Bytom Released MOV：The Next Generation of Decentralized Cross-Chain Layer 2 Value-Exchange Protocol
MOV is a next-generation decentralized cross-chain Layer 2 value exchange protocol based on Bystack’s mainchain-sidechain architecture. Consisting of 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.
The successful release of Bystack laid the foundation and product form of the MOV agreement 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.
What is MOV?
MOV is a next-generation decentralized cross-chain Layer 2 value exchange protocol based on Bystack’s mainchain-sidechain architecture. It has 3 core modules: Value Exchange Engine Magnetic Contract (Magnet), Decentered Cross-Chain Gateway (OFMF) and Layer 2 High Speed Sidechain (Vapor).
To put it simply, external assets(such as BTC and ETH) can be cross-chain transferred to Bytom and its sidechain through MOV protocol and use the efficient, secure and scalable blockchain infrastructure of Bytom mainchain-sidechain structure, so that a large ecosystem of all digital assets will be built.
What’s the relationship between MOV, Bytom and Bystack?
Bystack is an ecosystem based on Bytom mainchain and Vapor sidechain which also includes development platform and applications.
Bytom public blockchain works as the vital underlying infrastructure. Bytack is a business system built on Bytom-Vapor mainchain-sidechain structure which is akin to Google applications built on Android system. Most up-layer parts on Bystack will serve business and will not be opensource.
MOV is an external ecosystem developed based on Bystack. The successful release of Bystack laid the foundation and product form of the MOV agreement 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. It can be understood as that Android opens its system and anyone outside of Google could build applications on Android.
Why is MOV protocol needed?
If there is only Bystack, Bytom could build a robust ecosystem which is only limited to internal assets. But as Bytom’s vision is to create multiple assets, Bytom wants to upgrade the cross-chain technology within Bystack so that it can be used for linking external assets to Bytom and create a comprehensive ecosystem.
To support the new Bystack architecture and MOV protocol, Vapor will be fully upgraded to Vapor Pro: integrated support for magnet contracts based on the BUTXO model, building a new open contract verification consensus, introducing pluggable module design, and providing onchain oracles. With this upgrade and its high performance, Vapor is suitable for various applications.
What is open gateway OFMF?
Currently, Federation is used as gateway for cross-chain assets transfer in Bytom-Vapor mainchain-sidechain structure and the cross-chain transfer is only limited to BTM and assets created on Bytom. Open gateway OFMF solves the problem of linking external assets(such as BTC and ETH) to Bytom with security and flexibility and decentralization of power.
MOV proposes a practical collaboration framework, the Open Federation Management Framework (OFMF) which further divides Federation into three modules: cross-chain minting/burning, federal management and mainchain-sidechain communication:
(1) Cross-chain minting/burning module: The minting process connect other mainchain through standard protocol. When the mainchain transfers assets to the gateway, it creates corresponding assets on the Bytom mainchain and passes it to the Vapor sidechain through the gateway again. The burning process is reversed cycle;
(2) Federal management module: decentralized cross-chain asset co-hosting, managing the generation, storage and signing of multi-signature private keys, and coordinating between federal nodes;
(3) Mainchain-sidechain communication module: monitors cross-chain transactions between the mainchain and the sidechain for authenticity verification.
What is magnetic contract?
Most people know what smart contract is but what is magnetic contract? Bytom’s unique BUTXO model interprets the nature of Transaction, which is the atomic exchange between different assets. The magnet contract further expands the capability and 13 standardizes contracts of BUTXO’s asset exchange. The matrix trading pair model is introduced so that matrix swapping could be completed with just one transaction, making multi-assets matching discovery and atomic swapping easier to achieve, empowering efficient exchange engine support at the core level of MOV.
The magnetic contract module (Magnet) is the core engine of the entire decentralized value exchange protocol. It is mainly responsible for two things: the first is to transfer the matchable UTXO to the chain kernel layer into for block generation; the second is to verify whether the matching logic of the transactions in the block meets the matching rule when verifying the block, and prevent the consensus node from doing evil in the matching process due to the conflict of interest. As a result, Magnet guarantees the speed, efficiency and security of assets transaction.
Learn more from MOV White Paper:
