Original - Odaily
Author - Nan Zhi
introduction
After Ordinals started the Bitcoin Ecological Spring, various Bitcoin ecological protocols and applications began to flourish, and a series of protocols directly relying on the Bitcoin network emerged, such as BRC-20, Atomics, Rune, etc. However, due to the limitations of the characteristics of the Bitcoin network, it is difficult to support large-scale application development and adoption. The transaction fee of the Bitcoin network once exceeded 500 sats/vB, and the casting cost of multiple high-volume popular inscriptions reached millions of dollars.
On the other hand, the Bitcoin halving is approaching, and the enthusiasm and demand for the development of the Bitcoin ecosystem are increasing.The market is in urgent need of practical and effective expansion solutions., to maintain ecological development and operation and maintenance needs, and to carry and promote the long-term operation of the Bitcoin network through handling fees. Just imagine, if there is a network that can not only inherit the security and characteristics of the Bitcoin network, but also be able to carry high-concurrency user needs and seamlessly migrate assets, developers will be able to fully create applications for the public, and Bitcoin and its ecosystem will be better. Large-scale applications are no longer far away, and it is even expected to take advantage of the trend of spot ETFs and spread them around the world.
Bitcoin expansion plan
Since the development of Bitcoin, the exploration of expansion solutions has never stopped. Especially at the end of 2023, a large number of BTC Layer 2 emerged. Each expansion solution adopts very different technologies and is divided into the following three categories according to the system architecture:
Bitcoin isomorphism scheme;
EVM solution to establish a cross-chain solution with Bitcoin network assets;
Other non-Bitcoin isomorphic, non-EVM solutions, such as Lightning Network, Stacks, etc.
MVC (MicrovisionChain) is one of the few expansion solutions that achieves Bitcoin isomorphism., including the UTXO model, consensus algorithm, 1:1 token number, etc., so that users, developers, and miners of the Bitcoin network can migrate seamlessly. Specifically, compared with other expansion solutions, expansion based on Bitcoin isomorphism has the following outstanding advantages:
Highly compatible assets and ecology: For side chains, according to its underlying design, specific assets can be transferred natively in each side chain and Layer 2. MVC can not only support the transfer of Bitcoin, but also cover a series of assets such as BRC-20 . The ecological compatibility feature eliminates the need for tedious redevelopment work, and can be quickly migrated and opened to users to achieve rapid user growth in a short period of time;
Seamless migration user experience: users use the same set of private keys to manage assets in the Bitcoin network and its expanded network, and can reuse the same set of management tools. At the same time, the infrastructure is also highly adaptable. Users can use the same set of private keys to manage assets on the Bitcoin main network. There is no need to change your habits when migrating between expansion plans;
Scalable computing power security: The adoption of the Bitcoin isomorphic solution means that the SHA 256 mining algorithm of Bitcoin is also applicable. Many miners in the Bitcoin network can migrate to the new network and potentially become side chains/ Layer 2 security protector.
High performance BTC sidechain MVC
Back to the expansion plan, let’s start from a few questions and understand the basic requirements and goals of expansion——Why does the Bitcoin network need to expand? What improvements are needed? What needs to be ensured while expanding capacity?
Why expand? Because the Bitcoin network is expensive, user operations take a long time to execute, and is Turing incomplete (no smart contracts);
What to improve? Reduce fees, increase speed, and increase asset issuance methods/smart contracts;
What needs to be guaranteed? Ensure network security and decentralization.
In short, the best expansion solution is toOn the basis of maintaining the characteristics of decentralized networks as much as possible, lowering various thresholds and providing the possibility of large-scale adoption. Without decentralization features, relying on a small number of high-performance nodes is a return to the Web2 stereotype; without performance support, it cannot meet universal public needs.
MVC answers these questions through its innovative mechanism:
safety
MVC is a BTC side chain based on UTXO model + PoW consensus, except those with Bitcoin-likeIn addition to network and technical features, security, and high decentralization, it also has high performance and low rates.Characteristics, test network operation data shows that MVC’s TPS exceeds 10,000 and can host large-scale user use.
