GateLive AMA Recap - MicrovisionChain
Self Introduction
MVC team:
Jason: Hi, I am Jason. I am the COO of MVC. Thank you for everyone joining today’s MVC AMA on Gate.io.
Rachel: Hello, everyone. I am Rachel.
I am one of the MVC DAO committee members and early contributors. I got into the whole blockchain scene back in 2018, doing ops and marketing stuff. In 2021, I really started digging into the UTXO eco and got involved with the birth of MVC. And with all the hype around BTC Layer2 right now, I’m super stoked to be here in this AMA, sharing about MVC and why it’s the top pick for BTC’s sidechain and scaling solution. Huge shoutout to the host and Gate for having me. Thank you.
Ken: Hi, nice to have Gate.io audience with me today, my name is Ken. I newly joined MVC 2 months ago. I used to work in a BTC ATM provider in Europe since 2019. My main job was trying to facilitate as many as BTC ATM machine across Europe. People can just scan the QR code with our App and withdraw local currency from the ATM. Since then, I saw increasing people are using the ATM machines at that time and I became a 100% supporter of BTC.
However, over time, I have found that the high costs of Bitcoin transactions will be the biggest obstacle to the mainstream adoption of Bitcoin. For example, the minimum to withdraw money from a Bitcoin ATM are 100 euros, with a fee of 5 euros. The issue of transaction fees may seem insignificant during times of rapid Bitcoin price growth, but it becomes particularly noticeable during stable or declining Bitcoin prices. MVC can effectively and permanently solve this problem, offering low transaction fees and instant transaction speeds. If you go on twitter and it is easy for you to see that we are able to do instant transactions with paying $Space in August last year, which is a milestone of MVC. For me, in order to become a part of the eco that changes the industry, I have decided to join MVC. MVC has steadily implemented every plan listed on its Gitbook, progressing in the right direction. In the foreseeable future, MVC-related projects, tokens, and apps will become significantly valuable.
Q1: The concept of BTC Layer 2 is very popular now. Can you give us a brief introduction about MicrovisionChain(MVC) and what distinguishes it from other BTC Layer 2 ecos?
Jason:
Brief Introduction:
MVC isn’t just a concept or PPT; it’s a live, fully functional Bitcoin sidechain scaling solution today!
Previously before the existence of MVC, the UTXO model faced criticism for its limitations, including the absence of Turing-Complete Layer-1 smart contracts and account-based identifiers. However, through innovative advancements like the BVM and cross-chain decentralized DID solution [MetaID], MVC has transformed the landscape of scaling solutions without relying on the traditional EVM account-based model.
MVC’s success is not just a theory but a reality demonstrated through its Mainnet, which has been successfully running for over a year, further proven by many fully functional on-chain dApps, users’ great experience, and MVC’s POW hash rate consistently in the global TOP 3 (and even hitting TOP 2). From statistics, the MVC network has 20,000+ holding addresses with a strong, supportive global community.
What sets MVC apart from other solution by feature:
One key aspect that sets BVM on MVC apart is its focus on 0-confirmation transactions and ultra-low fees, demonstrated by projects like mvcswap and show3.io. These applications showcase instant transaction capabilities and innovative features such as social finance (socialfi) and decentralized autonomous organization (DAO) governance, all powered by MVC’s UTXO-based layer 1 smart contracts.
What sets MVC apart from other solution by foundation:
MVC’s expertise in UTXO technology, with over 3 years of collaborative development, uniquely positions it to bring unmatched creativity and efficiency to the BTC eco. As the sole audited UTXO Bitcoin sidechain solution, MVC’s credibility will be further solidified by an upcoming Certik audit, reinforcing its commitment to security and reliability.
In summary, BVM & MVC represents a significant leap forward for Bitcoin, opening up new possibilities for innovation and growth within the Bitcoin eco.
Q2: In addition, you just mentioned the hash power of MVC. Can you briefly introduce to us what BVM is and what impact it will have on the subsequent eco of BTC?
Jason：
Let me paint a picture of the groundbreaking Bitcoin Virtual Machine (BVM) and its profound impact on the BTC eco.
