Developers of Bitcoin sidechain MVC prepare for BRC-20 DEX launch

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Developers of Bitcoin ( $77,498.00 ) side-chain MicroVisionChain (MVC) have unveiled a BRC-20 decentralized exchange (DEX) as part of its roadmap for Q1 2024.

In an interview with Cointelegraph, MVC chief operating officer Jason Kwok claims to have developed a “1:1 mapping relationship” with Bitcoin ( $77,498.00 ) on its sidechain. “This essentially creates a parallel version of your Bitcoin ( $77,498.00 ) assets, such as BRC-20, on MVC,” said Kwok, explaining that the bridge allows users to swap BRC-20 token assets on the MVC sidechain, thus bypassing the high transaction and gas fees required to deploy decentralized applications (DApps) on the Bitcoin ( $77,498.00 ) mainnet.

“MVC shares the same underlying architecture as Bitcoin ( $77,498.00 ) , which means the same mnemonic phrases and receiving addresses can be used across both. This significantly reduces the learning curve and enhances user-friendliness.”

In keeping with the spirit of Bitcoin ( $77,498.00 ) ’s creator, Satoshi Nakamoto, Kwok explains that MVC has no particular founders or corporate headquarters. Instead, the sidechain is a “collaborative endeavor” involving many development teams that form the Bitcoin ( $77,498.00 ) ecosystem.

Invented by Web3 developer Rodarmor in January, BRC-20 tokens have surged in popularity as one of the largest technological advancements in a 15-year-old blockchain. Bitcoin ( $77,498.00 ) Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin ( $77,498.00 ) (BTC), enabling tracking and transfer. Combined with the inscription process, which adds a layer of data to each satoshi, users can mint unique digital assets on the Bitcoin ( $77,498.00 ) blockchain.

The market cap of BRC-20 tokens has since exceeded $1.5 billion, led by memecoin Ordinals (ORDI), which is not associated with the Ordinals protocol.

As part of MVC’s 2024 roadmap, Kwok says that the project is also developing a meta-contract integrated development environment (IDE) that would enable the migration of DApps from the Ethereum ( $2,116.81 ) Virtual Machine (EVM) to MVC’s Bitcoin ( $77,498.00 ) sidechain. “The meta-contract IDE is capable of compiling TypeScript, a high-level language, into the low-level op_code language on MVC. This process is a critical component in the development of MVC smart contracts and the expansion of BVM [ Bitcoin ( $77,498.00 ) Virtual Machine] DApps,” he said.

BVM aims to integrate the functionality of Turing-complete smart contracts into the Bitcoin ( $77,498.00 ) architecture. Kwok said this is accomplishable by “incorporating additional OP_CODES into Bitcoin ( $77,498.00 ) ’s original structure and redefining the method of generating underlying transaction IDs.” The process is also being adopted by developers Trustless Market, a Uniswap ( $3.37 ) v2 fork that enabled $500,000 worth of swaps in its first three days.

Kwok stated that while current layer-2 solutions like the Bitcoin ( $77,498.00 ) Lightning Network address issues related to scalability and low fees, they cannot onboard Bitcoin ( $77,498.00 ) into the greater decentralized finance (DeFi) ecosystem. “ Bitcoin ( $77,498.00 ) ecosystem applications, like wallets and NFT [nonfungible token] markets, can easily add support for MVC without requiring extensive additional development,” said Kwok.