A New DeFi Protocol Not on Ethereum, Here’s One Choice
What are Bytom and MOV?
Bytom is a blockchain based open-source value-exchange protocol. Using the same consensus POW like Bitcoin, Bytom’s system is also protected by miners all over the world.
Bytom not just made a blockchain similar with Bitcoin but expand Bitcoin’s feature, bytom expand bitcoin’s UTXO mode to support multi-asset transactions, and implement BVM which bitcoin doesn’t have.
MOV is a crosschain DeFi protocol that customize designed by Bytom. With many years tech development, Bytom has gathered many technology and patents, so bytom developed MOV, MOV can utilize crosschain technology, it can accept assets from other public blockchains, currently MOV has already supported Bitcoin, Ethereum and USDT, USDC and DAI. People can use MOV to crosschain these assets to MOV platform and trading in MOV.
DeFi Battle land
DeFi is growing in popularity. Short for decentralized finance, DeFi will recreate traditional financial instruments in a decentralized way. This allows the use of financial instruments such as loans and interest-bearing deposits without a bank issuer.
In Defi, we have see many participants in this field. And because of the nature of transparent, open and decentralized. People’s Assets are no more controlled by exchange, which makes people can controll their assets all by himself.
Currently there are many DeFi projects is on fire. Compound, MakerDAO, dydx, uniswap, bancor, and the majority DeFi projects are based on Ethereum.
According to Dapptotal.com – a comprehensive Data service provider regarding DEX，DeFi and DApp. When we look at the board, MOV currently ranked 3th in the DEX section and is the only one that isn’t based on Ethereum.
Why so many DeFi projects are Building on Ethereum?
Using smart contract on ethereum is more convenient to develope DeFi and ethereum is open to let many people develop DeFi on it. But it also comes to an issue, smart contract on Ethereum may not so safe.
On JUN 23, 2020, Cointelegraph just released a news that Bancor has a safety issue within the smart contracts. “A vulnerability discovered on Bancor on Thursday would have allowed hackers to simply drain the funds of anyone who interacted with its smart contracts.”
As DeFi project claim that every people has its own power to take charge of their asset, but it still can not convince people because they are safer.
So we must make sure that the DeFi project is safe enough for people. So this is what Bytom want to do, they are not building a DeFi by someone else, they want to build a DeFi by themself, so that every vulnerability issue can be discovered in the early phase, and can customized design a safe and Structured DeFi. So this is the orginal reason of MOV.
Bitcoin and Ethereum DeFi ecocystem
As we all know, if we talk about crypto, we cannot bypass Bitcoin and Ethereum. Bitcoin and Ethereum are the top 2 projects, because they are not controlled by central authorities but by a large computer network. Which makes Bitcoin and Ethereum the early decentralized finance applications in the world. Bitcoin and Ethereum are two different kinds of crypto projects, which based on them, it comes out many application. Because Bitcoin and Ethereum are most powerful projects currently in blockchain field. So many DeFi projects to build on Ethereum and Bitcoin.
According to defiprime.com, there are 193 DeFi projects using Ethereum and 23 DeFi projects using Bitcoin.
Bytom has two blockchains, a public chain called Bytom and a sidechain called Vapor.
Bytom uses BUTXO which is similar to Bitcoin, and Vapor uses DPoS which is much similar to ETH2.0 makes Bytom more adaptive to both Ethereum and Bitcoin DeFi.
So that’s why MOV came up, to support both Bitcoin DeFi and Ethereum DeFi.