In the ever-evolving realm of cryptocurrencies, one question has persistently lingered: how can Bitcoin, with its ingenious architecture, fixed supply of 21 million coins, and the innovative ordinals protocol, transcend its role as a mere financial asset? The answer lies in the discovery that every Satoshi (Bitcoin’s smallest unit) holds value beyond investment. From art to tokens and even gaming, Bitcoin’s geeky experiments have transformed our understanding of its capabilities.

Now, let’s address the elephant in the room: Bitcoin’s absence of smart contract functionality has been a persistent limitation on its ecosystem’s expansion. But what if I told you there’s a revolutionary sidechain solution in the mix? This solution not only shares the same proof-of-work consensus mechanism and UTXO architecture but also carries the mission of scaling Bitcoin, all while introducing layer 1 smart contract capabilities. Could this be the ultimate solution we’ve been eagerly awaiting?

Hold onto your virtual hats, because there’s a hidden gem within this scaling solution — a feature often overlooked, yet profoundly impactful: 1:1 Satoshi mapping. What is it, you ask? Picture a perfect reflection — each Satoshi on Bitcoin has an identical counterpart on the sidechain. Your addresses on both Bitcoin and the sidechain are virtual twins!

Now, let’s delve into why this 1:1 Satoshi mapping would be a game-changer:

1. Safeguarding Bitcoin’s Core Design and Maximum Security: The sidechain leverages Bitcoin’s UTXO framework as its fundamental infrastructure, preserving Bitcoin’s robust security features.

2. The Seamless Asset Migration and Transaction: Thanks to the 1:1 Satoshi mapping, assets on both chains coexist harmoniously and can effortlessly transaction between realms. Once the bridge is constructed, they become an inseparable, dynamic duo.

3. The Effortless Ecosystem Transition Experience: With the introduction of smart contracts, a diverse range of ecosystem applications naturally emerges. As the sidechain evolves into the primary application layer, the 1:1 Satoshi mapping provides users with a frictionless interactive experience akin to Ethereum’s ecosystem.

4. A Familiar Landscape for Developers: For developers, coding on the sidechain closely parallels Bitcoin development, from architecture to programming languages. Bitcoin’s Builder tool effortlessly enables applications to support both chains, unleashing limitless creative potential. Think of it as creating value tokens on Bitcoin while showcasing applications on the sidechain — an equation where 1+1 yields far greater than 2.

5. A Potent Symbiotic Effect and Ecosystem Explosion: Recall Ethereum’s Layer 2 solutions? We can readily envision a comparable trajectory for the Bitcoin ecosystem with the bolstering support of sidechains. Due to the sidechain’s amplification, reduced fees and enhanced transaction efficiency will magnetize DeFi, GameFi, and NFT teams to establish projects within the Bitcoin ecosystem. In due time, even Web2 companies outside the cryptocurrency realm may gravitate toward sidechain collaboration, igniting a substantial ecosystem boom.

The 1:1 Satoshi mapping has shown us that innovation in the crypto space knows no bounds. It’s time to watch and witness how this feature reshapes the landscape of Bitcoin and beyond.

What is PSBT?
Bitcoin PSBT (partially-signed-bitcoin-transactions) is a transaction description format used for constructing and processing Bitcoin transactions. It provides a secure and flexible way for multiple parties to collaborate and work in parallel to build and sign Bitcoin transactions without exposing their private keys. PSBT is a data structure that includes transaction information and partially signed data. Its primary purpose is to allow participants to exchange transaction data while performing partial signatures to complete the Bitcoin transaction construction process.

What is the Ordinals Protocol?
The Ordinals Protocol is a system that assigns a unique number to each satoshi and tracks them in transactions. In simple terms, users can attach additional data through Ordinals, making each satoshi distinct. This process is called “Inscription.” The term “satoshi” is named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, and represents the smallest denomination of Bitcoin (BTC).

What Sparks Can Be Generated by Combining Both?
First, we need to understand why the Ethereum ecosystem thrives. The emergence of smart contracts and DeFi has led to a large number of ecosystem builders. DeFi essentially aims to solve two problems: asset verification and trustless asset exchange. With these two core foundations, a DeFi ecosystem can be built. The reason why the Bitcoin ecosystem has not seen much development is due to the lack of necessary conditions. However, with Ordinals solving the verification problem and PSBT addressing atomic exchange, the Bitcoin ecosystem’s story is about to begin.

