Lang Yu, CEO of Bytom did an AMA(Ask Me Anything) with CryptoDiffer Community on May 26th. Lang Yu shared the uniqueness of MOV and Bytom’s DEFI vision with crypto enthusiasts from all over the world.
Q1: What’s Bytom blockchain and MOV decentralized exchange protocol?
Bytom is a public chain with POW consensus, similar to Bitcoin. Bytom aims to let multi-asset migrate to the blockchain.
Multi assets are referred to warrants, securities, dividends, bonds. Users can use Bytom blockchain to create an asset without obstacles, and those assets can circulate freely. Bytom creates an asset, and MOV is layer 2 protocol for trading assets on Bytom blockchain. MOV’s vision is DeFi, it’s the innovative tech that can transfer Bitcoin into DeFi, which is absolutely different from the many DeFi based on Ethereum. I think MOV is very unique.
Q2: What’s the difference between MOV decentralized exchange protocol and other DEX?
MOV’s primary function is decentralized crosschain trading. MOV has some key advantages when compared to decentralized exchanges (DEX) and centralized exchanges (CEX):
Our TPS can reach 3000–5000TPS, using our innovative BBFT consensus. MOV is more than a DEX, DEX is only a small portion of MOV ecosystem.
Q3: Can you tell us more about your MOV trading competition and MOV partnership plan?
We launched a trading competition where users can get rewards by trading in MOV. The total prize pool is 2,005,000 BTM ( roughly 200,000 USDT). The competition started on May 11. All of you still can participate in our round 3 which starts today and round 4.
Here is the guideline on how to participate in the trading competition and how to calculate the effective trading volume. https://medium.com/bytomofficial/mov-trading-competition-win-2-005-000-btm-b6e3caa99bdc
Apart from that short-term trading competition, we also launched a long-term MOV partnership plan. As long as you invite friends to download Bycoin wallet (Bytom official wallet), you can get up to 30% commissions from every MOV transaction your friends made! What’s more, there is no upper limit of the commissions. Here is the detail: https://medium.com/bytomofficial/mov-partnership-make-the-future-6a3a710401d8
You can download our Bycoin wallet to join these two activities.
https://blockmeta.com/wallet/en/
Q4: How will MOV contribute to DEFI？How can Bytom compete with Ethereum?
We will create a whole defi system based on Bitcoin. Bytom’s BUTXO model is an extension of UTXO which comes from Bitcoin. So that’ s why we are very suitable for Bitcoin DeFi. And because MOV’s performance is better than Ethereum due to our innovative sidechain solution, user experience is also better than Ethereum. And currently the cross chain asset on MOV is 19.7million USDT, and daily trading volume is about 776K USDT.
Q5: What are the incentive mechanisms included in the Bytom Blochain / MOV Network ecosystem? Can we get rewards by staking tokens?
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 staking BTM, the other is commission from trading fee.
Q6: Reading the whitepaper, is there any noticeable difference between UTXO and BUTXO?
It’s a good question. UTXO can only support one asset, but BUTXO supports multi-assets.
Q7: How does the chain relationship between MOV, Bytom, and Bystack work?
MOV is the layer 2 network of Bytom. Bystack is a comprehensive enterprise blockchain solution based on Bytom and MOV. Bystack has been applied in government affairs such as putting certificates onto blockchain.
Q8: I am an ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your Decentralized Exchange protocol
What’s MOV and what’s the consensus and TPS?
Of course, as long as there is a chance of Hackathon. We had host two Devcon before. MOV consensus is a combination of optimized BFT algorithm and DPOS. There are 21 consensus nodes, and TPS is nearly 3000–4000
Q9: Bytom have its own 2 Layer solution called Vapor, is this the same as a Lightning Network? If not, can you tell me the differences between them?
Which technology advantages have the exchange protocol based on Bytom ? Why MOV can be considered as exchange solution?
Vapor is a layer 2 solution similar to Liquid. We also adopts BUTXO model so it’s compatible with Liquid. Lightning network has no chain and it just takes care of bitcoin’s transaction status.
The biggest advantage of MOV exchange protocol is that we realized the smart contract matching system based on UTXO model. The swap of token could be completed in one UTXO and the matching right belongs 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.
First of all, you have to have some assets in centralized exchanges and MOV account such as BTC and BTM. Then you can ask for price through MOV-MMDK and trade for profit. MOV-MMDK helps users to complete transaction signature and record trading on the blockchain.
Q11: How would you define a BApp? What attractive or innovative feature does it have compared to other Apps, dApps, etc?
I am interested to know what is the reason for having designed this blockchain with three layers?
In the DEFI world, we value assets and trading more, rather than users. Because DEFI should have no censorship and be limitless. Ethereum’s DAPP adopts the account model and it focuses more on users. Our UTXO model focuses on assets. So we define applications based on UTXO/BUTXO as Blockchain App.
We define below features of BApp:
1. open rule and open code to avoid third-party risk in codes
2. users share the management and operation right
3. products’ business is running on the blockchain
4. the operator is trackable and verified
5. technology could minimize system risk
And we designed two layers, not three layers
Q12: How many partners currently have trusted MOV and what benefits do these partners bring to MOV and vice versa?
We have 4 federation nodes including ImToken, Math Wallet, Cobo Wallet(f2pool), Bitpie. Meanwhile, 42 nodes(mostly are well-known exchanges, mining pools and token funds) had joined MOV ecosystem. Users and assets could come from these partners.
Q13: Your website has the phrase “WHY Bytom”, I would like you to tell us the HOW and WHEN of Bytom for success?
Why the need to have a sidechain, such as Vapor, does this not complicate things, does not compromise the simplicity for adoption?
Because there is a trilemma in blockchain, we use layer 2(sidechain) to solve this problem. Layer 1 Bytom POW is used to guarantee the immutability of assets. Layer 2 MOV (Vapor) is used to solve the liquidity of trading assets.
Q14: You have plan to buy back BTM and burn these token what inspired you to do so & what will be the impact of this step for BTM token holders?
20% of the profit of MOV will be used to buy back BTM and destroy, which will benefit BTM holders.
Q15: 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?
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 MOV profit. At the end of this month, we will do the first coin burn of BTM with MOV profit.
Q16: You have important partners and partnerships such as Bitmain, Purdue, Junction and DIF. How does Bytom evaluate partnerships’ services to the project? How have they contributed to your brand value so far?
Is there a risk of assets being misused by the exchange operator in the MOV protocol? Does MOV need KYC in this sense?
Bitmain produced B7 Asic mining machine for BTM. DIF is an organization committed to decentralized identification. We joined DIF because we want to develop a blockchain identification system. What we value is the profit brought by cooperation, either on product level or on technology level.
MOV is a DEFI application and we do not require KYC. But not every asset can be introduced into MOV ecosystem and we have some considerations on the management level.
Q17: 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?
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 seen too many loopholes based on account models, which will not appear in the UTXO model.
Q18: 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?
For now, most are POW assets such as BTC， ETH， BCH， LTC. Our goal is to become the number one in terms of trading volume among DEX after one year. Compared with other DEX, we can complete special matching through smart contract, such as multi-sig trading, lending matching, and so on.
