AMA Recap With Bytom CEO: BMC Sidechain Launched
Bytom: Could you please briefly introduce new functions of Bytom Sidechain? And which assets can be supported on this sidechain?
Langyu:The main function of BMC is to support EVM virtual machine and cross-chain functions. On this side chain, it will initially support BTM, BTC, ETH ecological Token, LTC and other assets.
Bytom: It sounds great!! And we are really curious about why to launch BMC and what it has to do with the original sidechain Vapor. After launching BMC, what will happen to the old Vapor sidechain?
Langyu: The Bytom2.0 whitepaper promises to realize the features of virtual machines compatible with EVM. We will first try to upgrade on the side chain and then migrate to the main chain. BMC is an upgraded version of the original side chain, which is two different chains, including consensus, block generation time, reward mode, and application. After the new side chain goes online, the old Vapor side chain will stop running and assets will be migrated to the BMC.
Bytom: Thanks for answering. So in the Bytom chain, what is the role of the side chain and main chain? Why do we still need a side chain instead of just an integrated main chain?
Langyu:The main chain and the side chain are working together. Both the main chain and the side chain use BTM as a fee. No additional BTM will be issued in the side chain. The consensus node of the side chain is also determined by the main chain consensus node. Through our research, we found that an integrated main chain has many technical difficulties that need to be overcome. Taking into account the time and ecological issues, we will proceed step by step.
Bytom: After the BMC sidechain news was released yesterday, we received a private message from the user. He is more concerned about how much the gas fee of BMC through transactions will be.
Langyu: The transaction fee of the BMC side chain will be calculated in Gas. Because of the optimization of the transaction volume, the gas fee will be much cheaper than the original side chain vapor. So don’t worry
Bytom: Great! And do you have any development plan after launching BMC? Could you please share it with us?
Langyu: The mainnet will release immediately, and the MOV applications will be migrated from Vapor. After the official launch, there will be a series of activities, not limited to Hackathons, Grants, capital investment . all are going to focus on encouraging Metaverse applications.
Bytom: It’s really amazing. And we’d like to know what about the Bytom’s development layout of Metaverse, which is a very popular concept recently. Could you please share it with us?
Langyu: Bytom team won’t do any application-level work, such as VR/AR, chain games, etc., but will only define basic protocols, similar to the laws of physics in reality, including neutral protocols such as NFT circulation and reproduction. Developers are encouraged to use these protocols to achieve a unified and diverse ecology.
Bytom: Through MAZ whitepaper, we have noticed two of interesting patterns called “Aggressive trading model” and “deposit”. So after we become a user, how will MAZ platform guarantee the safety of our work and deposit?
Langyu: The aggressive transaction mode is realized through contracts, and the chain can only be controlled by a private key, so the platform cannot manipulate users’ margin and works.
Bytom: Cool!!! Through the introduction from the production team, crypto SanGou NFT has a group of attribute value and it will be a plan of reproductive function. So will this NFT have its own game?
Langyu: Maybe it will, but it will not be launched by us. Bytom will only develop the fundamental protocol.
Bytom: The next question is in what way crypto San Gou NFT will be issued. Is it only able to purchase through the aggressive market?
Langyu: Here will be some activities later. Crypto SanGou (aka. 3 kingdoms) NFT is mainly distributed through the proof-of-work mechanism, which is a free gift. If others want to buy, they can only purchase in the aggressive market.
Bytom: Understanded. And could we transfer the NFT minted or purchased on Maze protocol to other NFT platforms for sell?
Langyu: In the future, different platform interactions can be realized through cross-chain. We are actively contacting some NFT cross-chain agreement project parties for cooperation.
Bytom: Sounds great!!! Will BMC have anything to do with Maze Protocol and NFT? Or will the Maze protocol be supported on the BMC?
Langyu: Maze is an NFT auction market which uses an aggressive market auction protocol. Maze will be supported in the follow-up on BMC, and the fertility agreement will also be implemented on BMC.
