The MOV Federation Node is officially unveiled, and the original team revealed the destruction plan

The MOV, which has been carefully prepared for two years, was officially launched recently. Why do MOV team do MOV? What is MOV, for whom, how to play? As a next-generation decentralized cross-chain Layer 2 value exchange protocol, how will MOV conduct asset value exchange collaboration? And how will it lead DeFi to an open ecosystem?

On April 9th, Bi Yuan's core team chiefs Clang, Langyu, and Li Zongcheng started a live video broadcast to talk to the community's old railway, federal nodes, and media observation groups. The whole forum is divided into three parts: the first part is the answer of the community ’s various questions about MOV by the CEO of Yuyuan Chain; the second part is the discussion of the federal nodes Cobo, Bitpie, wheat wallet, imToken (imkey) To discuss the development plan of ecological co-construction; the third part is the sharp torture of the chief media officer of Planet Daily, Golden Finance, Lianwen, Mars Finance, and PANews by Bi Yuan, the founder of Babbitt.

In general, there are three types of highlights in this forum. One is the first important news disclosed, including the list of federal nodes, the BTM destruction plan, and the 4-step plan of the original chain. The second is about how to correctly understand the positioning and goals of MOV. And uniqueness; the third is about the realization form and future planning of the original chain asset on-chain vision.

Heavy series announcement

First published list of federal nodes

The Biyuan Chain team announced the first list of federal nodes. They are: Cobo, Bitpie, Wheat Wallet, imToken (imKey). Lang Yu, CEO of the original chain, introduced: "MOV is a decentralized cross-chain value exchange protocol composed of three core keywords. Magnet, the value exchange engine magnetic contract ecosystem; OFMF, decentralized cross-chain gateway; Vapor, Layer 2 high speed Sidechain. OFMF is an open federal management system, which mainly carries out the original chain asset management and cross-chain operation. It is the entrance of the system. The external federal node + than the original company Bytom Ltd participates in the joint asset management and cross-chain operation. The signature and multi-signature technology guarantee that the funds will not be controlled by any party. "

In response to the question from the editor-in-chief of Mars Finance, Meng Xiao snake, about the follow-up plan of the original chain, Chang Cheng introduced the 4-step future plan in detail, which also contains a lot of heavy news.

Introduced dozens of digital assets and a total of 45 trading pairs

Step 1: MOV will soon access more cross-chain assets, including BTC, ETH, USDT and other dozens of digital assets, a total of 45 trading pairs, forming a preliminary ecology;

Launched loop exchange, based on algorithmic market making

Step 2: Introduce loop exchange, automatic market making based on algorithm, but MOV has made some innovations. Users can become two roles, one role is to participate in transactions, and it is convenient to realize asset exchange through cross-border; the other is to provide liquidity, that is to say, users deposit reserve assets and enjoy the fee sharing of algorithm conversion. It is a bit like the Uniswap model, but it has theoretical innate deficiencies, because economists suggest that there is an "impossible triangle" in the field of money, and the free flow of capital, fixed exchange rate, and monetary policy independence are not possible. MOV and Curve are aimed at stable currency assets, because stable currency assets just meet this triangle.

Launch of MOV stable financial system

Step 3: Launch your own stable financial system. Compared with MakerDAO, MOV supports more mainstream multi-asset mortgages. On the other hand, MOV will calculate and adjust the stability fee through a very sophisticated financial model, and be constrained by algorithms. Now everyone understands MOV as DEX, but our ultimate goal is to stabilize the financial system, the exchange transaction function is incidental, and the exchange function of MOV is not integrated at the smart contract level, but at the system level, so unlike Ethereum ’s DeFi There are very frequent contract calls, which are relatively safer.

Upgrade the mainnet of the original chain and explore the scenario of synthetic assets

Step 4: Upgrade the main chain of the original chain, and initiate a model of mortgaged synthetic assets or derivatives through smart contracts. The division of labor between the main chain and side chain of the original chain is very clear. The main chain is responsible for asset issuance and the side chain guarantees transaction efficiency. Due to policies and regulations, it is currently not possible to issue native assets like the Ethereum ICO on the main chain. When the project side runs away, users may come to the public chain and find the foundation. This model is high-risk. It is a mapping of some real assets in reality. A very good scene of mortgage-type synthetic assets on the main chain is similar to the model explored by Synthetix. You can map some real assets in reality on the original chain, such as stocks and gold, and then mortgage through BTM. If the capital is not insolvent, it will be liquidated, and the user's risk is relatively small.

Incentive and destruction plan for all parties in ecology

Where is the driving force of MOV for DeFi? In response to the question from Tong Yang, Partner of Golden Finance & CapitaIN, Chang Cheng answered in three aspects. One is performance. The side chain of the original chain is based on the BBFT Byzantine fault-tolerant algorithm. A block is generated every 0.5 seconds, and each block is packaged with 8,000 transactions. The TPS reaches 16000, achieving the same experience as a centralized exchange. The original chain specifically made some optimizations for DeFi scenarios, including magnetic contracts, loop transactions, etc .; the third is the ecological incentive model, which fully considers each role in the ecology than the original chain. Including users, consensus nodes, federal nodes, external developers, external wallets, market makers, and MOV partners, and financial incentives. Specifically, it includes the MOV handling fee destruction plan and the Flint incentive plan.

For users, they should enjoy the ecological dividend. We will destroy 20% of the MOV transaction fee on a regular basis every month. This forms a virtuous circle. Eventually, the monthly BTM destroyed is greater than the monthly block rewards generated by SGD, looking for an ideal critical point. Of course, this is still an initial stage, and it is still far from the critical point, but in the long run, this can be achieved. Once the critical point is breached, physics has a term called "chain reaction". It has an antonym called "death spiral". The former is a virtuous circle, and the latter is a vicious circle. Biyuan Chain hopes to be able to achieve a self-robust benign circulation system.

For the federal node, this is the most important partner of the MOV ecosystem. MOV selection is also very cautious, and most of them are currently wallets. Because transactions are transfers, this DeFi scenario occurs in the wallet. The revenue generated by MOV will have a fixed proportion and will be distributed according to the contribution of federal nodes. The currency is destroyed based on the transactions on the chain, so there is no need to worry about the amount of brushing, and the amount of brushing is not brushable. All transactions are real transactions.

For the consensus nodes, through the Firestone program, the foundation will take out the coins it holds every year to reward the consensus nodes, because they assume the important role of packaging transactions.

For external wallets and developers, MOV is not just a built-in function and protocol of Bytom. In fact, all wallets can support the MOV protocol, whether you are an official wallet or a third-party wallet, a federated node or a consensus node, in this ecosystem. All are equal, and the distribution ratio depends on the number of contribution transactions.

For market makers and MOV partners, they can also get transaction fees. Therefore, MOV will consider every institution, individual, user, and BTM holder in the ecosystem who can help MOV, and they can all profit from it.

Understand the correct posture of MOV

Too restrict MOV to understand DEX

Langyu answered the true meaning of MOV for the community. He said that just understanding MOV as DEX or stablecoin is a lower dimension, and MOV is actually a "decentralized value exchange ecosystem". Specifically, "decentralization" can understand that assets are controlled by private keys, and assets are controlled by themselves; "value exchange" refers to conditional or intelligently programmable transactions, which are different from the completion of transactions after exchange price matching, MOV More conditions can be set, such as time, participant qualifications, participation in asset limits, etc .; "ecosystem" is a platform that is maintained by users, federation nodes, and consensus nodes and never stops after operation.

MOV and Exchange are not on the same track

In addition, using MOV as a competitor of the exchange is also a big misunderstanding. Chang Cheng said: Although MOV has the function of completing the exchange, it is wrong to understand it as DEX. The concept that Biyuan Chain has always advocated is "transaction is transfer", and MOV should be understood as a transfer agreement. Therefore, the MOV and the exchange are not on the same track, they are mutually dependent and complement each other. At present, the exchange is trading mainstream public chain assets, but it may not be such assets than the original chain. We are more interested in stablecoins and synthetic assets. MOV actually helped the exchange to open up a broader market, it will traditional assets on the chain through the form of mapping, expanding the scale of assets. At the same time, the exchange is also very helpful to MOV, because the DeFi tool requires a robust external oracle and a strong liquidity market, so the feed price and liquidity of the exchange are very important for DeFi.

MOV is not exclusive to the original, welcome to introduce each wallet

Some members of the community wonder whether MOV can only be experienced on Bycoin? This is clearly wrong. The MOV protocol can run on various wallets. Its most essential operation is cross-chain. Some users have concluded: "Creating a MOV private key is equivalent to registering and logging in, and cross-chain is equivalent to depositing / withdrawing money."

