The founder of Brc-20, domo@domodata, introduced himself on Twitter: Terminally on-chain || Dune wizard || Alf bot || Crypto @ trad payments leader”。
Brc-20 is the experimental alternative token standard for Bitcoin proposed on the basis of the Ordinals protocol. It is actually practicing his self-statement—truly decentralized and a leader in encrypted trade payments.
With the gradual increase in the popularity of brc-20 in the market, more and more encryption researchers are also paying attention to this field. We, Go 2 Mars Research, also published the first original popular science article on the brc-20 protocol on April 28, 2023:“Bitcoin NFTs? Ordinals Protocol and BRC-20。
first level title
Ordinals Protocol: Bitcoins Satoshi Era
With a circulating market cap of $545.7 billion, Bitcoin is the undisputed crypto-first asset. Although Bitcoin is not Turing-complete and does not carry the strong expansive ecological development like Ethereum, it is also for this reason that it has maintained its core attributes, decentralization, free trade, and value for more than ten years. Safe and Simple Bitcoin is just like the title of Satoshi Nakamotos article Bitcoin: A Peer-to-Peer Electronic Cash System.
first level title
Long-lost carnival: The brc-20 market heats up
The brc-20 protocol is a technology that uses the Ordinals protocol to create and trade fungible tokens (FT) on the Bitcoin blockchain. It uses JSON data to deploy token contracts, mint tokens, and transfer tokens.
Judging from the market on No. 5.8, there are currently more than 14,000 brc-20 tokens in total, with a total market value of 540 million US dollars. The transaction volume in the past 24 hours has reached more than 10 million US dollars. Although it is not high compared to the entire encryption market, its growth rate is still amazing.
This also detonated the Bitcoin market. On the 7th, the Bitcoin network fee was 403.91 BTC, and just a month ago, on April 8, the single-day Bitcoin network fee was only 21.89 BTC, an increase of nearly 18 times. In Ordi, the first token issued on the brc-20 standard,Its price also rose from $0.1 to $16.99 in just two weeks.
On the other hand, the prosperity and growth of the BRC-20 market has even brought investors more and more attention to the concept of Bitcoin NFT.
first level title
Domo with brc-20
The founder of Brc-20 - domo@domodata, his Twitter self-introduction is Terminally on-chain || Dune wizard || Alf bot || Crypto @ trad payments leader, the most important is also reflected in the following self-report , the leader in encrypted trade payments.
Brc-20 is an experimental alternative token standard for Bitcoin proposed by him on the basis of the Ordinals protocol. It is actually practicing his self-report-true decentralization, and realizing the issuance of encrypted assets with Bitcoin.
Of course, in its white paper, domo clearly stated that brc-20 is just an interesting experimental standard, showing that anyone can use inscriptions to create an off-chain balance state, although this is not considered to be a fungible alternative to bitcoin and ordinal numbers standard. He encourages the Bitcoin community to tinker with standard designs and optimizations until there is a general consensus on best-practice performance.
On March 6, he focused on Ordinals expansion into the market in the shadow of Blurs conflict with Opensea, and a fierce battle for infrastructure is underway as ordinals popularity explodes. Among them, Ordinals Market uses the existing Ethereum infrastructure and uses the technology developed by Emblem Vault to promote Bitcoin inscription transactions on the Ethereum blockchain to avoid the problems of slow Bitcoin network speed and poor experience. Bitcoin native solution.
On March 9, he informally proposed Bitcoin brc-20 and fungibility experiments. Under this logic, anyone can use the ordinal inscription to deploy, cast or transfer. As with other similar programs, a first come, first served basis applies.
first level title
Bitcoin Innovation: BOP vs. ORC-20, BRC-721
In addition to Domo, there are many developers actively promoting Bitcoin innovation. Hugo, the developer of Hirosystem, also experimentally proposed a new protocol BOP, namely the Bitcoin ordinals protocols, after the proposal of brc-20. BOP is also an experimental standard used to describe the use of ordinal numbers on Bitcoin. agreement. His idea is to explore whether a lighter data structure than json can be used to optimize fees and block space. The minting-to-transfer method is also detailed in the BOP protocol, which is also more scalable than brc-20.
Not only that, OrcDAO also launched the ORC-20 protocol. ORC-20 is an open standard for serialized tokens on the Bitcoin network, enhancing the functionality of the popular serialized token standard BRC-20. It is designed to be backward compatible with BRC-20 to improve adaptability, scalability and security, and to eliminate the possibility of double spending. Of course, this is also an experimental project.
Also attractive is BRC-721: Ordinals Collection Protocol, a standard interface for verifying the authenticity of Bitcoin ordinal collections. The root of the problem with the current Ordinal protocol is that ordinal theory does not specify how items are grouped into sets, leading to a variety of different approaches.
However, these methods tend to be centralized and dependent on the specific service or wallet used. This situation limits the development potential of the Ordinal ecosystem. Therefore, it is necessary to find a decentralized and trustless method of collection creation and verification.
first level title
Innovation and Expansion of Bitcoin Ecology
The core function of Bitcoin is value storage rather than execution. The high development of the Ethereum ecosystem comes from its evm and smart contracts. Therefore, how to perform complex operations on the Bitcoin network has become the biggest obstacle to the prosperity of the Bitcoin ecosystem. As more and more developers and researchers turn their attention to this purest cryptocurrency, we have reason to believe that the BTC ecosystem will gradually prosper.
references:
references:
[ 1 ] Ordinalswallet：https://ordinalswallet.com/
[ 2 ] Ordi：https://brc-20.io/token? n=ord
[ 3 ] Ordinals handbook：https://docs.ordinals.com/
[ 4 ] BRC-20 ：https://domo-2.gitbook.io/brc-20-experiment/i
[ 5 ] Domo @domodata：https://twitter.com/domodata
[ 6 ] 《bitcoin ordinals protocols》https://github.com/hugocaillard/bop
[ 7 ] Hugo Clrd @Cohars：https://twitter.com/Cohars/status/1634595882854240256
[ 8 ] 《About ORC-20>：https://docs.orc 20.org/
[ 9 ] 《BRC-721: Ordinals Collection Protocol》：https://www.brc 721.com/