An Example of PSBT:
Let’s consider three people: Alice, Bob, and Charlie, abbreviated as A, B, and C.

1.There’s a UTXO (Unspent Transaction Output) that needs to be split among A, B, and C. It can only be spent when 2 to 3 people sign and agree on the transaction.



2. A creates a PSBT. A, B, and C each generate an address and give it to A as the transaction output (representing the amount they should receive). They use the previously co-signed multisig UTXO as the transaction input. In Bitcoin, the unlocking script and locking script are referred to as input and output, respectively.



3. A checks all the transactions, finds no issues, and signs (this step requires no trust since only the participants can spend this money). A then sends the PSBT to B.



4.B checks the transaction output to verify the amount of Bitcoin received, finds no issues, signs the PSBT, and sends it to C.



5.C checks the transaction output to verify the amount of Bitcoin received, finds no issues, signs the PSBT, and broadcasts the transaction.



In summary, when all participants have signed, the transaction is included in a block by miners and executed. This behavior resembles a multisig transaction, but the signing can be done offline and in parallel. B does not need to wait for A to finish signing before signing.

In conclusion,
the above example illustrated the distribution of BTC balances. However, the final output of the transaction can be different, such as BRC-20 tokens or BTC-NFTs, opening up vast possibilities. For instance, in the case of BRC-20 tokens, the transaction process would involve atomic exchange. The seller constructs an input pointing to their Ordinals-Token and creates a receiving address with a specified amount of BTC, followed by signing. The PSBT is then passed to the buyer, who creates an input pointing to their BTC and constructs two outputs — one for their change and another for their Ordinals-Token receiving address — and signs again. Finally, the finalized transaction is broadcasted, completing the transaction in a fully trustless manner.

Imagine turning the above process into a user-friendly interface. It would enable the creation of a Bitcoin-based DEX (Decentralized Exchange) similar to Uniswap. Notably, mature products in this space have already emerged, indicating that it’s no longer just a theoretical concept. Feel free to explore further.



https://www.orders.exchange/

Lastly, let’s look forward to the continuous expansion of the Bitcoin ecosystem. As the layer1 ecosystem of Bitcoin grows, the demand for second layer solutions will inevitably arise. This path resembles the journey Ethereum has taken. While users may not experience significant differences in operations, the underlying technology and core logic are entirely different. Let’s anticipate the rise of the Bitcoin ecosystem together.

The use of blockchain technology has grown exponentially in recent years, and with it has come to the need for more secure and efficient wallet solutions. Enter MicrovisionChain, a cutting-edge blockchain that has been designed to solve the “blockchain trilemma” by leveraging the bitcoin UTXO model. And with Metalet Wallet, the first wallet extension based on this new blockchain, users can experience the many benefits of this emerging technology.

The UTXO (Unspent Transaction Output) model is an essential component of the Bitcoin blockchain technology. This system is designed to manage financial transactions more securely and efficiently than other traditional account-based approaches. The UTXO model works by maintaining a detailed record of all spent and unspent financial transactions on the blockchain network. Each individual transaction is recorded on a separate UTXO entry, enabling Bitcoin users to transact more flexibly, securely, and privately.



Advantages of Metalet Wallet



UTXO Model Support:
One of the major benefits of Metalet Wallet is its support for UTXO model wallets. This offers users enhanced security and performance when managing their digital assets. The UTXO model has become increasingly popular as it provides a robust and efficient way of handling transactions on the blockchain.

Cross-Chain Asset Support:
The Metalet Wallet offers cross-chain support for a wide range of UTXO-based public chain assets, including Bitcoin. This means that users can easily manage multiple digital assets from within the same wallet, without having to switch between different applications.

Customized Transaction Formats:
Metalet Wallet is designed to be highly interoperable, with a customizable protocol that can handle a wide range of transaction formats. This means that it can support a variety of complex use cases such as NFTs, DeFi, social networks, and other DApps.

Security and Privacy Benefits
One of the key advantages of utilizing Metalet Wallet is its enhanced security and privacy features. The integrated smart contract technology used by Metalet Wallet ensures that all transactions are conducted securely and transparently. This means that users can have confidence in the safety of their assets and transactions.

