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Bytom and OKChain to Co-construct Ecology in DeFi and Cross-chain Fields

On February 18, a researcher of Bytom blockchain revealed two major events in the live broadcast online named “Persistent problems and new opportunities of the public chain”:

1.Bytom and OKChain have reached an agreement on cooperation of nodes, DEX, cross-chain, and other fields;

2.Bytom plans to open the recruitment of federal nodes of election gateway, gradually open the governance right of MOV, and layout an open financial ecosystem;

Now MOV, the latest strategic of Bytom blockchain has commenced. MOV represents Bytom blockchain’s pursuit and dedication to the vision of DeFi. It demonstrates a DeFi ecosystem growing from bottom to top, integrating the original discrete technical features such as high-performance consensus, layer2 architecture with one-mainchain + multi-sidechain, cross-chain, DEX and stable finance.

“We take practical actions and products to elaborate to the industry how to build a complete decentralized financial ecology that conforms to the development law, and what factors and difficulties need to be considered comprehensively. Along the way, we do find many opportunities that are not recognized by people. This is what we are very proud and confident, and it supports us to bite the bullet and forge ahead. Once MOV succeeds, so will BTM. ”

Gradually open the MOV governance right and layout an open financial ecosystem.

Said a Bytom blockchain researcher. MOV is an abbreviation of three words, which respectively represents decentralized transaction mechanism, decentralized federal gateway framework, and high-performance vertical sidechain. This is also the achievement that Bytom has made for the community this year.

At that time, the election and recruitment of key roles in the three major structures will be gradually opened to the industry, and rights and powers will be released, so that we can jointly build a completely transparent DeFi ecosystem.

Specifically, the Bytom research team has built a modern financial-level risk control and accounting system when building a cross-chain key infrastructure, the decentralized federal gateway. The basic risk control principles such as transparency, security, reconciliation, and avoiding data errors have been taken into account in the whole business architecture. In addition, advanced cryptography mechanisms such as mature MPC and practical threshold signature have been integrated to make the gateway more efficient and flexible.

However, the technical system ultimately serves the decentralized system. Bytom blockchain plans to open the recruitment and election of federal nodes of gateway. The project parties in various fields who can build a DeFi ecology jointly master the power of MOV ecology, competing and win-win.

A Bytom blockchain researcher said: “We are very clear about how significant an integrated cross-chain ecological entrance is. If it can be done well, its significance will be comparable to that of a centralized exchange, which is also the foundation of all the DiFi propositions in the future.”

Bytom and OKChain to cooperate in multi-fields like cross-chain

Based on the consensus of building open finance, Bytom and OKChain announced to cooperate. Bytom will set out with OKChain at the source of infrastructure construction, establish an interconnected ecosystem and build each other’s ecology.

“Bytom is our ecological partner and intends to participate in the campaign of OKChain nodes,” OKChain and Bytom are cooperating on the cross-chain technology, and the technical personnel of both sides is in the process of communication. “

Said the technical director of OKChain. It is reported that OKChain was launched on test network on February 10. OKChain is a decentralized public chain that supports all kinds of decentralized applications. It allows any user to issue their own digital assets, creates their own digital asset transaction pairs, and conduct free transactions.

What is the cooperation between Bytom and OKChain?

1.Both Bytom and OKChain support the application of DeFi. OKEx DEX and Bytom DEX share the coins launch information through cross-chain technology. Based on blockchain technology and digital assets, they continue to develop application scenarios of distributed finance, such as market data, blockchain browser and other more derivative businesses;

2.After the official launch of OKEx DEX, the cooperation of transaction pair of MOV/stable coins is also under consideration;

3.Bytom’s original cross-chain scheme of heterogeneous chain has completed cross chain with many chains, such as the chains of BTC and Ethereum. Next, Bytom will carry out cross-chain cooperation with OKChain, and discuss the IBC agreement. Now the technical personnel of both sides has got connected;

4.Bytom intends to participate in OKChain node campaign and jointly build “business chain alliance” with an open mind.

Blockchain technology and financial services are naturally highly compatible. Since its birth, DeFi has received continuous attention and inspired unlimited creativity. However, the current DeFi network is still running in an isolated ecosystem, and the mutual assets form a value island, so it is difficult to interoperate multiple assets. The MOV cross-chain protocol of Bytom blockchain is the key driving force to push DeFi into the 2.0 era, truly realizing free flow of digital assets. Bytom and OKChain’s cooperation this time demonstrates the determination of the two open ecologies to usher the distributed open finance into a new era to achieve an all-win result.

COMMENTS(1)

  • katecrypto
    9 months ago katecrypto

    Thank you, very informative.

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