Bitcoin sidechain developers MicroVisionChain (MVC) have unveiled the BRC-20 decentralized exchange (DEX) as part of their Q1 2024 roadmap.
MVC COO Jason Kwok claims to have established a “1:1 matching relationship” with Bitcoin on the sidechain.
“Essentially, this creates a parallel version of your Bitcoin assets like BRC-20 on MVC,” Kwok said.
He explained that the bridge allows users to exchange assets of BRC-20 tokens on the MVC sidechain, thereby avoiding the high transaction costs required to deploy decentralized applications (DApps) for the Bitcoin network.
“MVC has the same basic architecture as Bitcoin, which means both can use the same mnemonic phrases and receiving addresses. This significantly reduces training time and improves usability,” the developer added.
He further explained that in keeping with the spirit of Bitcoin creator Satoshi Nakamoto , MVC has no specific founders or headquarters. Instead, sidechaining is a “collaboration” involving many teams of developers that form the Bitcoin ecosystem.
BRC-20 tokens , invented by Web3 developer Rodarmor in January, have gained popularity as one of the biggest technological advancements in the 15-year-old blockchain. Bitcoin ordinals are a numbering system that assigns a unique number to each Satoshi, or 1/100 millionth of a Bitcoin (BTC), allowing them to be tracked and transferred. Combined with a writing process that adds a layer of data to each Satoshi, users can create unique digital assets on the Bitcoin blockchain.
The market capitalization of BRC-20 tokens has since exceeded $1.5 billion, led by the Ordinals (ORDI) memecoin , which is not affiliated with the Ordinals protocol.
As part of the MVC 2024 roadmap, Kwok says the project is also developing a meta-contract integrated development environment (IDE) that will allow DApps to migrate from the Ethereum Virtual Machine (EVM) to the MVC Bitcoin sidechain.
“The metacontract IDE is capable of compiling TypeScript, a high-level language, into a low-level op_code language in MVC. This process is a critical component in developing MVC smart contracts and extending 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 could be achieved by “incorporating additional OP_CODES into the original Bitcoin structure and overriding the way the underlying transaction IDs are generated.” This process is also being implemented by the developers of Trustless Market, a fork of Uniswap v2 that enabled $500,000 worth of swaps in its first three days.
Kwok said that while current layer-2 solutions such as the Bitcoin Lightning Network solve problems related to scalability and reduce fees, they fail to integrate Bitcoin into the larger decentralized finance (DeFi) ecosystem.
“Bitcoin ecosystem applications such as wallets and NFT [non-fungible token] markets can easily add MVC support without requiring extensive additional development,” Kwok said.
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