Bytom CEO Lang Yu Answered Questions about MOV from the Community in AMA
To celebrate the launch of MOV exchange protocol, Bytom team hosted an AMA in telegram on April 1st. Bytom CEO Lang Yu answered questions from the community.
Q1：What is the relationship between MOV, Bytom and Bystack? If only Bystack, Bytom can build a robust ecosystem so why is it necessary to have MOV protocol?
Bytom is a public blockchain. Bystack is an enterprise-level BaaS platform that helps users to quickly deploy, manage and maintain blockchain networks and commercial blockchain applications. Bystack consists of one mainchain (Bytom) and many sidechains. Different sidechains can be designed according to different business needs.
The successful release of Bystack laid the foundation and product form of the MOV protocol and constructed a self-sustainable ecology while expanding the boundaries of assets of Bytom. And MOV will be more committed to an open and exogenous ecosystem, nourishing more mainstream asset dimensions and the formation of other ecosystems based on Bystack, establishing a value exchange matrix on multiple dimensions.
Q2：Your new Blockchain product MOV will be launching, And I’ve heard this project in your Medium article since last year. What took you so LONG to launch the project? Is there any lingering issues with MOV? or you have added more developments with it?
MOV is a very innovative product as we integrate high-speed sidechain, decentralized trading, crosschain and so on into one ecosystem. Due to the fact that we do not have a similar existing product to learn from, our team spent a lot of time doing research, thinking, designing, and testing. That’s why it took us so long to develop MOV. In terms of lingering issues, we are making efforts to develop more DeFi functions along with the current trading system and stable financial system.
Q3：How will MOV contribute to DEFI？How can Bytom compete with Ethereum?
MOV has launched the DEX function and will continue to innovate in DeFi market including lending and stable coins in the near future. For more details, please refer to the white paper of MOV Stable Financial Systemhttps://cdn.bytom.io/res/MOV-Stable-EN.pdf
Bytom has to compete with Ethereum in the DeFi space. For now, Ethereum has apparent advantages in both technology and community development. However, the history of the Internet indicates that Alibaba and Tencent still found unique trajectories and achieved innovative advances even when China significantly lagged behind the US. And innovation is MOV’s edge, in terms of integrating crosschain, public blockchain, trading and DeFi into one ecosystem.
Q4：How do you build the liquidity on your DEX? To serve on DeFi, payments and privacy, what’s your TPS And how confident are you that the MOV PROTOCOL would experience downtime and lags during peak business hours?
We will provide liquidity by our own market maker and attracting other market makers. MOV’s TPS could reach 16000 at most and it can be further increased by optimizing servers if needed. MOV is not a centralized trading system because ten consensus nodes are producing blocks in turn. Since the pressure is distributed to ten nodes, one node failure will not influence other servers. Meanwhile, when the number of orders is overwhelmed, we have a waiting queue to mitigate during peak hours.
Q5：MOV is a financial project. Will it be like every other stable coin?
MOV differentiates from other existing stablecoin financial systems in two main aspects:
- Most of the current stablecoin projects start from the stablecoin itself, constantly telling the story of the stability mechanism and algorithm regulation, earning short-term benefits of replacing currency issuance or participating in the lending market, failing to build a complete ecosystem and the overall supporting facilities that stablecoin should have, which led to a shortage of infrastructure dependency, rich collateral framework, and application scenario expansion. Therefore such a stablecoin system lost its positioning on being a lending matcher or a transaction medium, ignoring the core meaning of establishing a stablecoin- the right of clearing and pricing.
MOV will consider the design philosophy of stablecoins more from its complete ecological architecture and development blueprint, so that infrastructure can promote the construction of stablecoins, and stablecoins push back the evolution of infrastructure and eventually form a standard pricing unit widely accepted by the ecology.
- The incentive cycle. MOV stablecoins will fully take into account all the roles of direct and indirect participation in the stable financial system and feedback the earnings of the stable system to the ecological builders to promote the positive operation of the ecosystem scaling.
Q6：Why Bytom use cross-chain technology? What is difference of Bytom with Oracle, Cosmos or Polkadot?
Different from Cosmos’s hub solution and Polkdot’s relay solution, Bytom(MOV) uses an open gateway to realize crosschain. Gateway’s rights are managed by threshold signature so that decentralization and security are guaranteed. Gateway solution is more flexible and efficient, especially for small amounts of assets, crosschain can be completed in 20–30 mins.
Q7：At present, Bytom project has achieved certain achievements. In the present and in the future, does Bytom have plans to support other projects in Vietnam and contribute to the development of a strong Vietnamese Blockchain community?
Because we have seen the potential in Vietnam, last week we launched our Vietnamese telegram group and Facebook page.
On the one hand, we will translate many articles into Vietnamese and keep the community updated. On the other hand, we will try to explore more opportunities to cooperate with Vietnam blockchain projects and host more events in the Vietnam community.
Q8：As a developer I Know SOLIDITY, Java C. Can you explain more about SMART contracts on Bytom and how it differs from Ethereum smart contracts and solidity. How can I build dApps on bytom？
Equity is a high-level programming language dedicated to writing smart contracts on Bytom. Equity is mainly used for describing the management and operation of different assets on Bytom.
Features of Bytom smart contracts are below:
Bytom adopts UTXO model and ledgers made up of many different types of UTXO are recorded on the blockchain. Every UTXO has two important characteristics: Asset ID and Asset Amount. An UTXO approximately refers to a certain amount of asset ID.
All on-chain assets are locked in the contract program. Once the asset value (ie UTXO) is unlocked by a contract, it is only meant to be locked by one or more other contracts.
The way that the contract protects the asset value (that is, UTXO) is that the transaction must meet the condition through the “verify” command executed through virtual machine.
For detailed information please refer tohttps://github.com/Bytom/bytom/wiki/Smart-Contract-Overview
Q9：I guess 2020 is the important year for crypto and blockchain. So, What you focus on the future of Bytom in this year ?
Here is our road map for the remaining quarters of this year:
We will launch a multi-lingual SDK for Blockchain Apps;
We will build an open-source BApp ecosystem based on MOV protocol;
We will also explore DeFi applications while developing numerous new products with our partners;
We will complete the basic module development for the enterprise-level blockchain application framework(Prototype Chain)
We will launch a comprehensive Prototype Chain ToolStack, which is compatible with the API specification of mainstream consortium Blockchain
We will conduct an upgrade on Bytom’s mainnet value-exchange protocol
We will also hold the Bytom DevCon (location is yet to be announced)
We will make an announcement regarding our achievements in the academic field, as well as in blockchain Intellectual Property protection.
We will also launch a comprehensive peer-to-peer solution based on Prototype Chain
Last but not least, we will explore blockchain’s enterprise-level use cases in numerous different fields.
Q10：What are your major goals to archive in the next 3–4 years? Where can we see the BYTOM ecosystem in this period? What are your plans to expand and gain more adoption?
We hope to see more enterprise-level use cases on Bystack and a more vibrant financial ecosystem on MOV. Apart from Bytom mainchain, Vapor sidechain, Bystack, and MOV, we will continue to develop more products to optimize the Bytom ecosystem.
For real-world adoption, we have collaborated with many partners including governments, financial institutions or private enterprises and developed different blockchain systems based on Bystack, covering fields such as supply chain finance, smart city, and charity. In the future, more industries will utilize blockchain technology with no doubt.