Bitcoin

<h2 id="header-0">Introduction</h2><a href="https://www.microvisionchain.com/" rel="noopener noreferrer nofollow">Microvisionchain</a>(MVC) is a new <a href="https://flagship.fyi/glossary/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> with the goal of becoming the premier side chain to <a href="https://flagship.fyi/glossary/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>. It operates on the UTXO &amp; POW model, a combination that has empowered it with remarkable performance, efficiency, and cost-effectiveness. Notably, the total supply of MVC is capped at 21,000,000 SPACE coins.MVC wants to stand out as the best side chain to Bitcoin and its foundation on the UTXO &amp; POW model. This foundation not only ensures optimal performance but also drives efficiency and cost savings. MVC has positioned itself to address the blockchain trilemma and is crafted for the evolving Web3 Era. The project was created by nine different teams hailing from various countries. MVC represents the collective dedication of numerous individuals who collaborated seamlessly over nearly three years. Impressively, many of the central figures behind MVC have previously contributed to Bitcoin and are advocates of the UTXO model.We are writing this article to provide our readers with an understanding of MVC. Our aim was to understand its unique features, the dedication of its team, its technical prowess, and its tokenomics.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d7cbdaaa26564932a6b15c16512814e3.png" /><h2 id="header-1">Another layer to Bitcoin</h2>At its core, <a href="https://www.microvisionchain.com/about-mvc" rel="noopener noreferrer nofollow">MVC</a> operates on the Layer 1 UTXO model, mirroring Bitcoin&#39;s structure. This positions MVC with the ambitious goal of becoming the premier side-chain for Bitcoin, essentially serving as Bitcoin&#39;s external and scalable hard drive.Most of the core players have worked on Bitcoin and believe that the UTXO model is the best. MVC aims to establish a highly scalable POW public chain as a second layer to Bitcoin, enhancing efficiency and reducing costs. The protocol focuses on three improvements: 1) <a href="https://flagship.fyi/glossary/smart-contracts/" rel="noopener noreferrer nofollow">Smart contracts</a> based on UTXO accounts for application development; 2) Built-in decentralized identity protocol supporting cross-chain, with all chain data belonging to one ID; 3) To attract new users, no purchase or holding of <a href="https://flagship.fyi/glossary/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> is required to use Web3 applications.Moreover, MVC offers the convenience of using the same wallet address as a Bitcoin wallet, an option that Bitcoin holders can choose. MVC plays on the BTCfi narrative, enabling Bitcoin to be used both as an asset and a transaction unit. Adding to its versatility, MVC introduces a viable smart contract system, aptly termed the &#34;Bitcoin operation system.&#34;In terms of performance, MVC boasts an impressive transaction speed with a TPS exceeding 10,000. One of its standout features is the zero-confirmation technology, ensuring that both FT &amp; NFT transactions are processed instantly, enhancing the on-chain application user experience by reducing latency.Lastly, MVC&#39;s cross-chain modular infrastructure is open-source, with an application library soon to be available. It promises customizable applications with ready-to-use features. Notably, its native cross-chain DID protocol currently supports transactions for <a href="https://flagship.fyi/glossary/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> &amp; <a href="https://flagship.fyi/glossary/polygon-matic/" rel="noopener noreferrer nofollow">Polygon</a>&#39;s NFT and payments on the same platform. Plans are underway to integrate more protocols and public chains, with the Ordinal protocol being a prime example.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/2c561a67b42c41c8b3a9a79ce51bbd69.png" /><h2 id="header-2">The team behind Microvision</h2>The team behind MVC consists of scholars from the Chinese Academy of Sciences, Tsinghua University, and the National University of Singapore. The initial contributor team was built by 9 different teams from multiple countries and is a culmination of effort from dozens of people working together for almost three years. Most of the core players have worked on <a href="https://flagship.fyi/glossary/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> and believe that the UTXO model is the best. One of the co-founders of MVC is known as Jason Kwon or &#64;Jason_K0001 on Twitter.As for partnerships, MVC has collaborated with several entities. These include MVCSwap, Supercomputing Turing for scaling theory research, and VisionBox for bot services across platforms like WeChat, Telegram, and Slack. Additionally, they&#39;ve partnered with Show as a MetalID service for Web3 applications.