OKChain & Bytom Partnership Proposal

Overview
Bytom Blockchain Protocol (aka: Bytom) is a protocol for multi-byte asset interaction . Different Assets running on the Bytom blockchain in different forms. Heterogeneous byte assets (native digital currency, digital assets) and Atomic assets (warrants, equity, dividends, bonds, intelligence information, and forecast information with counterparts in the traditional physical world) can be registered, exchanged, and contract-based more complex interactive operations through this protocol. Bytom blockchain connects the atomic world with the bit world, promote the interaction and circulation of assets between the two worlds, and creates diverse assets and programmable economies based on blockchain technology.

MOV is a decentralized cross-chain Layer 2 value exchange protocol

based on Bytom’s mainchain-sidechain architecture.

It consists of 3 core modules:

  • Value Exchange Engine Magnetic Contract (Magnet)
  • Decentralized Cross-Chain Gateway (OFMF)
  • Layer 2 High Speed Sidechain (Vapor)

MOV is dedicated to building a heterogeneous value

asset exchange and collaboration ecosystem.

Based on the unanimous goal of establishing open finance, Bytom and OKChain have reached cooperation. Bytom will work with OKChain at infrastructure construction to build an interconnected ecosystem and build each other’s ecology.

Cooperation plan

1. Multi-sidechains alliance, mutual recognition of side chain’s Tokens, mutual participation in the governance of each other’s federal nodes, jointly designing a unified cross-Chain docking sulution, and connect side chain ecosystems of Okcoin and Bytom.

The cross-chain assets (temporarily called BBTC, BETH) supported on Bytom should be completely equivalent to the cross-chain assets (temporarily called OBTC, OETH) on OKChain, that is, if the user’s BBTC is deposited into OKChain, it will be automatically converted Into OBTC, and users who deposit OBTC into MOV will automatically convert to BBTC.

The two parties jointly design a unified cross-chain solution, which will convert BTC in OKChain into OBTC, BTC in MOV into BBTC, and the exchange agreement between OBTC and BBTC can interoperate and open up the side chain ecology.

The two parties participate in the governance of each other’s federal nodes, Multi-signature mangement to users’ cross-chain assets, and use mature and secure solutions to ensure the safety of multi-signature keys.

2. Participate in the construction of consensus nodes

The OK mining pool will build the Vapor node of the Bytom side chain and become a consensus node of the side chain

Bytom will build an OKChain node and become a validator node of OKChain

Both Bytom and OKChain will stake required amount to be consensus node or validator

3. Work together to improve the decentralized multi-sign market-making plan and add support for OKChain

Decentralized trading is controlled by the user’s private key, Trading, deposit and withdrawal cannot be separated. The market maker cannot use the current centralized API of different authorization levels for capital allocation operations. To solve this problem, Bytom provides a multi-signature solution, the funder, market maker and service party create a 3–2 multi-signature wallet, separate the trading from the deposit and withdrawal operations, and select the withdrawal address through the whitelist mechanism, as shown in the following figure

Regarding OKChain’s different trading models, both parties will cooperate to transform market maker services to support decentralized market making of assets on OKChain

4.Threshold signature (TSS) is a solution for open gateway fund management developed by Bytom. Through the multi-signature scheme, (t-n) = 1–3 (that is, at least t + 1 = 2 parties’ signatures are required in the three parties) To manage the pool of funds

Bytom’s TSS(threshold signature) will add threshold signature support for OKChain assets

5.Complete atomic swap between OKChain assets and MOV assets

The two parties jointly developed an atomic exchange based on the hash time lock HTLC to quickly exchange the assets of OKChain and MOV. The two parties used the contracts of the Bytom and OKChain to lock the assets to be exchanged, and entered the correct input of hash within a limited time, you can complete the transaction. This solution does not require the intervention of the Federal Gateway, is more rapid and decentralized, and is suitable for some small asset exchange scenarios.

6. Build onchain DeFi Application Credit System based on Coindays Destroyed

Coindays destroyed refers to the value of assets on the chain and the number of days tthe asset is held. When the asset is traded again, the Coindays destroyed will be cleared. This feature reflects the indicator of the authenticity of blockchain network transactions and can be used as a weight for credit evaluation.

Bytom firstly use this indicator in the MOV trading competition, using this indicator effectively reduces the weight of fast trading between two own accounts to the minimum, so that only real counterparty trading can be counted. Bytom wants to create such an on-chain credit system together with OKChain, where Defi products need credit, such as oracle service, etc.

Blockchain technology and financial service naturally have a high Integrating degree. DeFi has received constant attention since its birth,and has inspired infinite creativity. However, current DeFi network is still operating in isolated ecosystems, mutual assets form islands of value, and multi-asset interoperability becomes hard. OKChain and MOV cross-chain protocol are the key driving forces for DeFi to enter the 2.0 era, enabling the free flow of digital assets. We hope to lead distributed open finance into a new stage!

Bytom public page: https://medium.com/bytomofficial Contact email address: contact@bytom.io