Furthermore, the Metalet Wallet is designed to be highly private, with all transactions being conducted in a secure and encrypted environment. This ensures that user data and digital assets are kept safe and secure.

Low Transaction Fees and Speedy Zero Confirmations
While low transaction fees and speedy zero confirmations are often attributed to the underlying blockchain technology, Metalet Wallet takes this further by offering an intuitive and user-friendly interface that allows for seamless and hassle-free transactions. All transactions can be conducted quickly and with ease, ensuring that users can access their digital assets or complete transactions without delay.



In conclusion, Metalet Wallet is a promising new wallet extension that offers a range of compelling features for users of the MicroVisionChain blockchain. The UTXO model is one of the main reasons Bitcoin has retained its position as the most dominant cryptocurrency over the past decade, and it continues to be a vital component of the broader cryptocurrency ecosystem. With support for UTXO model wallets, cross-chain asset management, customizable transaction formats, enhanced security, and low transaction fees, it has the potential to be a game-changer in the world of blockchain wallet technology.

Visit https://www.microvisionchain.com/ to learn more about MicroVisionChain and visit https://chrome.google.com/webstore/detail/metalet-mvc-wallet/lbjapbcmmceacocpimbpbidpgmlmoaao to learn the many benefits that Metalet Wallet can offer.

With the bear market and the general downturn, there is a fear that NFTs are dead. According to data from NFT data aggregator CryptoSlam, since April 2022, global NFT sales have continued to decline, and are currently down by more than 89.9% from the peak transaction volume of over US$4.9 billion a year ago. Will NFT come back in 2023? This should be a matter of great concern to the industry.

NFTs are disrupting the digital world and industries from art to gaming to investing. But NFTs have yet to reach their full potential. Discussions and analyses on the value and prospects of NFTs are not uncommon, and the answers are different. For most ordinary investors or people outside the industry, the story of NFT seems a bit abrupt. Is NFT the next “brave new world” or a bubble? To be honest, the market results are often a posteriori, and we are often able to explain it afterward, but it is not so easy to determine the direction of this emerging market.

Fortunately, NFT seems to be looking forward to sunshine and spring breeze-Web 3 social platforms using NFT are gaining attention. Aave’s Lens Protocol, for example, has nearly 100,000 users since launching in May 2022. In addition to a lot of quantitative data, there is also a lot of qualitative data showing that the recent NFT boom has led to a large number of powerful Web 2 builders entering the Web 3 space and using NFT to build.



Hot Wind: Build a social platform around NFT

When Web3 applications sprung up, NFT social platforms have also become one of the most popular applications in the Web3 social graph. The NFT social platform is a social platform built around NFT. It is associated with NFT in every link of user posting, interaction, following other users, and purchasing collectibles:

1. NFT use cases for posting and interaction: users can get NFT rewards by posting, reposting, and commenting, that is, the Social-to-Earn mechanism;

2. Pay attention to the NFT use cases of other users: users can create personal homepages in the form of NFT, and the platform recommends users who own the same kind of NFT collections according to the user’s NFT collections (for example, both parties are BAYC holders), and users can share information with other users. Users share NFT;

3. Buy collectibles: Users can issue NFT collectibles through social platforms and share advertisements for NFT collectibles.

Representative projects: DeFine, Showtime

DeFine and Showtime can be said to be representative projects of NFT social platforms.

DeFine builds a Web3 social account system, including a badge system, NFT tags, and cross-platform interoperability. Users can share wonderful moments, harvest and trade NFT through the platform.

Showtime allows users to share NFT works. The functions include viewing NFT rankings and creator rankings by popularity, likes, comments, sharing and collecting NFTs, etc. Showtime provides a space for NFT collectors to display and communicate.



But today I want to talk about a new project about Web3 social applications that I came into contact with this year — “Show”, which is not actually a new product, it was launched after a deeper upgrade. It is worth noting that Show currently has more than 100k users. The following will give you an analysis of whether this project is worth your attention:

1. The width of Show3: NFTs of each chain can coexist

NFT and social networking are originally two separate things. When NFT first entered the social circle, NFT had the function of acting as a social avatar. Since then, it has exploded, and changing to an NFT avatar has become a social identity symbol of Web3. Nevertheless, NFT is more about speculation, because different NFTs exist on different chains, and different Web3 social applications also exist on different chains, and there is an obvious competitive relationship between different public chains. The development of NFT seems to be booming. In fact, this is also a circle and monopoly method of different chain project parties. The real Web3 application is user-oriented, which means that users can display their own NFTs in different public chains in a certain Web3 application, rather than independently.