BVM: Game-Changer Concept MVC first introduce in may 2023 to the world:
The Bitcoin Virtual Machine (BVM) is a game-changer set to transform the Bitcoin landscape by enabling bitcoin code programmable with Turing-complete smart contracts and 1:1 satoshi mapping, given that MVC hold the same technical structure to bitcoin, bitcoin eco applications and infrastructure like wallets and NFT markets, can easily add support for MVC without requiring extensive additional development. Meanwhile in theory, it can establish any kind of applications similar to Ethereum‘s EVM. This innovation empowers developers to create diverse applications, including DeFi platforms and DApps like Uniswap and Lido.
Impact on subsequent eco of Bitcoin:
Imagine a world where Bitcoin transactions are swift, fees are minimal, and the dapps possibilities are endless. Enter BVM, the game-changer that, when combined with MVC, offers low transaction costs, high throughput, and a feature-rich environment boasting Turing-complete smart contracts.
In a landscape where decentralized applications (dApps) on Bitcoin face roadblocks like exorbitant Gas fees, MVC emerges as the solution to propel mass adoption forward. Picture a future where sending transactions doesn’t come with a hefty price tag of 30 USD, 50USD, or even 500 USDT fees. How many users would stand for that? The tipping point is near, demanding a sidechain scalable solution.
MVC steps in as the beacon of hope, providing a seamless experience for utilizing ordinal protocol, BRC-20 tokens and various future bitcoin protocol tokens, free from congestion and excessive fees. The Bitcoin Virtual Machine (BVM) revolutionizes the game by enabling Bitcoin to host EVM-like applications efficiently on sidechain MVC, setting the stage for application advancement and user-friendly innovation.
In a nutshell, BVM is not just an upgrade; it’s a leap into a future where Bitcoin’s potential knows no bounds. Get ready to witness the evolution of BTC with MVC and BVM leading the charge towards a more efficient, accessible, and dynamic blockchain eco.
Rachel: I’ve been noticing a lot of projects popping up with concepts similar to BVM lately, but they’re not quite like MicrovisionChain. Here’s why: First off, Many of them are still in the PowerPoint stage. MicrovisionChain’s mainnet had live for over one year with dozens of dApps running on it. Second is they don’t have a pure Layer1 smart contract, especially based on the same UTXO structure as Bitcoin, which is on the opposite of MVC. And they may not be decentralized and secure enough without POW consensus and sufficient hash power, in which MVC has outperformed many POW blockchains. Third, they are not offering enough developer tools to help builders get started. So the entire may be hard to scale.
On another note, MVC recently introduced a 100 MVC plan, which really sets it apart from other competitors. 100 MVC Plan aims to open source all the code of MVC and attract builders to scale bitcoin together. We’re really excited about the potential to build a brand new scaling network around bitcoin and we welcome other teams to take a page from MVC’s book and join us in building the next generation of internet. BVM is just the beginning.
Q3: Can you tell us what is the difference between MVC and other centralized institutions working on BTC Layer 2 and how users can contribute?
Ken:
First of all, it’s understandable that people have doubts about MVC’s architecture. Because in the past, there are not many projects adopted our architecture that is so fair and transparent. Even a successful project like Ethereum is still run by a team. Of course, it is not ruled out that there are merits in running this way, but the opinions of ordinary participants will become insignificant. The direct consequences of this will be insufficient participation in the community, slow development of public chain-related projects, and ultimately restrain the growth of the project. Therefore, the MVC architecture is able to motivate people to be involved and responsible for the community development.
The logic is simple. First of all, the person voting must be the owner of $Space and one $Space corresponds to one voting right. The direct benefit of their participation in voting decisions is that the results of each decision will be reflected in the development of the project and the rise or fall of $Space price. Thereby, all ordinary members will have the spirit of ownership and participation which is the foundation of Decentralized Autonomous Organization. We called it DAO.
On another level, MVC’s architecture has to persist and operate continuously, so MVC cannot adopt the architecture of other institutions currently on the market. By way of example, everyone knows Elon Musk, the founder of Tesla, but he now has another role as the owner of Twitter. Last year, he acquired Twitter and rebranded it as X. I will pose three questions here:
1.What proportion of people are actually willing to have the company’s name changed from Twitter to X?
2.If Elon Musk no longer owns the company or passes away in the future, is it possible for the company to revert back to being called Twitter?
3.As ordinary Twitter users, will our voices be heard and influence the final decisions?
To ensure fairness and sustainability, MVC employs a voting election mechanism. This , spanning thousands of years from ancient Greece to the present day, has been proven over time to be capable of enduring. The superior mechanism of MVC, much like Bitcoin, will persist even for our future generations. Our current model has already been successfully implemented in practice, with committees and various administrative contributors already established. Elections are conducted by a consensus of ordinary Space owners and have been running successfully for over a year.
