Bytom establishes a 100-million-BTM MOV fund and launches a bounty program

BYTOM BLOCKCHAIN

“Bytom will definitely make a difference if MOV is successful.” As a layer 2 decentralized value exchange protocol based on Bystack, a BaaS platform with a mainchain-sidechain structure, MOV launched its testnet on November 25th 2019. Since then, Bytom has built a complete ecosystem composed of Bytom mainchain, Vapor sidechain and MOV cross-chain protocol.

MOV’s development has made significant progress in 2020.

On January 6th, Bytom CEO Lang Yu explained Bytom’s plan during an AMA at ChainNode. “MOV and a series of industry sidechains will be Bytom’s priority in 2020.”

Following that, Bytom released the white paper of MOV stable financial system 1.0 on January 15th, proposing a stable financial solution with BTC, ETH, USDT and BTM as collateral.

Today Bytom is taking action again. Bytom foundation announces that it will allocate 100 million BTM tokens to establish a MOV fund for the sake of seeking partnerships, investing in projects, and overseas operation, in order to expand MOV’s ecosystem.

This MOV fund’s first step is to launch a bounty program, aiming at providing fund for developing MOV related projects and tools, doing academic research and making educational materials.

In effect, since 2018 Bytom foundation has launched three bounty programs regarding development of Bytom mainnet and its ecosystem. Developers from the community contributed tutoring books and many excellent projects such as Multilingual SDK and Chrome extension wallet.(Previously funded projects: https://github.com/Bytom-Community)

Different from previous programs, this bounty program includes more types of challenges and provides a larger amount of bounty. The bounty for one project could be as high as 100,000 USD equivalent BTM tokens at most.

Below is bounty task list:

Software and tool:

  • Sidechain Vapor Multilingual SDK (Java, C / C ++, Python …)
  • Asset cross-chain (BTC, ETH cross-chain) atomic swaps
  • Oracle
  • Hardware wallet integration
  • Sidechain centralized node services (similar to infrua)
  • Sidechain Bapp integrated development environment (similar to remix)
  • Bapp development

Academic research:

  • Bottom layer research (consensus algorithms, UTXO models, etc.)
  • Cryptography (MPC, zkrollup, etc.)
  • Protocol research (cross-chain protocols, layer 2 protocols, etc.)
  • Analysis of existing protocols
  • Security research (cross-chain gateway security research, etc.)

Educational materials:

  • Introduction videos/articles (Bytom main chain, side chain, Bystack, MOV, etc.)
  • Technical videos/articles (Bytom underlying protocol, consensus algorithm, network, smart contract, and cross-chain protocol for system introduction)
  • Translation

How to apply:

The developer must first determine the scope of the project, design the project according to the official bounty task list provided, and fill out a Google form to briefly describe the project. Bytom will conduct due diligence investigation on the applicants and project feasibility analysis, decide whether to move forward with the applicant.

Notes for Bounty Task Application

1. All bounty projects must be open source or partially open-source, using Apache 2.0 or GNU GPL v3.

2. The development cycle of each bounty project is generally not longer than three months. If a longer cycle is really needed, it needs to be explained.

3. The maximum amount of funding for each bounty task is not more than 100,000 US dollars, and all bounty is paid in the form of BTM.

4. All rights reserved at Bytom Foundation.

Of course, in addition to financial rewards, participants can also preferentially participate in various events hosted by Bytom around the world, and have face-to-face communication with developers around the world, where their projects can get opportunities for brand exposure.

For details about this bounty program, please see: https://github.com/Bytom/Bytom-Grant

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