Show3 is the first NFT social application that I have seen so far that allows all NFTs to coexist. I think it can make the NFT ecosystem more balanced and healthy. Show is currently adapted and can display and use NFT in ETH, BSV, MVC, and Polygon formats, and will continue to adapt to more different blockchains in the future; in the past, NFT Holders were often distinguished by chains. Holders on Ethereum rarely have the opportunity to contact Holders of other blockchains. And Show’s support for multiple chains will build a larger, richer, and more diverse community.



2. Show3’s Depth: Every NFT Has a Use

The hallmark of Web3 social applications is the establishment of identity connections through blockchain wallets. Web3 wallets are not just a concept, they are a key point of blockchain infrastructure and the entrance of Web3 social applications. If it is just an identity authentication problem, such Web3 is completely inferior to Web2, and the breakthrough lies in NFT. NFT originally exists in the Web3 wallet. How to fully provide application scenarios for NFT is characteristic of NFT social applications.



Here I will mention the slogan “Show: NFTize Your Social Life” seen on the Show3 official website. As a completely decentralized social platform with NFT as its core, Show3 has created rich application scenarios for NFT. Here, NFT can become an entry ticket for community channels, a voucher for grabbing red envelopes (dividends), and an avatar social identity. In addition, it also has emoticon packages, sharing and showing off functions, etc., and the functions are still being updated.



Summarize

Web 2 social media platforms are also applying NFTs. Reddit allows avatars to be integrated, Twitter allows avatars to be showcased, and Instagram can post and mint content as NFTs. However, these are really just “calf trials”. More importantly, I don’t think no matter how hard they try, they can’t get rid of the hat of traffic monopoly.

Only fully decentralized Web3 applications can really benefit global users, and NFT will eventually become the motor of Web3 social development. Although the overall crypto space under the bear market is depressed, I am still confident that I am optimistic about the adoption of NFT and many social-oriented Web3 applications.

Web3 Twitter Damus Phenomenon Explosion

A social app that can’t even post pictures has become the first star of Web3 in 2023. This is the social APP “Damus” based on the decentralized social protocol Nostr. A large number of users inside and outside the circle poured into this extremely simple social APP full of curiosity. People who didn’t know much about Web3 were disappointed when they found that there was no function for group chat or deleting text.

As soon as Damus appeared, he came to “beat Twitter”. The decentralized protocol Nostr enables Damus to have features such as no registration and encryption, ensuring the privacy and freedom of users to the greatest extent. The simplicity of the Nostr protocol is also impressive.



After the download of Damus is complete, the user can directly create an account without a phone number, email verification, and real-name verification. Just enter the user name that is used by the user, and the system will pop up the public key (starting with npub, similar to the user’s “account”), click Click the copy button next to the public key, and then the system will automatically pop up the private key (starting with nsec, similar to the user’s “password”). Continue to click the copy button next to the private key to enter the Damus product interface. Familiar but novel experience, as well as the fanfare of a group of KOLs, made Damus quickly become a phenomenon-level product.



The Web3 version of Discord is coming too?

In fact, at this stage, many users of Nostr only care about the appearance of the application layer, but do not understand the essence of the protocol layer. Nostr does not adopt the decentralized solution of blockchain.

Recently, Show3, a decentralized social application similar to Discord, has begun to attract people’s attention. Unlike Damus, it chose the path of complete data on-chain and adopted the decentralized identity protocol “MetaID”. During the small-scale internal testing time, more than 20 million Tx numbers have been accumulated. Some people even commented that Show3 will be an all-around dimensionality reduction product to attack Nostr and Damus.



In fact, the Show team has entered the DID track in 2019 and has accumulated more than 150,000 registered users. The team did not choose to enter the mainstream Ethereum circle but immersed themselves in doing something different — underlying construction and creating a new Web3 ecological foundation, including participating in the construction of new public chains, protocol layers, open-source middleware, various class applications, etc. A technical team of less than 20 people has built a complete ecology in obscurity within 3 years. It was not until the release of the Show3.io application that it began to exert its strength in the market.