Q4: High gas fees and slow speeds are well-known issues with BTC. How does MVC address these two major pain points of BTC? When can we expect to experience MVC’s performance?
Jason:
Introduction of congestion issue on Bitcoin:
The congestion on Bitcoin [High gas fees and slow transaction speed] is primarily driven by the surge in network usage and activity, which is typically the use of making transactions, BRC-20 DApps and bitcoin eco DeFi platforms.
Traditional scalability solutions, such as increasing block size, were limited by Bitcoin’s emphasis on decentralization. As a result, the world turned to focus on layer 2 and sidechain solutions to address the congestion issue of bitcoin.
Operational Framework how MVC address the bitcoin congestion issue:
Sidechains function like MVC operate as independent blockchains linked to the bitcoin network through a two-way peg bridge which enables the same wallet address. This connection facilitates the seamless transfer of assets between bitcoin and the sidechain MVC.
Bitcoin and bitcoin eco assets are transferred on the bitcoin network via peg-in mechanisms, creating equivalent quantities of tokens on the sidechain MVC. Peg-out processes allow for the retri of the equivalent quantity of token by burning sidechain tokens.
When can we expect to experience MVC sidechain’s superior performance?
Well, the good news is that the future is bright and near! Testnet of the bridge is close to completion with completion estimated on late Mar or early Apr.
Once Bitcoin and eco assets are bridged from bitcoin network to sidechain network like MVC, they retain their properties seamlessly, and MVC stands out by enabling applications within the BTC eco to utilize assets on MVC network with lower fees and a congestion-free environment. By leveraging this unique approach, MVC opens the door for massive adoption of bitcoin’s usage with more efficient and seamless experience in the realm of DEFI and massive diverse WEB3 applications.
Rachel: Let me introduce another project called orders.exchange, ticker $RDEX, which is already listed on gate.io. It will be a perfect project to showcase the power and performance of MicrovisionChain. It’s the first DEX on BTC to aggregate order books, swaps, and bridges, and it’s set to support MVC in the future, bridging the gap between BTC and MVC on Layer1 and Layer2.
If users want to experience MVC as the top sidechain, orders.exchange is the way to go. I’ve heard they’re rolling out three features in March, making it the most competitive decentralized exchange on BTC. Users will get to experience extreme low fees and high-speed BTC and BRC20 trading directly through this DEX.
Q5: Finally, regarding the ecological implementation. MVC is preparing to launch the highly anticipated asset bridge and is planning to allocate millions of dollars to support the MVC Builder Grant program. Could you please share the latest developments with the audience?
Jason:
MVCDAO will sponsor up to 200,000 qyt of Space coins to reward MVC app developers, fostering eco growth. Builder Grant proposals undergo committee review, with details to be revealed in March. Approved developers will receive Space coins post-dapp completion as rewards subsequently.
Exciting prospects await with MVC network’s adoption in the future, envisioning practical Bitcoin micropayments and real-world asset pricing in Bitcoin on the MVC network. Expect enhanced user experiences in Bitcoin ATMs, e-commerce, and more, leveraging MVC’s low costs and Bitcoin integration. With MVC, blockchain possibilities are limitless, above are just a few exciting prospects for upcoming developer reference.
Get ready for a journey towards a decentralized and secure Web3 world, with MVC at the forefront of innovation. Stay tuned for a future where every web2 internet usage becomes a reality in web3 with the power of MVC and Bitcoin. MVC is here to lead the charge into a new era of possibilities!
MVC, a DAO driven by the global community, is poised for remarkable growth and adoption. The mentioned prospects and adoption scenarios highlight the need for diverse developers worldwide to leverage builder grants. Join us in shaping the future of the Bitcoin and blockchain industry! We are continuously evolving and welcome more developers to unlock MVC’s limitless potential together.
Conclusion
MVC team:
Get ready for a journey towards a decentralized and secure Web3 world, with MVC at the forefront of innovation. Stay tuned for a future where every web2 internet usage becomes a reality in web3 with the power of MVC and Bitcoin. MVC is here to lead the charge into a new era of possibilities!
Let’s join us in shaping the future of the bitcoin and blockchain industry! We are continually developing and invite more developers to unlock the boundless potential of MVC together.