Biyuan Chain's World Outlook and Methodology

"Main side span" serves 2 visions

Biyuan Chain has always had two visions: The first point is to let users regain the autonomy of assets. Users control their assets through private keys, and all wallets are doing similar things, but this is not enough for assets; the second point is to let assets flow freely. At this stage, centralized exchanges can provide liquidity, but it has some limitations. Some people also try to achieve liquidity through DEX, but many solutions are limited by the performance of the public chain. The vision is good but the transaction is not smooth. There is also a compromise solution similar to the 0x protocol, which places the collection and matching of orders in the collection and collection, the collection and collection of the collection, and the collection and matching in the off-chain. Still, a centralized third party is doing such a thing.

Many public chains and DeFi have not yet realized the vision of "letting users take back ownership of assets and let assets flow freely". If there is only one main chain Bytom than the original chain, it can't actually be done. But after three years of continuous development, we have now built a "main, side, and cross" framework, which makes this vision can be initially realized. The main chain Bytom performs asset issuance, connects assets on other chains through cross-chain agreements, matches and trades on the chain, and realizes the free flow of assets.

The solution of non-contradiction between asset on-chain and supervision

Chang Cheng repeatedly mentioned that ICO and IEO are prohibited in China, so how should public chain manufacturers consider the supervision of decentralized transactions? In response to the question from PANews founder Bi Tongtong, Chang Chui answered: "In terms of transaction form, we have always emphasized that MOV is not a transaction, but a transfer, that is, the user transfers an asset from an address to an address according to a certain agreement. Another address is to form an exchange of assets. Although you can understand it as a transaction, it is essentially a barter process, which is a function of the protocol level built into the wallet. All wallets can support this protocol. We have been Maintain good communication with the regulatory department, and the regulatory department understands technology. Our team is very focused on the regulatory environment and risks. In fact, anyone can issue assets on the main chain of the original chain, but we did not push this thing. I am more interested in the type of synthetic assets of the mortgage model, which is relatively safe. Although it forms a mapping with real assets, it does not have a channel with real assets, and will not promise delivery of physical assets like paper gold, just as a price Is the same as the stable index. "

Synthetic assets and mathematical imaginary numbers

Pan Zhixiong, research director of Lianwen, asked: What are the detailed plans of MOV and BIG for the on-chain and value transfer of physical assets? At what pace?

Chang Cheng said: "I have always been looking forward to and excited about synthetic assets and derivative assets. It is equivalent to pushing a door open and letting us see what the outside world is like. In the past, we imagined the reality Assets on the chain should be a third-party authority, such as the Housing Authority, to issue, map, and confirm real estate, as well as offline delivery. But in this way, you obviously cannot ignore the regulatory environment and various realities. Friction, so it is definitely very difficult for these assets to be on the chain.

In fact, we can also realize the mapping relationship with real asset prices through financial instruments in the form of collateral without using a third-party centralized authority. This method is convenient, fast, and has no legal risks. I thought of a metaphor yesterday, which is like a mathematical imaginary number. The assets look very fictitious. I bought a piece of gold on the chain. No one really wants to accept the gold in reality. But it is very real, you use your private key to truly control the ownership of this asset, it will not be frozen and sealed up, and can be transferred from one address to another. It is as if the introduction of imaginary numbers has added a new dimension to operations in the field of algebra. The introduction of synthetic assets is also equivalent to the establishment of a coordinate, which looks very virtual but very real. "

Listing coins is like taking the highway

Planet Daily founder Mandy asked questions about the “selection criteria for synthetic assets and the listing mechanism”. Chang Chui likened the image of this process to the high speed of the vehicle.

He said: "The main chain of the original chain is non-admitted, and anyone can issue assets. The side chain is admittance, and it needs to pass through our federal node, which is equivalent to vehicles going on the highway. There is a certain price to pay. Assets are not chosen at random, and will first support mainstream assets such as BTC and ETH. As for synthetic assets, we will first launch MOV, which is equivalent to giving everyone a sample, and other synthetic assets will be handed over to the outside. Partners, such as the issuance of Japanese yen stable currency, Euro stable currency, and gold stable currency, will be done by external developers and teams, and we will also select the best partners in the industry. "

After listening to the sharing of the original team, it is not difficult to understand the ambition of "MOV success, BTM must become". Can MOV lead DeFi to 2.0? Can the incentive plan enable all parties to build an ecosystem? Can synthetic asset mapping open up a new situation for asset on-chain? These are the unsolved propositions left to the original team, and they are expected to submit a high-quality answer sheet for the community.