This AMA summary includes two parts one is About MOV and the other is about About Bytom and BTM.
About MOV
What is MOV？
MOV is a new Decentralized and Interoperable Trading Protocol — Not Just another DEX. MOV protocol is customized to cross-chain DeFi. The framework is composed of three modules: magnetic contract (Magnet), open cross-chain gateway (OFMF), and high-speed sidechain (Vapor). MOV has a series of built-in protocol clusters, including open exchange protocols such as magnetic exchange, reserve pool exchange, reserve pool lending, and stable coins.
Q1: What is Bytom and MOV decentralized exchange protocol?
A1: Bytom is a public blockchain with POW consensus, similar to Bitcoin. Bytom facilitates a multi-asset migration to the blockchain, allowing the creation of a variety of asset classes such as warrants, securities, dividends and bonds. Users can use the Bytom blockchain to create assets without obstacles, and these assets can circulate freely.
Whilst Bytom is used for creation, MOV is a layer 2 protocol specifically for trading assets on the Bytom blockchain. MOV’s vision is one of decentralized finance (DeFi) an innovative technology that can bring DeFi to Bitcoin.
Q2: What is MOV, its consensus and TPS?
A2: MOV is a layer 2 protocol for trading assets on the Bytom blockchain. MOV’s consensus is a combination of an optimized BFT algorithm and DPOS. There are 21 consensus nodes, and TPS is approximately 3000–4000.
Q3: How does the chain relationship between MOV, Bytom, and Bystack work?
A3: MOV is a layer 2 network of Bytom. Bystack is a comprehensive enterprise blockchain solution based on Bytom and MOV. Bystack has been applied in a government initiative aimed at recording certain certificates on the blockchain.
Q4: Your new Blockchain product MOV will be launching, And I’ve heard about this project in your Medium article since last year. Why did it take so LONG to launch the project? Are there any lingering issues with MOV? Have you included more developments?
A4: The white paper is theoretical and indeed we encountered some challenges and delays while turning this theory into reality. Nothing like MOV exists today, so a lot of what we were doing had to be done from the ground up. Our team spent a lot of time researching, thinking, designing, and testing. That’s why it took us so long to develop MOV. The advantage of this is that we had more time to add many additional features. In the beginning, we only had magnet exchange. Currently, we have lightning exchange and in the future, we will be adding more features on top of this existing set.
Magnet exchange uses order book matching, whilst lightning exchange uses quote matching mode. It’s similar to trading on Exchange, but transaction records are kept on the chain.
In terms of lingering issues, we are making efforts to develop more DeFi functions to work alongside MOV’s existing functions.
Q5: How does MOV use cross-chain technology? What advantages does MOV have over Cosmos, Oracle, or Polkadot?
A5: MOV is different from Cosmos’ hub solution and Polkadot’s relay solution. Bytom’s MOV uses an open gateway to realize cross-chain transactions. Gateway rights are managed by a threshold signature so that both decentralization and security are guaranteed. This gateway solution is more flexible and efficient, especially for smaller positions, cross-chain can be completed in 20–30 mins.
Q6: What’s the difference between MOV decentralized exchange protocol and other DEXs?
A6: MOV’s primary function is decentralized cross-chain trading. MOV has some key advantages when compared to decentralized exchanges (DEX) and centralized exchanges (CEX):
Our TPS can reach 3000–5000TPS with the aid of our innovative BBFT consensus. MOV is more than a DEX. In fact, decentralized asset exchange is only one feature of the MOV ecosystem.
Q7: How will MOV contribute to DEFI？How can Bytom compete with Ethereum?
A7: We will create a DeFi ecosystem based on Bitcoin. Bytom’s BUTXO model is an extension of Bitcoin’s UTXO, making it a suitable fit for Bitcoin DeFi. MOV can outperform Ethereum due to its innovative sidechain solution and also boasts a superior overall user experience compared to Ethereum.
Q8: What are the incentive mechanisms included in the Bytom Blockchain / MOV Network ecosystem? Can we get rewards by staking tokens?
A8: First, Bytom is based on PoW, so miners can get BTM by contributing to the network. MOV has two types of incentive rewards, one is BTM staking and the other is commissions from trading fees.
Q9: Bytom has its own Layer 2 solution called Vapor, is this the same as a Lightning Network? If not, can you tell me the differences between them?