In the short term, the Show team’s approach is relatively clumsy and has a high risk of survival; but in the long run, this may change the entire blockchain ecosystem.

Who can represent the future of Web3 social networking

The success of a decentralized social platform depends on various factors and requires speculation and evaluation of multiple factors such as market trends, technological development, and competition, including:

1. User needs: meet the new needs of users for privacy, security, chat experience, making money, etc.;

2. Technical advantages: more efficient, safer, easier to use, and other technical advantages, which can attract users to use;

3. Marketing: A successful social platform requires effective marketing and communication methods to increase user awareness and utilization;

4. Social Network Effect: The success of social platforms is often affected by the social network effect, that is, users prefer to use platforms with a large number of friends.

As far as the advantages of the two are concerned, the degree of decentralization of both is very high, no single institution or individual controls user data, and provides higher privacy protection. At the same time, the decentralized nature also increases the security of the application, because there is no single point that can be hacked.

What is more worth mentioning is that the Damus community is driven by users, which means that the community can change and evolve according to needs, that is, the product updates of Damus mainly depend on the needs and suggestions of users, etc., which truly embodies the user-oriented Web3 spirit. At the level of asset interoperability, Show3 supports asset interoperability, allowing users to easily buy, sell and exchange digital assets in social networks.

Show3 has only started to ferment in small circles. In comparison, a “semi-finished product” Damus can be popular, and there is no reason for it to stay out of the circle. The biggest difference between Show3 and Damus is:

1. The data generated by users on Show3 is completely on-chain, so real data interconnection can be realized, and the underlying protocol has been completely decentralized; Damus is just a semi-finished product under the banner of “Twitter Killer”;

2. Show3 builds a Web3 social network with NFT as the core. In addition to providing users with NFT-related functions and services such as discovery, discussion, use, and circulation, the platform itself is also completely composed of NFT elements, such as user avatars, avatars, personal Space decorations, pets, emoticons, etc. are all tradable NFTs, and users are allowed to accumulate experience to forge their own exclusive NFTs. Even the latest status, posts, on-chain pictures, and on-chain videos posted by users every day can be easily cast into NFTs and become their own on-chain digital assets. NFT social networking is the wind vane and entry barrier of the current Web3 application graph, and Damus does not even have basic group chat and image posting functions;



3. Show is currently adapted and can display and use ETH, and NFT in Polygon format, and will continue to adapt to more different blockchains in the future; in the past, NFT Holders were often distinguished by chains. Holders on Ethereum rarely have the opportunity to contact Holders of other blockchains. And Show’s support for multiple chains will build a larger, richer, and more diverse community.



4. Show3 is based on MetaID’s open-source social network and Web3 middleware — MetaSo. Developers can deploy new Web3 social applications within 20 minutes by simply editing configuration files. MetaSo will break down data silos and build an ultimate decentralized Web3 social platform. The Nostr protocol that Damus is based on is relatively isolated. Due to the lack of infrastructure, it is difficult for developers to quickly build application networks through Nostr.

What is MetaSo



Image Source：https://www.metaso.network/

Web3 social needs to be broken

However, at present, the Web3 social landscape we see still has great limitations. The scenarios for Web3 social networking to provide user experience beyond the Web2 experience are limited, and the social data or content on the chain provided to users is limited, which cannot make the DID/social media ecology The system is more fleshed out. Web3 social applications that truly have the future have the following characteristics:

1. Elegant underlying protocol. When the problem of the underlying protocol is solved, the application based on the protocol can be conveniently developed and the experience can be better, so that users can willingly abandon the familiar centralized social platform;

2. With NFT as the core, it has rich application scenarios, allowing a wider range of people to appreciate the value of NFT;

3. Cross-chain capability and high concurrency performance allow all chains to coexist. This is the premise for maintaining the healthy development of social ecology and the premise for billions of users to enter without threshold;

4. Perfect infrastructure. The B-side (KOL, group owner) and the A-side (developers, project parties) can actually promote the rapid progress of the application;

5. Incorporate AI. On the one hand, the huge data on the chain every day can provide fuel for the AI ​​engine, on the other hand, AI can help users skip tedious operations, generate virtual people with their own personalities in Web3 social networking, detect fake NFT projects, etc.

6. The operation experience is as simple as that of Web2, which is a necessary prerequisite for popularizing users all over the world, allowing Web2 users to enter Web3 and discover a new world unconsciously.