First of all, in terms of network security, MVC uses the same SHA-256 algorithm as Bitcoin, and has the ability to handle a large group of miners. At present, MVC’s computing power has also achieved milestone growth.MiningPoolStats data display, the current computing power of MVC ranks 12th among all SHA-256 algorithm networks, higher than BSV, eCash (XEC), etc., behind BCH, and the computing power reaches 81% of BCH, while this figure was only 20 half a year ago. %. Through the huge computing power, the decentralization characteristics and security of the network can be fully guaranteed, which is also the fundamental requirement for expansion.
Performance achieved by innovative mechanisms
MVC proposed the concept of BVM (Bitcoin Virtual Machine), based on the UTXO model + PoW consensus, expand smart contract functions for the Bitcoin network,Aims to build a smart contract system based on the Bitcoin ecosystem and comparable to the Ethereum network, bringing functional expansion to Bitcoin network users and creating possibilities for breaking out of the circle and introducing users. This vision and concept are realized by a series of innovative underlying mechanisms designed by MVC, including the performance-improving MetaTXID, the smart contract framework MetaContract, and the DID solution MetaID. MVC uses these innovative mechanisms to achieve smart contract functions and network expansion.
Performance improvement and smart contract basics MetaTxID: MetaTxID is an innovative method of generating transaction identification numbers, and it is also the core difference between MVC and other UTXO public chains. Using MetaTxID can completely retain the parallel capabilities of the UTXO model, reduce the amount of data required for contract verification through verification data clipping, and achieve lightweight data traceability functions.Provides feasibility for Layer 1 contracts of pure UTXO model。
High-performance smart contract framework MetaContract: It is a high-performance and low-cost smart contract framework based on the UTXO model. Compared with the mainstream contract model based on global state, it has the following advantages:
Scalability: Different UTXO contracts can be executed and verified in MVC nodes in parallel, so it can effectively take advantage of the multi-core advantages of modern computers, greatly improving the execution speed of the contract, thereby improving the TPS of the network.
Low latency: MVC has a zero-confirmation feature, and the contract execution returns the execution result after the TX reaches the memory of the miner node without waiting for confirmation.
Security: Due to the chain dependency feature of the UTXO contract, it has anti-MEV and anti-reentrancy security features.
On-chain distributed identity protocol MetaID: Aimed at realizing data interconnection between different cross-chain applications. Through the distributed ID protocol, the complexity and threshold of developing Web3 applications on MVC have been greatly reduced, making it possible for a large-scale explosion of Web3 applications.
Based on the combination of the above innovative mechanisms, MVCs high-performance network allows developers to give full play to their creativity, no longer constrained by performance, and has features such as easy testing and maintenance, high memory utilization, and concise code. For users, while enjoying network security, they can participate in the ecosystem at a very low cost and use seamless and efficient Web3 applications.
Token system
The total amount of MVCs native token SPACE is 21 million, with no pre-sale or IDO. SPACE serves as both the gas of the network and the governance token. 35% of the tokens are distributed through PoW mining, 10% are linearly unlocked for 10 years for ecological builders, and the remaining 55% are distributed through community DAO voting through PoB (Proof of Build). The distribution chart is as follows.
MVCs move aims to achieve a positive cycle of the economy through a combination of two aspects - ecological incentives and sustainable miners income.
Issuing tokens in the form of PoB can not only promote the influx of technical and marketing talents from all parties and build an ecology, but also serve as a potential reserve for ecological development incentives. A typical case of ecological token incentives is Arbitrum, which introduced a large number of high-quality projects through multiple rounds of STIP (short-term incentive plan), then used incentives to attract users, used project development to maintain user stickiness, and finally completed the ecological closed loop. TVL, number of projects, Project activity ranks first in Layer 2. MVC, which has reserved a large amount of funds for ecological development, is also expected to quickly build the ecosystem and drive its development in the same way.