What technology advantages does MOV have? Why can MOV be considered as an exchange solution?
A9: Vapor is a layer 2 solution similar to Liquid. It also adopts the BUTXO model so that it is compatible with Liquid. The lightning network has no chain and it just takes care of bitcoin’s transaction status.
The biggest advantage of the MOV exchange protocol is that it incorporates a smart contract matching system based on the UTXO model. Token exchanges can be completed in one UTXO with matching rights belonging to the consensus nodes.
Q10: Please tell us in detail how is it possible to make markets in two markets through the RESTful API provided by MOV Server or MOV-MMDK.
A10: Initially, you must have some assets in centralized exchanges and your MOV account, such as BTC and BTM. Then you can ask for price through MOV-MMDK and trade for profit. MOV-MMDK helps users complete transaction signatures and record trading on the blockchain.
Q11: How many partners currently have trusted MOV and what benefits do these partners bring to MOV and vice versa?
A11: We have 4 federation nodes including ImToken, Math Wallet, Cobo Wallet(f2pool) and Bitpie. Meanwhile, 42 nodes (mostly well-known exchanges, mining pools and token funds) have joined the MOV ecosystem. Users and assets could subsequently flow from these partners.
Q12: What are the rate plans that are available to market makers and for how long can they be used?
A12: Currently there is no fee for market makers for three months. Market makers with larger trading volumes will not only enjoy zero fees but will also have additional incentive rewards.
Q13: Is there a risk of assets being misused by the exchange operator in the MOV protocol? Does MOV need KYC in this sense?
A13: MOV is a DEFI application and does not require KYC. That said, not every asset can be introduced into the MOV ecosystem and we have some considerations at the management level.
Q14: What mode of listing will be on MOV DEX?
What’s BYTOM goal in terms of volume and monthly active users on DEX in the short term?
And what new features we could see in MOV DEX compare to others DEX?
A14: For now, most are POW assets such as BTC, ETH, BCH, LTC. Our goal is to become number one in trading volume over the next year compared to existing DEXs. Compared with other DEXs, we can complete special matching through smart contracts, such as multi-sig trading, lending matching, and so on.
Q15: What are your most outstanding BAPPS, the ones that you like the most, and the ones that we could soon see?
Why keep the UTXO structure and no account balance model proposed by Ethereum and maintained by other blockchains later?
A15: The stablecoin reserve pool exchange will be our best BApp and will be available in June. UTXO is an asset-oriented structure, which is superior to Ethereum’s account model in terms of BApp development difficulty, security, and concurrency. We have observed many loopholes based on account models, which will not appear in the UTXO model.
Q16: You’ve listed BTM token on many exchanges, why are there not works on exchange listing for MOV token? How soon will it be listed on many exchanges?
A16: MOV will launch stable coins in the coming future. When the MOV stable coins are released they will get listed on exchanges. It will probably happen in the second half of this year.
Q17: MOV(stable coin) is a financial project. Will it be like every other stable coin?
A17: The MOV stablecoins differentiate themselves from other existing stablecoin financial systems in two main ways:
1. Most current stablecoin projects started from the stablecoin itself, relying on stability mechanisms and algorithm regulation to capture the short-term benefits of replacing currency issuance and participating in the lending market. However, they failed to build a complete ecosystem and support facilities that stablecoins should have. Such support facilities could have lead to reduced infrastructure dependency, rich collateral framework and application scenario expansion. Therefore, stablecoins today are losing market share by being too focused on being a lending matcher or a transaction medium and ignoring the core meaning of establishing a stablecoin — i.e. the right of clearing and pricing.
MOV considers the design philosophy of stablecoins from the perspective of a complete ecological architecture and development blueprint. This infrastructure can promote the construction of stablecoins, and stablecoins push back the evolution of the infrastructure, such that eventually they form a standard pricing unit widely accepted by the ecology.
2. The second differentiating factor that separates MOV stablecoins from others is the incentive cycle. MOV stablecoins will take into account all the roles of direct and indirect participation in the stable financial system. Earnings of the stable system will flow through to the builders of the ecosystem in order to promote the overall scaling of the ecosystem.
About Bytom and BTM
Q1: Can you list some of Bytom’s outstanding features for everyone here?
