Bytom (BTM) Simple Explanation of Difficult Stuff in Blockchain Space with MOVJune 30, 2020
Bytom is known for creating diverse assets and programmable economy. The community has been actively tuning to MOV. Those who want to understand Bytom should understand MOV.
Bytom are introducing a series of info graphics which explain the MOV network. The focus of MOV is to build a heterogeneous value asset exchange and collaboration ecosystem.
Magnet stands for value exchange engine magnetic contract, OFMF stands for decentralized cross-chain gateway, Vapor stands for layer 2 high speed side chain.
Sydney Ifergan, the crypto expert tweeted: “Bytom MOV covers Magnet, OFMF, and Vapor. It helps to understand the Decentralized Fin Ecosystem facilitated by their Introductory series.”
Bytom have recently facilitated with an introduction on how the magnetic contracts work with further clarifications in the series about Decentralized cross-chain Gateway OFMF(Open Federation Management Framework). An explanation has been facilitated for High Speed Side Chain Vapor and also about the relationship between MOV and Bytom.
While the articles providing clarifications about these concepts are clear, some of the users were asking for videos, which will instruct how to use MOV.
The AMA summary from June 10, 2020 provides with all the details one will want to know about Bytom.
It is to be understood that the MOV is a decentralized and interoperable trading protocol which is not just another DEX. The MOV protocol has been customized in a way to provide for cross-chain DeFi. The protocol clusters consist of open exchange protocols, magnetic exchange, reserve pool exchange, reserve pool lending and stable coins. Bytom is a public blockchain with POW consensus that is lot similar to Bitcoin.
Bytom (BTM) Bystack and MOV
There was a recent Medium clarification on how the MOV, Bytom and Bystack function in a chain relationship. Bystack is used in government initiatives focused on recording certain certificates on the blockchain. Bystack solution is based on the Bytom and MOV.
Lang Yu. CEO of Bytom previously expressed that MOV is an innovative product that integrates high-speed side chain with decentralized trading, cross chain and others on to the ecosystem. He recollected on how their team had to do a lot of research, designing, testing and thinking. He stated that since they did not have a similar protocol before it took very long for them to deliver.
He also clarified that they are working on lot of lingering issues while making efforts to develop lot of Defi Functions in combination with the existing trading system and the stable financial system.