The developer team behind the Bitcoin sidechain, MicroVisionChain (MVC), has plans to launch a decentralized exchange (DEX) for BRC-20 tokens.
The CEO of MicroVisionChain, Jason Kwok, unveiled in an interview that his team has developed a ‘1:1 mapping’ relationship between Bitcoin and MVC. This method essentially enables the creation of a parallel version of BRC-20 assets on MVC.
While developing the network with no particular founders or corporate headquarters, Kwok said that MVC is a “collaborative endeavor” that has several development teams of Bitcoin developers.
The MVC team is also developing a meta-contract integrated development environment (IDE) to allow migration of Ethereum dApps to MVC.
“The meta-contract IDE is capable of compiling TypeScript, a high-level language, into the low-level op_code language on MVC,” Kwok said. “This process is a critical component in the development of MVC smart contracts and the expansion of BVM DApps.”
With the introduction of the BVM (Bitcoin Virtual Machine), the developers are integrating Turing-complete smart contracts into the Bitcoin architecture.
According to Kwok, it can be achieved by incorporating additional OP_CODES in Bitcoin’s original structure while redefining transaction ID generation.
The current layer 2 solutions for Bitcoin, such as Lightning Network, could not lead the network to a broader decentralized finance ecosystem as they face issues of scalability, said Kwok.
While the Bitcoin ecosystem is broadening its capabilities with BRC-20 tokens and adding economic value for BTC, the Bitcoin community has devolved into debating these technical innovations.
Recently, Bitcoin Core developer Luke Dahsjr said that Inscriptions are essentially exploiting a vulnerability in Bitcoin and spamming the network.