetic exchange is an asset trading method that completes the order, matching and transaction of user assets on the chain in the form of contracts. It has the following characteristics: ① Quick experience, if there are orders with matching prices, the fastest transaction is within 0.5s. . ② Asset security, users' assets are under their own control, there is no need to trust the assets to the transaction operator, there is no risk of asset misappropriation and theft, and only the private key needs to be kept well. ③ On-chain matching, orders are matched and settled on the blockchain.

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(Magnetic exchange display chart)

The magnetic exchange rate is 0.1%, and Taker and Maker are the same.

Build a DeFi infrastructure

As a decentralized cross-chain value transaction agreement, MOV's strategic positioning is clear. From the bottom of the chain and from the beginning of ecological construction, it has made every effort to build two major DeFi infrastructures: asset custody and asset transfer. , On-chain settlement, to achieve complete decentralization and transparency, to ensure the safety of users' assets, and to reject operator misappropriation and evil.

Its advantages are:

① Users control assets. Unlike centralized exchanges, MOV uses wallets to conduct asset transactions on the chain through smart contracts. Users can exchange assets without having to hand over their assets to the exchange. There is no problem of misappropriation of user assets by the exchange. Keeping the private key secure, the asset is completely under the user's control.

② The transaction is fully on-chain, transparent and checkable. MOV uses on-chain matchmaking and on-chain settlement. All transactions can be queried on the chain, transparent and traceable, effectively preventing black box operations.

③ High-speed concurrency, as fast as lightning. MOV is based on the original side chain Vapor, with a block of 0.5s, which can reach a maximum of 16,000 TPS, which can fully support the concurrency of a large number of users, break through the performance bottleneck of decentralized products, and meet user transaction needs.

④ Pending orders and exchanges to meet different transaction needs. MOV supports two modes of pending order transactions and one-click redemption. Users can choose according to their own needs and preferences to better meet diversified needs.

⑤ Cannot be destroyed at a single point. Even if the MOV server is destroyed, the operator cannot work normally. As long as other nodes are present, users can use their own private keys to retrieve their assets.

Open and win-win, build ecology together

MOV is an open ecosystem, all heterogeneous project parties (wallets, exchanges, security facilities, regulatory audits, liquidity facilities, etc.) of the decentralized financial system can join in and compete for OFMF decision-making power Participate in ecological co-governance.

For the participants in the construction of the ecosystem, MOV defines four roles, which are Federal Node (FederationCustodian), Trader (Trader), Voter (Voter), and Consensus Node (BPer). Will enjoy corresponding economic incentives .

Specifically, the federal node is the ecological resource traffic entrance and is responsible for managing the cross-chain gateway. The source of income is cross-chain fees, and transaction fees are shared. Traders contribute liquidity and depth, and their income is mainly speculative profits and activity rewards. Voting stakeholders lock the BTM, vote for consensus nodes, and the consensus nodes will distribute dividends. The consensus node is responsible for block generation and matching, and the revenue is mainly the block generation reward and transaction fee sharing. Ordinary users can play the role of traders and voting stakeholders, and institutional users can participate in federal nodes and consensus nodes.

Asset cross-chain and exchange are only a small step for MOV. As more assets on the mainstream chain are added, MOV will enable users to achieve the same experience as centralized transactions through their wallets, breaking the boundaries of exchanges and wallets , The boundary between the market and the market, the boundary between transactions and transfers. In the future, MOV will open more ecological roles and gradually realize the ideas in the white paper .

Not only that, MOV integrates functions such as cross-chain, open gateway, and on-chain matching for the first time. The design concept is very attractive and more systematic than other DeFi products. At present, MOV's stable financial system is being promoted in full swing, and the vision for the ultimate realization of the next-generation decentralized financial system is within reach.

Download address of MOV client: https://blockmeta.com/wallet/ Some versions of iOS are delayed. Please note that the latest version number is 1.4.2.

Celebrate the launch of MOV! Bytom joint chain node airdrops 180,000 BTM!

Activity link: https://www.chainnode.com/post/418885