A1: Bytom introduced tensority algorithm, which is based on AI. With BUTXO, Bytom expands Bitcoin’s UTXO model. UTXO can only support one asset, but BUTXO supports multi-assets. We have also developed smart contracts based on BUTXO. Unlike smart contracts on Ethereum, our smart contract supports Bitcoin.
Q2: What is the ecosystem of Bytom? What is the role of BTM in the ecosystem?
A2: Bytom’s ecosystem includes: DEX, DeFi, developer community, miners, exchanges, asset issuers, consensus nodes, federation nodes and wallet partners. BTM works as the gas and staking asset that governs the MOV ecosystem.
Q3: These are the ecosystem partners of Bytom: https://bytom.io/en/ecosystem/
A3: This is the first time I’ve heard about a smart contract that supports Bitcoin, how does it work?
Bitcoin adopts the UTXO model. We think that smart contracts based on UTXO are much safer, however slightly more difficult than solidity because UTXO has no status. We designed the Equity language and use it to write Turing-Complete codes for assets including BTC.
Q4：How many programming languages are supported in Bytom, does it have the feature of translating from one to another if necessary?
A4: JAVA, JS, C/C++, python, and PHP are all supported in Bytom related development. We have SDKs for all those languages and it’s easy to develop and move.
Q5: At the end of this month, Bytom team will do its first coin burn of BTM. How do you see the Growth & adoption after that?
A5: Coin burn is only one part of our plan. Our vision is to #1 in DeFi. In addition to DEX and stable coins, we are still improving our product and adding more features with a focus on improved user experience. Furthermore, 20% of the profits generated from MOV will be used to buy back BTM and burn, which will benefit BTM holders.
We also provide staking in Vapor (a high-performance side chain of Bytom), and our stable coin system will also lock a lot of BTM coins. The current staking amount is approximately 180 million and with stable coins, it is estimated that this will reach 200–300 million.
Q6: Reading the whitepaper, is there any noticeable difference between UTXO and BUTXO?
A6:UTXO can only support one asset, but BUTXO supports multi-assets.
Q7: How would you define a BApp? What attractive or innovative feature does it have compared to other Apps, DApps, etc?
A7: In the DeFi world, we value assets and trading in those assets in a censorship-resistant and limitless way. Ethereum’s DAPP adopts the account model and focuses more on users. Our UTXO model focuses on assets. So we define applications based on UTXO/BUTXO as Blockchain App.
Features of Bapp include:
- open rule and open code to avoid third-party risk in codes
- users share management and operation rights
- products’ business is running on the blockchain
- the operator is traceable and verified
- technology could minimize system risk
Q8：Why the need to have a sidechain such as Vapor? Does this not complicate things, does it not compromise the simplicity for adoption?
A8: Due to the inherent blockchain ‘trilemma’ between decentralization, security, and scalability, we use a layer 2 sidechain solution to solve this complex trade-off. Layer 1 Bytom POW is used to guarantee the immutability of assets and Layer 2 MOV (Vapor) is used to solve the liquidity needs of asset trading.
Q9: The total supply of Bytom is 1.407.000.000 BTM and circulation 1.002.499.275 BTM. Does the Bytom team have a plan to increase or decrease the supply? And how will that be done to manage the supply of BTM ? And are there any plans to acquire or burn BTM in 2020?
A9: The circulation amount of BTM on CMC is not accurate. There are no more coins produced except for the mining rewards in POW. We will only buy back and destroy BTM with some of the profits from MOV. At the end of this month, we will do the first coin burn of BTM with the designated proportion of MOV profits.
Q10：As a developer I Know SOLIDITY, Java C. Can you explain more about SMART contracts on Bytom and how it differs from Ethereum smart contracts and solidity. How can I build dApps on bytom？
A10: Equity is a high-level programming language dedicated to writing smart contracts on Bytom. Equity is mainly used for describing the management and operation of different assets on Bytom.
Bytom adopts a UTXO model and ledgers made up of many different types of UTXO are recorded on the blockchain. Every UTXO has two important characteristics: Asset ID and Asset Amount. A UTXO basically refers to a certain amount of asset ID.
All on-chain assets are locked in the contract program. Once the asset value (i.e. UTXO) is unlocked by a contract, it is only meant to be locked by one or more other contracts.
The way that the contract protects the asset value (that is, UTXO) is that the transaction must meet the condition through the “verify” command executed through a virtual machine.
For detailed information please refer to https://github.com/Bytom/bytom/wiki/Smart-Contract-Overview