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d360a02edbda453ab428c0bbeada08bf.png" /><h2 id="header-3">A scalable and faster Bitcoin sidechain</h2><a href="https://www.microvisionchain.com/explore/howtowork" rel="noopener noreferrer nofollow">MVC</a> was designed for scalability, aiming to cater to a vast user base of 8 billion. It&#39;s uniquely positioned to store data and execute <a href="https://flagship.fyi/glossary/smart-contracts/" rel="noopener noreferrer nofollow">smart contracts</a> on a single <a href="https://flagship.fyi/glossary/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> without any restrictions. This capability allows MVC to surpass the performance of existing blockchains, offering an unparalleled scaling solution.One of the standout features of MVC is its adoption of the UTXO model, which ensures high concurrency. This model, combined with the Big Block Scaling Strategy that has been testedMVC also employs the POW mechanism to guarantee a high level of <a href="https://flagship.fyi/glossary/decentralized/" rel="noopener noreferrer nofollow">decentralization</a> and collaborates with super nodes to assist miners in processing vast amounts of data. Furthermore, MVC incorporates parallel computation algorithms, maximizing node performance.A pivotal innovation of MVC is its built-in Layer 1 Decentralized Identity Protocol, tailor-made for Web3 applications. This protocol supports cross-chain operations, allowing a single MetaID for all blockchain data. It aims to end data monopolies and ensure data interoperability between apps, placing data ownership firmly in the hands of users.MVC also introduces the world&#39;s first high-performance smart contract based on the UTXO model, known as MetaContract. Developed in collaboration with a world-class university&#39;s High-Performance Computing Center, MetaContract is the Layer-1 Smart Contract with unparalleled concurrency and minimal execution costs in the blockchain industry. It achieves the Turing completeness of the UTXO model public blockchain for the first time, catering to all Web3 and MetaVerse user scenarios.Another innovative approach by MVC is allowing blockchain functionality without the need for cryptocurrencies. This strategy aims to popularize Web3 applications by enabling users to experience them without the necessity of purchasing or holding any <a href="https://flagship.fyi/glossary/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a>. MVC&#39;s journey has been marked by significant milestones. In 2022, core members of MVC introduced the Layer 1 MetaID Protocol and the Turing-completed High-performance Smart Contract, MetaContract. By August 2022, the MVC beta Testnet was launched and in January 2023 mainnet went live.<h2 id="header-4">Understanding MVC&#39;s tokenomics </h2>MVC has a distinct <a href="https://www.microvisionchain.com/tokenomics" rel="noopener noreferrer nofollow">tokenomics</a> structure that sets it apart in the <a href="https://flagship.fyi/glossary/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> space. The token native token is known as &#34;<a href="https://coinmarketcap.com/currencies/microvisionchain/" rel="noopener noreferrer nofollow">Space</a>,&#34; and its launch date was January 2023. The total supply of Space is capped at 21 million tokens. Initial contributors to the project have their tokens subjected to a three-month cliff, followed by a 30-month vesting period. The first release of these tokens was scheduled for April 26, 2023, with full vesting concluding on September 1, 2025. Interestingly, 210,000 tokens allocated for voting will not be available for sale until July 1, 2025. The allocation of Space is divided as follows: 55% for <a href="https://flagship.fyi/glossary/decentralized-autonomous-organizations-daos/" rel="noopener noreferrer nofollow">DAO</a>, 35% for POW, and 10% for early builders. The Proof of Build (POB) portion requires a 60% approval from Space holders through a non-constitutional proposal.MVC&#39;s funding approach is unique, opting for a fair launch instead of traditional methods like ICO or IDO. All establishment, node operation, and executive functions were financed by the initial contributors.