🎯New Public Blockchain Again?
Last updated
Last updated
MVC’s ultimate ambition is to become the world’s largest public blockchain for Web3, serving individuals and communities across the globe. To achieve this, MVC must not be affiliated with any commercial organization or institution but rather belong to all humanity, with early governance carried out through decentralized organizations such as DAO.
MVC is an infinite and expansive new world with exceptional natural conditions capable of accommodating countless residents. As the initiator of the DAO, MVCLABS was fortunate to discover this new world and lay the necessary infrastructure. However, to build a future Web3 world on it, we need not only powerful miners to provide hash rate to protect this land but also a multitude of builders to construct roads, water, electricity, and other basic facilities. We also need skyscraper-like projects and numerous business entities to attract a large user base to this vast new world. This requires a collective effort and collaboration among builders, entrepreneurs, and developers.
The MVC DAO is our solution to this challenge. We aim to create a decentralized platform where builders worldwide can come together to contribute their expertise and resources to build the future of Web3. With the MVC DAO, we can create a community-driven project that prioritizes innovation, collaboration, and decentralized decision-making to realize our shared vision for a better future. Together, we can build a new world for Web3 that belongs to all of us.
Before we introduce MVC DAO, it is crucial to understand why we established MVC and why it is considered a public blockchain designed for Web3.
With a flurry of new public blockchains emerging, each promoting its unique features, it begs the question: What sets MVC apart from the rest?
In our opinion, while other public blockchains may excel in specific areas, MVC stands out as the only public chain that boasts the following features:
High-performance Layer-1 smart contracts with low transaction fees
Built-in DID solution that facilitates seamless data interoperability for Web3 applications
Scalability to support tens of millions of users with high concurrency
A fee model that reduces transaction fees as the user base grows
A decentralized and secure architecture similar to Bitcoin
All of these features are available on Layer-1 of MVC, eliminating the need for Layer-2 or side chains. Additionally, these features are not just theoretical or in the testing phase; we have successfully implemented them, and the mainnet is already live.
MVC is not an ordinary public blockchain; it is the first blockchain born for Web3.
MVC LABS is comprised of independent experts with extensive experience in the Bitcoin field. Some of our teams have been diligently working on the Layer-1 smart contract of Bitcoin script, while others have been innovating DID solutions for the Bitcoin model. It wasn’t until we realized the combined potential of our research and technology that we discovered the missing piece to solving the Blockchain Trilemma. With scalability, decentralization, and security in mind, we have created a high-performance Layer-1 smart contract with a native DID solution. This Web3 blockchain is capable of serving tens of millions of users in their daily lives.
Our journey is like a group of children playing on the beach, where we occasionally discover smoother pebbles or more beautiful shells than usual. However, the vast ocean of truth is waiting to be explored ahead of us. As the fog dissipates, we begin to see the potential of our technology to change the future of the blockchain industry. This is why we established MVC: to realize our vision for a better, more decentralized, and secure Web3 world.
While Bitcoin’s underlying UTXO architecture has a natural high concurrency feature, it has traditionally been considered unsuitable for DEFI and WEB3 applications due to scalability and Layer-1 smart contract limitations, lack of data standards like DID, and other drawbacks. As a result, blockchains like Ethereum have turned to the account model to overcome these limitations. However, this approach has failed to solve scalability and high transaction fees on the Layer-1 network, forcing them to seek better solutions on Layer-2 and cross-chain.
To use a mountain climbing analogy, most blockchains using the account model are like climbing a seemingly smooth slope at the beginning, only to encounter increasingly treacherous terrain as they approach the summit. On the other hand, MVC is based on the Bitcoin model, which was previously deemed insurmountable and is a route few people chose. Through years of exploration and practice, we have conquered these challenges and achieved what was once thought impossible. The race to the top is on, and it remains to be seen which slope will lead us to the peak.
In our upcoming technical articles, we will delve into how Bitcoin can achieve high concurrency, opening the doors for DEFI and WEB3 applications. Stay tuned as we explain in detail how our innovative approach will pave the way for a new era of blockchain technology.
Proving that MVC is real is simple: seeing is believing. The MVC mainnet has already been launched with over 20 different Bitcoin miners participating, providing conclusive evidence that MVC has the same decentralized and secure architecture as Bitcoin. Within a month of the mainnet launch, the hash power has ranked third in the world, after BTC and BCH.
Several Layer-1 smart contracts are currently running on the MVC mainnet, including NFT minting and transfer, token issuance and transfer, atomic SWAP contracts between tokens, and NFT-SALE contracts, all with extremely low transaction fees. Our teams have collectively achieved a record-breaking 10,000 TPS smart contracts on the testnet with thousands of users, and successfully executed more than 10,000 smart contracts in a single block on the mainnet. This is the highest TPS world record based on the UTXO model.
Furthermore, some teams are also developing lending protocols and Orderbook DEX based on Layer-1 smart contracts. In addition, the launch of Show3.io, a social application based on the METAID DID protocol, has further validated the potential of Web3 applications with complete on-chain data and data interoperability that can be built on MVC.
However, we are only scratching the surface of what MVC is capable of achieving. We are committed to continuing our mission and unlocking the full potential of MVC, creating a new history in the blockchain industry.
We firmly believe that MVC currently has the greatest potential to become the carrier of massive Web3 applications and the public blockchain millions of people use daily. Therefore, it is imperative to operate MVC in DAO mode for the following reasons:
Firstly, the future development of MVC cannot be controlled by a single commercial company or a small group of united teams. To serve people worldwide, it must be established and governed by builders and MVC holders worldwide, ultimately belonging to humanity.
