MOV Officially Launched, Superior DeFi Infrastructure Makes Transactions Ubiquitous
MOV was officially launched on March 30.
MOV is a next-generation decentralized cross-chain Layer 2 value exchange protocol based on Bystack’s mainchain-sidechain architecture. Consisting 3 core modules: Value Exchange Engine Magnetic Contract (Magnet), Decentered Cross-Chain Gateway (OFMF) and Layer 2 High-speed Sidechain (Vapor), MOV is dedicated to building a heterogeneous value asset exchange and collaboration ecosystem.
Since the white paper was released on September 19, 2019, Bytom blockchain developers bite the bullet and move on from the frontier theoretical research to the key technology breakthrough, now MOV arrived on schedule. after over 190 days.
In the first stage after mov goes online, BTM, USDT and ETH have two functions of crossing chain and exchanging for asset. In the second stage, MOV will be equipped with BTC and its stablecoin system and open various ecological access as well.
The cross-chain solution is to transfer the token in one chain to another. MOV adopts the decentralized cross-chain gateway (OFMF) mode to cross the chain. Gateway mechanism is an efficient and practical mechanism that has been tested by the actual scenarios. Gateway plays an important role in establishing cross-chain trust endorsement, unifying cross-chain communication protocol, and coordinating the confirmation of main or side chain transactions.
When assets are transferred from the main chain to the side chain, corresponding assets need to be created on the side chain. If assets are to be transferred back from the side chain to the main chain, corresponding assets on the side chain need to be destroyed. Among them, when the assets of the main chain are transferred to the side chain, the assets of the main chain need to be managed. Mov achieves the ultimate in the trusteeship technology, which not only has a mature multi-signature scheme, but also takes a long time to overcome the practical limited party threshold signature scheme, which makes the network trusteeship take both security and flexibility into account, and greatly rises the cost and difficulty of attack.
In addition, in the design of risk control system, OFMF focuses on access control, reconciliation audit, cold, warm and hot three-layer isolation, HSM module, 24-hour early warning, internal risk control, so as to ensure the safety of users’ assets in an all-round way.
At present, MOV has realized cross-chain for BTM, USDT and ETH. From the perspective of experience, it is the most convenient to cross chain for BTM. Users can operate in Bycoin wallet with one click. With the help of a third-party tool, USDT and ETH need to bind to BTM (side chain) address, select the corresponding assets, input the number of assets that need to cross the chain, and submit the request. By using the automatic signature scheme, MOV can realize the chain cross of assets in an hour at most.
USDT cross chain presentation: on the left is USDT cross chain to MOV, on the right is USDT being transferred from MOV
Asset exchange includes lightning exchange and magnetic exchange.
Lightning exchange is a decentralized coin-coin exchange system of MOV based on 0x protocol. Users input the assets and the quantity to be exchanged, Mov will automatically give an optimal quotation and complete the exchange of multiple assets with one click. Its main advantages are as followed:
1. There is no need to put up an order and buy it, one click exchange.
2. Timely update transaction quotation and provide competitive transaction quotation.
3. What you see is what the transaction price is. No failure in transaction.
Presentation of flash exchange
The lightning exchange rate is 0.3%.
Magnetic exchange is a kind of asset transaction mode that the user’s assets are linked to the chain in the form of contracts, matching and clinching transactions. It has the following characteristics:
1. Rapid experience, if there is an order matching the price, the fastest transaction is within 0.5s.
2. Asset security, users’ assets are under their own control. Without trusteeship of assets to the transaction operator, there will be no risk of asset misappropriation and theft. Just keep the private key.
3. Match on the chain, and the order is matched and settled on the blockchain.
Presentation of magnetic exchange
The rate of magnetic exchange is 0.1%, and the same for taker and maker.
Striving to build DeFi infrastructure
As a decentralized cross-chain value transaction agreement, MOV has a clear strategic positioning. From the bottom of the chain and the beginning of ecological construction, it has made every effort to build two major infrastructure of DeFi, namely asset custody and asset circulation. It adopts complete on-chain matching and settlement, so as to achieve complete decentralization and transparency, ensure the safety of users’ assets, and refuse the asset misappropriation and evildoing of operators.
Its advantages are as follows:
1. Users control assets. Unlike the centralized exchange, MOV adopts a wallet to trade assets on the chain through the smart contract. Users do not need to hand over their assets to the exchange to realize asset exchange. There is no problem that the exchange misappropriates users’ assets. As long as the security of the private key is ensured, the assets are completely controlled by users themselves.
2. The whole transaction is transparent as it is on-chain. MOV adopts on-chain matching and settlement. All transactions can be queried on the chain. It is transparent and traceable, effectively preventing black box operation.
3. High speed concurrent, fast as lightning. MOV is based on bytom’s side chain Vapor, a block/0.5s, which can reach a maximum of 16000TPS. It can fully support the concurrency of large number of users, break through the performance bottleneck of decentralized products, and meet the transaction needs of users.
4. Order and exchange, to meet different transaction needs. Mov supports two modes, put-order transaction and one-click exchange. Users can choose according to their own needs and preferences to better meet diversified needs.
5. It can’t be destroyed by a single point. Even if the MOV server is destroyed, the operator cannot work normally, as long as there are other nodes, users can retrieve their own assets with their private keys.
Open and win-win, co-build ecology
MOV is an open ecosystem. All kinds of heterogeneous project parties (wallet, exchange, security facilities, regulatory audit, liquidity facilities) of DeFi system can join in, compete for decision-making power of OFMF and participate in ecological co-governance.
For the participants in the ecosystem construction, MOV defines four roles, namely, FederationCustodian, Trader, voter and BPer. These roles will enjoy corresponding economic incentives while performing their duties.
Specifically, FederationCustodian is the resource flow portal of the ecology, which is responsible for managing the cross-chain gateway. The source of income is the cross-chain handling fee, and the transaction handling fee. Traders contribute liquidity and depth, and their income is mainly speculative profits and activity rewards. The voting stakeholders lock in BTM, vote to select consensus nodes, and the BPer will pay dividends. BPer is responsible for block out and matching, and the revenue is mainly block out reward and transaction fee sharing. Ordinary users can act as traders and voting stakeholders, and institutional users can participate in FederationCustodian and BPer.
Cross-chain assets and exchange are just a small step for MOV. With more mainstream assets on the chain joining in, MOV will enable users to realize the better experience than centralized trading through wallets, breaking the boundary between exchanges and wallets, the boundary between on-site and off-site, and the boundary between trading and transfer. In the future, MOV will open more ecological roles and gradually realize the ideas in the white paper.
What’s more, MOV integrates functions of cross-chain, open gateway, on-chain matchmaking for the first time, with an attractive design concept and more systematic than other DeFi products. At present, the stable financial system of MOV is moving forward, it won’t be long before the realization of the vision of the next-gen of DeFi system.
Download address of MOV client: https://blockmeta.com/wallet/ audits of some version of iOS have postponement. Please note that the latest version number is 1.4.2.
To celebrate the launch of MOV! Bytom conduct 180000btm airdrop with Chainnode!
Activity link: https://www.chainnode.com/post/418885