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f8fa39da3a334bf793f100bde8d140d9.png" />The tokenomics are designed to benefit various stakeholders:Space-Holders: Space serves as a value carrier, governance token for MVC, and a medium for transaction costs. As more BTCfi projects are built on MVC, more BTC holders are expected to join the MVC community.Bitcoin-Holders: MVC offers an external operating system for <a href="https://flagship.fyi/glossary/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> through <a href="https://flagship.fyi/glossary/smart-contracts/" rel="noopener noreferrer nofollow">smart contracts</a>. It aims to provide services to Bitcoin holders similar to what <a href="https://flagship.fyi/glossary/polygon-matic/" rel="noopener noreferrer nofollow">Polygon</a> offers to <a href="https://flagship.fyi/glossary/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>. Soon, MVC will facilitate seamless NFT transfers between the Bitcoin Chain and MVC Chain.Contributors and Builders: They benefit directly from retroactive public goods funding and the markets it enables. The ecosystem is designed to reward builders, especially in an environment with well-structured allocation tools, education, apps, and infrastructure.Users and Community Members: They gain from MVC&#39;s native cross-chain infrastructure to other public blockchains, ongoing Space airdrops, project incentives from the Space ecosystem, and the benefits of public goods.The MVC <a href="https://flagship.fyi/glossary/decentralized-autonomous-organizations-daos/" rel="noopener noreferrer nofollow">DAO</a> (Decentralized Autonomous Organization) empowers Space token holders to propose and vote on protocol changes. It has a built-in treasury system that promotes the ongoing development of MVC. The Proof of Building model positions MVC as a business incubator for Web3, allowing unrestricted development of Web3, metaverse, and BTCfi applications. Through its native cross-chain DID system, MetaID, MVC aims to create a robust TCP/IP protocol by connecting Bitcoin and other multi-chain architectures, such as Polygon and Ethereum. This connection facilitates resource and information sharing between public blockchains, enabling each Web 3 project to focus on its development.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/bb23883bc28948c2a5d7180a1889218a.png" /><h2 id="header-5">Final thoughts</h2>MVC is showcasing a blend of innovative features and a robust foundation. Its alignment with <a href="https://flagship.fyi/glossary/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>&#39;s UTXO model, combined with its vision of becoming the premier side-chain for Bitcoin, sets it apart. The dedication of its diverse team, the unique tokenomics, and the forward-thinking technical solutions position MVC as with potential upside.The project&#39;s emphasis on scalability, user-centricity, and cross-chain operability underscores its commitment to fostering a more inclusive and efficient <a href="https://flagship.fyi/glossary/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> ecosystem. MVC&#39;s approach to <a href="https://flagship.fyi/glossary/decentralized/" rel="noopener noreferrer nofollow">decentralization</a>, combined with its focus on user empowerment through the MetaID protocol, reflects a vision of a decentralized future where data ownership and interoperability reign supreme.Link to Flagship article: <a href="https://flagship.fyi/outposts/market-insights/microvisionchain-mvc-deepdive/" rel="noopener noreferrer nofollow">https://flagship.fyi/outposts/market-insights/microvisionchain-mvc-deepdive/</a>

A deep dive into Microvision, a new Bitcoin sidechain.

Table of Contents

FlagshipFYI

Other articles published on Aug 29, 2023

Genesis Settles Creditors Claims with DCG Following B2C2’s Collapse!

ETHWarsaw returns for its second edition alongside Warsaw Blockchain Week

Exploring Linea: The Layer 2 solution from the makers of MetaMask

Binance Contemplates Exiting Russia: WSJ

German hosting stored in NATO bunker confronts TornadoCash-like verdict

Crypto Market Rallies on Grayscale’s Victory Against U.S SEC

Join our free newsletter for daily crypto updates!