Secondly, MVC’s success depends on how quickly it can attract more developers, and DAO’s collaborative structure could help to foster such growth.
In addition to these reasons, a DAO structure has other common benefits, such as automatic operation, enhanced risk resistance, public transparency, and increased community enthusiasm.
By operating as a DAO, we can create a more decentralized, open, and transparent community that fosters innovation, collaboration, and growth. This will enable MVC to realize its potential and become the public chain that drives the future of Web3.
The establishment of the DAO is to propel MVC to become the largest Web3 public chain, and all term settings must serve this idea.
Openness and transparency are the most fundamental principles of MVC DAO, and it must strictly adhere to them.
All builders, including developers, promoters, managers, and voters, are equally important. However, since the competition among public blockchains primarily concerns the emergence of more applications, the early treasury should incentivize more developers to create various applications on MVC.
The long-term goal of DAO is to operate automatically through smart contracts. We will continue to improve relevant smart contracts on MVC, enabling MVC DAO to operate fully and autonomously on the network as soon as possible.
DAO governance has become a popular mechanism for many blockchain projects, including MVC. MVC DAO operates based on the rules of mainstream DAO public blockchains currently in use. Here are the principles:
All MVC Holders use a one-token-one-vote system to vote. Voting rights are obtained by staking SPACE.
After the vote is passed, the relevant MVC DAO organization or smart contract will automatically execute without conditions.
In the initial stage, a maximum of 2.5% of the total amount of SPACE will be released each quarter for various DAO activities and rewards, which will be halved every 11 quarters.
Users who meet certain conditions can initiate proposals but must follow the specified process.
During the transition phase, the treasury will be managed by MVC LABS members through multi-signature. Once the smart contracts mature, they will be managed by smart contracts.
Transparency and openness are the core principles of MVC DAO, and it strictly abides by these principles. Please refer to the MVC DAO Gitbook documentation for more information on MVC DAO mechanisms. https://mvcdao.gitbook.io/mvc-dao/about-us/welcome-to-mvc-dao.
In regards to DAO-related work, we aim to complete the following tasks as soon as possible:
Facilitate the community discussions and finalize the details and rules of DAO.
Facilitate the developing and launching smart contracts and applications for staking and delegate voting on the MVC chain.
Facilitate the writing of a more comprehensive smart contract and MetaID documents to facilitate easy development on MVC.
Facilitate adopting the first proposal on the short-term development plan for MVC.
Facilitate the launch of promotional activities to increase awareness about MVC.
These are our short-term plans. In the future, we hope to leverage MVC DAO to encourage the development of various applications on MVC. There are several major milestones to look out for:
The emergence of various Web3 and DeFi applications on MVC, with over one million users.
Becoming the public blockchain with the most BTCFi applications that allow seamless use by bitcoin users.
The release of the MVC SuperNode supports millions of concurrent users.
The first time the transaction fee on MVC exceeds the mining reward.
The first time MVC mainnet achieves over 100K TPS.
While these goals may seem far away, we see them as achievable milestones that can be reached on our journey.
If you’ve made it this far, then you likely understand that MVC is a public blockchain that is being built collaboratively by people from all around the world. We welcome anyone who is willing to contribute to the development of MVC, and we hope that every MVC holder will actively participate in its governance. Here are some suggestions on how you can get involved:
First, familiarize yourself with the types of applications that can be developed on MVC (in theory, any application is possible), and then consider what types of applications you can and want to create. Form a team and start your project! We believe that various DeFi and data-on-chain applications are worth implementing on MVC. Additionally, there is currently a need for infrastructure applications on MVC, such as more wallet, more MetaID services, more TOKEN and NFT applications, and so on.
What MVC needs most right now is to gain more awareness among people, to educate more developers about the unique features of MVC and to encourage them to build various applications on it. Keep an eye on the bounty tasks that will be released by MVC DAO in the future, or promote MVC on your own. If you contribute to MVC, you can apply for rewards from the MVC DAO later. Additionally, MVC DAO is currently recruiting personnel in these fields. If you think you’re an expert in this area and want to contribute, please send your resume or DM us in the relevant channel.
DAO is still in its early stages. In addition to developers and marketers, we also need professionals with experience in DAO operations to help us in areas such as finance, administration, etc. If you meet the requirements, please send your resume or DM us in the relevant channel.
We encourage you to actively participate in discussions related to proposals and vote on them. Your participation can greatly help the development of MVC. Later, you can delegate your valuable voting rights to someone you trust.
Lastly, anyone who can contribute to MVC in any way, such as by facilitating listing on exchanges, discovering critical bugs on MVC, etc., is considered a builder of MVC. The ball is in our court and we are grateful for your contributions and will provide certain rewards based on the degree of your contribution. However, these details will be decided by the community and approved by a DAO voting resolution.
MVC, or MicrovisionChain, is more than just a crypto project. It represents a vision to create the largest Web3 public blockchain, driven by a decentralized autonomous organization (DAO). MVC is not simply a speculative investment; its true purpose is to host a multitude of applications, providing value and SPACE to millions of users and ultimately becoming an integral part of the Web3 ecosystem.
What lies ahead for MVC? Only time will tell, but one thing is certain: its future is in the hands of every builder and holder who contributes to its growth and success. Let us not go gently into that good night but instead, boldly forge ahead and shape the future of MVC together. Join us in this great adventure, where we discover new frontiers and push beyond the boundaries of what was once thought impossible.
