Bitcoin sidechain MVC developers prepare for BRC-20 DEX launch.

The developers of the Bitcoin side-chain MicroVisionChain (MVC) have unveiled the BRC-20 decentralized exchange (DEX) as part of their roadmap for Q1 2024.

In an interview with Cointelegraph, Jason Kwok, MVC's chief operating officer, said it has created a “1:1 mapping relationship” with Bitcoin. “This basically creates a parallel version of your Bitcoin assets like BRC-20 on MVC,” said Kwok, adding that the bridge allows users to exchange BRC-20 token assets on the MVC sidechain, bypassing high transaction and gas costs and enabling decentralized applications (DApps) on the Bitcoin mainnet. Fees required for deployment.

“MVC shares the same basic architecture as Bitcoin, which means the same phrases and acceptor addresses can be used on both. This greatly reduces the learning process and improves user-friendliness.

In keeping with the spirit of Bitcoin creator Satoshi Nakamoto, MVC has stated that it has no specific founder or corporate headquarters. Instead, the sidechain is a “collaborative effort” that includes the many development teams that make up the Bitcoin ecosystem.

Invented by Web3 developer Rodermore in January, BRC-20 tokens have surged in popularity as one of the biggest technological advances in the 15-year-old blockchain. Bitcoin Ordinals is a numbering system that assigns a unique number to each satoshi, or 1/100 millionth of a Bitcoin (BTC), which allows tracking and transfer. Combined with a writing process that adds data coverage to each satoshi, users can mine unique digital assets on the Bitcoin blockchain.

The market value of BRC-20 tokens has exceeded 1.5 billion dollars, led by memecoin Ordinals (ORDI), which is not connected to the Ordinals protocol.

As part of the MVC 2024 roadmap, the project said it is developing a meta-contract integrated development environment (IDE) that will enable the migration of DApps from the Ethereum Virtual Machine (EVM) to the MVC Bitcoin sidechain. “The MetaContract IDE can compile high-level TypeScript into a low-level op_code language on MVC. This process is a critical component in the development of MVC smart contracts and BVM expansion.” [Bitcoin Virtual Machine] Daps,” he said.

BVM aims to integrate the functionality of Turing-complete smart contracts into the Bitcoin architecture. Kwok said this could be achieved by “incorporating more OP_CODES into Bitcoin's original structure and redefining the method of generating transaction IDs.” The Uniswap v2 fork, which enabled $500,000 worth of swaps in the first three days of the process, is being adopted by the developer trustless marketplace.

Kwok said that while layer-2 solutions such as the Bitcoin Lightning Network solve issues related to transparency and low fees, Bitcoin cannot enter the decentralized finance (DeFi) ecosystem. Bitcoin ecosystem applications such as wallets and NFTs [nonfungible token] Markets can easily add support for MVC without requiring extensive additional development,” said Kwok.

Related: Bitcoin Ordinals ORDI Token Tops $1B Market Cap After 850% Monthly Gain.