I believe that in the long run, whether it is Damus or Show3, it will be an unstoppable trend for Web3 social applications to surpass Web2 giants in the future.

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The use of blockchain technology has grown exponentially in recent years, and with it has come to the need for more secure and efficient wallet solutions. Enter MicrovisionChain, a cutting-edge blockchain that has been designed to solve the “blockchain trilemma” by leveraging the bitcoin UTXO model. And with Metalet Wallet, the first wallet extension based on this new blockchain, users can experience the many benefits of this emerging technology.

The UTXO (Unspent Transaction Output) model is an essential component of the Bitcoin blockchain technology. This system is designed to manage financial transactions more securely and efficiently than other traditional account-based approaches. The UTXO model works by maintaining a detailed record of all spent and unspent financial transactions on the blockchain network. Each individual transaction is recorded on a separate UTXO entry, enabling Bitcoin users to transact more flexibly, securely, and privately.



Advantages of Metalet Wallet



UTXO Model Support:
One of the major benefits of Metalet Wallet is its support for UTXO model wallets. This offers users enhanced security and performance when managing their digital assets. The UTXO model has become increasingly popular as it provides a robust and efficient way of handling transactions on the blockchain.

Cross-Chain Asset Support:
The Metalet Wallet offers cross-chain support for a wide range of UTXO-based public chain assets, including Bitcoin. This means that users can easily manage multiple digital assets from within the same wallet, without having to switch between different applications.

Customized Transaction Formats:
Metalet Wallet is designed to be highly interoperable, with a customizable protocol that can handle a wide range of transaction formats. This means that it can support a variety of complex use cases such as NFTs, DeFi, social networks, and other DApps.

Security and Privacy Benefits
One of the key advantages of utilizing Metalet Wallet is its enhanced security and privacy features. The integrated smart contract technology used by Metalet Wallet ensures that all transactions are conducted securely and transparently. This means that users can have confidence in the safety of their assets and transactions.

Furthermore, the Metalet Wallet is designed to be highly private, with all transactions being conducted in a secure and encrypted environment. This ensures that user data and digital assets are kept safe and secure.

Low Transaction Fees and Speedy Zero Confirmations
While low transaction fees and speedy zero confirmations are often attributed to the underlying blockchain technology, Metalet Wallet takes this further by offering an intuitive and user-friendly interface that allows for seamless and hassle-free transactions. All transactions can be conducted quickly and with ease, ensuring that users can access their digital assets or complete transactions without delay.



In conclusion, Metalet Wallet is a promising new wallet extension that offers a range of compelling features for users of the MicroVisionChain blockchain. The UTXO model is one of the main reasons Bitcoin has retained its position as the most dominant cryptocurrency over the past decade, and it continues to be a vital component of the broader cryptocurrency ecosystem. With support for UTXO model wallets, cross-chain asset management, customizable transaction formats, enhanced security, and low transaction fees, it has the potential to be a game-changer in the world of blockchain wallet technology.

Visit https://www.microvisionchain.com/ to learn more about MicroVisionChain and visit https://chrome.google.com/webstore/detail/metalet-mvc-wallet/lbjapbcmmceacocpimbpbidpgmlmoaao to learn the many benefits that Metalet Wallet can offer.

Bitcoin is more than just a cryptocurrency
In the field of cryptocurrency, Bitcoin (BTC) is widely recognized as the largest and most secure blockchain. Its security is derived from a unique Proof-of-Work (PoW) consensus algorithm, and its design makes understanding and using Bitcoin relatively easy. However, as the cryptocurrency ecosystem continues to evolve and the demands shift towards more complex functionalities such as smart contracts, the need for such features has become apparent. While smart contracts have primarily been associated with blockchain platforms like Ethereum, the introduction of the Bitcoin Virtual Machine (BVM) is gradually changing this landscape.

Smart contracts are contracts that can automatically execute contract terms written in code on a blockchain. Smart contracts enable the construction of more complex decentralized applications (DApps) on the blockchain. While blockchain platforms like Ethereum already support smart contract functionality, Bitcoin’s design does not directly support this feature.

Bitcoin Smart Contracts have arrived
To explore the potential of implementing smart contracts within the framework of Bitcoin’s simplicity and security, a blockchain project called MicroVision Chain (MVC) was born. MVC, similar to Bitcoin, is a blockchain based on the Unspent Transaction Output (UTXO) model and uses the same Proof-of-Work (PoW) consensus algorithm.