On the other hand, in the traditional mining output model, the block reward is a reward for the investment of early miners, which subsidizes miners when there are insufficient early users and decreases over time. In MVC’s miner economic model, the majority of late-stage miners’ income will be composed of transaction fees. The goal of MVC is to host a large number of Web3 applications and users. Through the ecological construction system mentioned above, as the applications mature and the number of users increases, the transaction fees per block will surpass the block rewards in a few years and become the main source of miners. Source of income. The composition of miners income has gradually changed, and it can be effectively maintained from the early stage to the later stage and healthily turn into a positive cycle.
CoinGecko data shows,SPACEs current market capitalization is only US$73 million, which is still undervalued compared to the hundreds of millions of valuations of BTC Layer 2, which is still new and has not yet landed. Compared with other mining coins that are immediately sold after output, MVC can control and slow down the selling pressure through ecological construction, and further promote the return of tokens to the ecosystem and achieve a positive cycle.
Complete ecosystem
At present, the MVC ecosystem has begun to take shape, with more than 20 implementation protocols, such as DEX MVCSwap, domain name service MetaName, SocialFi project Show 3, stable currency project Space Dollar, etc. The protocols have wide coverage and complete ecological functions.
MVCs key incubation project, orders.exchange, the first order book-based DEX in the BTC ecosystem, also announced that it will soon log in to MVC and become a bridge between the Bitcoin network and the MVC network.
In the MVC roadmap, many major plans for the MVC ecosystem to be launched in the first quarter were disclosed, including an asset cross-chain bridge. Through this cross-chain bridge, the seamless asset transfer characteristics mentioned above can be exerted. Two Bitcoins Network-compatible wallets will also be incorporated into the MVC network, including a series of performance improvements. After the above plans are implemented, a smooth channel for ecological circulation will be opened, driving a new round of user growth and pushing MVC onto the path of asset and ecological prosperity.
The goal is the sea of stars—MVC’s ultimate expansion plan “100MVC”
As mentioned above, the MVC network has the characteristics of high performance, low cost, support for parallel operation, and high compatibility. MVC hopes to further leverage these characteristics and become the ultimate solution for Bitcoins scalability.
In the first step, the MVC node is expected to be upgraded between March and April this year, opening a seamless cross-chain channel for assets. The MVC single network itself has solved the scalability problem. The measured TPS exceeds 10,000, the transaction fee is less than 0.001 US dollars, and it can carry high-volume users to enter.
Later, MVC plans to implement the MVC network rapid replication function, called 100 MVC. After implementation, developers can run a replicated version of MVC within half an hour. Under the core premise that the UTXO structure and underlying functions remain unchanged, Adjust parameters as needed to ensure future compatibility with MVC and BTC. Similar to AltLayers Rollup-as-a-Service, 100 MVC allows developers to quickly build a network according to scenario requirements, eliminating basic work and focusing on the transaction itself, further improving the scalability and practicality of the Bitcoin network.
Finally, based on the characteristics of parallel operation and high compatibility, MVC hopes to create a globally unified scalable ecosystem for Bitcoin. Having 100 MVCs is equivalent to having 100 Bitcoin isomorphic UTXO networks. MVC will be updated to support these 100 MVCs. The interconnection with Layer 2, side chains, and ecosystems of various third-party Bitcoin architectures achieves exponential expansion of carrying capacity, and ultimately becomes the ultimate solution for Bitcoin network scalability.
in conclusion
The Bitcoin halving is imminent, the influx of funds brought by Bitcoin spot ETFs has not stopped, and another burst of growth in the Bitcoin ecosystem is coming. Compared with projects that have not yet been implemented due to the popularity of publicity, MVC, which has been deeply involved in the Bitcoin network for many years, has built its ecosystem. Based on the smart contract function of the Bitcoin ecosystem, it will rely on its security and high performance Features, open up an unprecedented road for Bitcoin, and move towards a new era of popular Bitcoin.