Bytom: Mr. Lang, could you please explain the current progress of BMC and the Maze Protocol? How long will it take for users to officially use?
Langyu: The BMC side chain test network has been released, and the mainnetwork will be launched after supertx migrated. It will be completed within a few weeks. Maze will open the kick-off event immediately, welcome to participate!!
Alexei: Greetings Lang yu! Glad to have the opportunity to chat! I will have some questions! I believe I will voice questions that many people are interested in!
Alexei: I see that Bytom’s ecology has grown significantly and continues to expand. I am very interested to know about the plans of the Bytom team for the coming year. I ask you to tell us about the main trends on which the team will focus in development, and I also ask you to tell us about the publication date of the Bytom roadmap for 2022.
Langyu: We are going to release a new roadmap for bytom 2022 recently
Alexei: I am very interested to learn about Bytom’s plans for a developer competition that Bytom has successfully held two times already. Will there be DevCon-3?
Langyu: Yes. the event will start after mainnet online
LIL: When the Bytom team start aggressive marketing? btc8 this is very powerful team, why yo can’t advertise your project?
Langyu: Quite soon. 8btc and bytom are different teams. we will advertise Maze at defidaonews.com — international 8btc.com
HarykeN: In which markets does BMC mainly focus on developing and operating? Is your country supportive of the problems you are facing? Does the group want to expand to other countries in the future?
Langyu: NFT & Metaveser. It’s quite new for our country, everyone is trying to do something with NFT. Let do it before we face problem. our applications open to all countries.
Karyl Moon: What is the way to spend crypto in your ecosystem? How do you balance developing technology and also improving the value of your token?
Langyu: Use btm for Gas fee. Staking BTM to earn reward. It’s hard to balance but I think value of tokens will be zero if we don’t develop tech.
Simon: We have seen massive development on BTM and SUP. What is the plan of the team on MAG for 2022?
Langyu: MAG will be used in other way , not for magnex. Please notice our plan.
Super money: Will you stick to it? Including financial resources?
Langyu: Yes. both financial support and technology support.
Little leaf: What are the activities or measures to ensure that there are new third-party teams willing to come in and build applications to improve the ecology?
Langyu: Because before it was our own virtual machine, the learning standard was too high for developers. Now BMC can migrate seamlessly and subsequently attract third-party teams or applications through development help, investment and hackathon selection.
Little leaf: Do you think the aggressive trading model based on the Harburg tax mentioned in the Maze whitepaper may lead to higher holding costs and market frictions, thus discouraging users from buying and holding NFTs?
Langyu: There is a cost to hold, so that liquidity can become greater. If there is no cost of holding, almost NFT will not be liquid, many NFTs are released, started a lot of marketing, and then no one trades. Of course the increased market friction and higher costs you mentioned are shortcomings, but NFTs are, after all, not suitable for high-frequency trading through aggregation.
Little leaf: I also want to know that, the Maze whitepaper mentions that after the excited state NFTs are “sealed” to the basic status NFTs, the transaction requires a specific platform and period, what is the meaning, and what is the specific platform and duration?
Langyu: “Seal” is just like normal auction mode, you can hold NFT, not sell.
Jin tu: I want to know the specific launch date of Maze platform.
Langyu: Maze platform will be launched in December. I will not disclose the exact time. There will be events at that time and everyone is welcome to participate.
Darkride: Which aspect of the metaverse is Bytom aiming to do? Any goals and focus?
Lanyu: Bytom will invest get into the fields of NFT and attribute NFT of metaverse.
mmmmm：How is the development of MOV?
Langyu: MOV will be the first application to migrate to the BMC.
Bei Jixiong: We need channels of communication and also need to consider better ways to manage community.
Langyu：Nice idea! Our community group can be improved, and the operations team has also made some adjustments, there will be more changes in the future. I will also always be in the community group.