However, MVC introduces a smart contract model called the Bitcoin Virtual Machine (BVM), aimed at expanding the functionality of smart contracts on the basis of Bitcoin. In the upcoming new era, BVM demonstrates tremendous potential, proving that Bitcoin can be programmed and capable of running smart contracts.



The core advantages of BVM include the following:

Ease of Maintenance
Contracts in BVM are deterministic, where the output solely depends on the input and does not produce side effects, nor does it depend on or alter external states. The code is easier to understand and predict with readability and maintainability.

Parallel Computing
Since there is no global state in BVM, one does not need to worry about state safety issues in parallel computing. This allows the BVM to handle large-scale contract calculations effectively, providing an advantage in performance scalability.

Ease of Testing and Debugging
Testing is easier to perform thanks to the functional programming used in BVM. The deterministic nature of the contracts, where you only need to focus on inputs and outputs, simplifies the debugging and eliminates external states concerns.

Code Conciseness and Robustness
The functional programming paradigm employed in BVM encourages the use of compact, well-structured code. Developers can write more with less, enhancing code efficiency and readability.

Furthermore, functional programming promotes the construction of robust code by favoring immutability and stateless functions. This minimizes bugs related to state changes and makes the code more predictable, reliable, and easier to debug, leading to overall system robustness.

Simplicity and Compactness of Code
The stack-based implementation of BVM allows for simpler and more compact code. The operations are performed in one place — the top of the stack, which reduces the complexity of the code.

This simplicity often leads to smaller code sizes and is beneficial to memory and bandwidth usage. Furthermore, simpler code tends to be less error-prone, reducing the likelihood of bugs and making the code more reliable. This is crucial in the context of smart contracts.

Bitcoin’s Parallel Scaling Universe
MVC is referred to as the best scaling homomorphic chain of Bitcoin, sharing the same underlying UTXO structure, consensus mechanism, and total supply as Bitcoin. Therefore, it can establish a one-to-one mapping relationship with all Satoshis of BTC, becoming a “balanced universe” sidechain to some extent.

MVC possesses the industry’s first Turing-complete smart contract based on Bitcoin UTXO, demonstrating super-high performance with over 10,000 transactions per second (TPS) on its test network. Its ecosystem currently has over 20 available applications, 10,000+ active addresses, and is about to embark on building massive applications on Bitcoin to accommodate billions of users in the future.



It is important to emphasize that MVC and BVM are not intended to replace Bitcoin but rather to serve as a sidechain to the existing Bitcoin architecture, adding additional unlimited scalability possibilities to the Bitcoin blockchain. By separating these experimental features from the Bitcoin main protocol, the simplicity and security of Bitcoin can be ensured while expanding its potential applications.

Conclusion
Overall, Bitcoin demonstrates immense potential for expanding its applications, primarily due to its unique simplicity and security features. As the cryptocurrency ecosystem continues to evolve, projects like MicroVision Chain (MVC) have emerged, introducing innovation and new perspectives that play a crucial role in driving the integrity of Bitcoin. MVC’s BVM shows that Bitcoin has the potential to achieve smart contract functionalities similar to platforms like Ethereum, undoubtedly enriching and diversifying the cryptocurrency ecosystem. Through continuous exploration and practice, it is believed that we will witness a more diverse and vibrant future of blockchain.

Sources:
Introducing Bitcoin Virtual Machine (BVM)

https://medium.com/@mvcglobal/introducing-bitcoin-virtual-machine-bvm-d96fcad5aa3a

Bitcoin Virtual Machine (BVM) Emerges: Decoding BTCFi Rising Star MVC

https://www.coinspeaker.com/bitcoin-virtual-machine-emerges-decoding-btcfi-rising-star-mvc/

A New Bitcoin Era: Ordinals, Smart Contracts, and BVM

https://stably.io/a-new-bitcoin-era/

Bitcoin, the groundbreaking digital currency, has revolutionized the way we perceive and utilize money. However, as its popularity grows, so does the need for a more efficient and scalable network. This is where Bitcoin Layer 2 technology comes into play, offering a solution that enhances the Bitcoin network’s scalability, security, and usability. In this article, we will embark on a journey to explore the ideal characteristics that a Bitcoin Layer 2 solution should possess, making it a game-changer in the world of cryptocurrencies.

Secure and Non-disruptive

Imagine a world where Bitcoin transactions are not only secure but also easily accessible and under your complete control. This bidirectional security is a crucial aspect of an ideal Bitcoin Layer 2 solution. It ensures that your BTC assets can be securely transferred from the main network to the Layer 2 network and back, empowering you with full control over your funds without any centralized intervention. Just like holding physical cash in your hands, this bidirectional security brings a sense of freedom and autonomy to the digital realm.

Now, let’s dive deeper into the technical side of things. When designing a Bitcoin Layer 2 solution, it is essential to prioritize a smooth and non-disruptive deployment process. Instead of introducing new features that require modifications to the main network, a Layer 2 solution should build upon the existing capabilities of the Bitcoin network. Think of it as constructing an additional layer on top of a sturdy foundation. By seamlessly integrating with the main network, this Layer 2 solution can maintain stability while evolving in harmony with the Bitcoin ecosystem.

Sustainable Economy

As the mining landscape evolves, it is crucial to address the future sustainability of the Bitcoin network. The Bitcoin halving model dictates that miners’ revenue will gradually shift from block rewards to transaction fees. Therefore, an ideal Bitcoin Layer 2 solution should provide a mechanism for the mining fee to grow. This incentivizes miners to continue contributing their computational power, which forms the backbone of Bitcoin’s network security. After all, without sufficient fee incentives, miners might be forced to withdraw, leading to a decline in computational power and potential risks to network security.

Simple and Intuitive User Experience

Now, let’s shift our focus to the broader picture and explore how an ideal Bitcoin Layer 2 solution can expand the utility of Bitcoin and improve the overall user experience. By offering improved scalability and faster transactions, this Layer 2 technology empowers users to participate in the Bitcoin ecosystem more efficiently. It’s like upgrading from dial-up internet to high-speed broadband — transactions are processed swiftly, and the Bitcoin network becomes more accessible to builders and users alike.

To truly harness the potential of Bitcoin Layer 2, it is advantageous to incorporate features similar to the Ethereum account model. Imagine if using Bitcoin became as simple and intuitive as interacting with popular social media platforms. By adopting an account model akin to Ethereum, Bitcoin Layer 2 can offer a more user-friendly experience. Just like using your social media handle to connect with friends and family, this account-based system allows users to interact with decentralized applications (DApps) and smart contracts using familiar addresses. This familiarity enhances the overall user experience and encourages broader participation in the Bitcoin ecosystem.

Assets and Data Interoperability

Furthermore, interoperability between different Layer 2 solutions and blockchain networks is vital for seamless data exchange. Picture a world where you can effortlessly transfer assets and information between different Layer 2 networks, just like sending an email that reaches recipients regardless of their email service provider. By incorporating mechanisms for data interoperability, similar to those found in Ethereum, Bitcoin Layer 2 can unlock the true potential of seamless asset transfers, fostering collaboration and innovation across various blockchain ecosystems.

Incorporating smart contract functionality within Bitcoin Layer 2 further amplifies its potential. Just as a smartphone offers a multitude of applications at your fingertips, enabling smart contracts within Bitcoin Layer 2 opens up a world of possibilities. Decentralized finance (DeFi) applications, decentralized exchanges, and innovative use cases become accessible to users, driving the adoption and utility of Bitcoin to new heights.

Bridge the Gap between Ethereum and Bitcoin

By aligning Bitcoin Layer 2 with the Ethereum account model, we can create a synergy between the two largest blockchain networks. This integration allows Bitcoin-based assets and services to seamlessly interact with the vast array of existing Ethereum-based DApps and infrastructure. It’s like combining the powers of two superheroes to create a force stronger than ever before. This collaboration expands the reach of Bitcoin’s capabilities, encourages cross-platform development, and creates new opportunities for developers and entrepreneurs to build innovative solutions.

Conclusion

By focusing on these key considerations, we can unlock the true potential of Bitcoin, creating a network that is secure, scalable, and user-friendly. Just as the internet revolutionized our lives, Bitcoin Layer 2 technology has the power to reshape the future of finance, ushering in an era of decentralized possibilities. The journey has just begun, and it’s an exciting one to be a part of.