This week's highlights:
BRC20 almost "forked", and BRC20 will eventually follow Ordinals upgrade
On January 3, a tweet from BRC-20 founder @domodata caused a stir, and the dispute over the fork of BRC-20 was officially put on the table. In his tweet, domo said that UniSat's upgrade of the Ordinals protocol indexed by BRC-20 to version v 0.13.0 was a "fork" of BRC-20, a "unilateral" technical behavior of UniSat, and a fight for control of the protocol. UniSat has always been trying to quickly promote the development of BRC-20. After domo's tweet was sent, UniSat also responded by tweeting that it would suspend the remaining development tasks for the time being and do its best to ensure that the BRC-20 upgrade is carried out on schedule. Finally, on Friday this week, the relevant parties reached an agreement, and BRC20 founder Domo agreed that BRC-20 would follow the Ordinals upgrade.
The founder of Brc-20, domo@domodata (his Twitter), proposed Brc-20 as an experimental alternative token standard for Bitcoin based on the Ordinals protocol. In fact, it is also practicing what he said - true decentralization and becoming a leader in encrypted trade payments.
Binance Smart Chain (Bsc, Bep20) is from Binance, TRC20 is from TRON, Erc20 is from Ethereum, and Brc20 is from Bitcoin. The project side issues Bi on other chains, which is called issuing Bi. The issuance of Bi (inscription) on Brc20 is called casting. The investors buying Bi (inscription) of Brc20 is called minting.
trtr782 Join the community to receive airdrops of popular tokens from time to time
for example:
1. Engraving is equivalent to buying coins.
2. Inscription equals Bi,
3. Casting is equal to writing coins.
4. Inscription equals NFT equals picture equals Bi.
5. The name of the BI can be the same (different contracts), but the name of the inscription can only be 4 digits, and the names of different inscriptions cannot be the same.
6. For example, if the total number of Bi issued is 10,000 Bi, and the total number of inscriptions issued is also 10,000 inscriptions, the former has no uniqueness, because all 10,000 Bi are the same Bi. But the 10,000 inscriptions are different.
Due to the properties of Brc20, the Bi on the Brc20 chain is called an inscription, and the inscription is NFT. To put it more simply, NFT is a picture, and the inscription can also be understood as a picture. For example, our boss Mingcheng’s WeChat avatar is an NFT avatar. If this NFT is issued (minted) through Brc20, then this picture is the inscription.
What is Brc20?
1. BRC20 is a token standard based on the Bitcoin network
Similar to the ERC20 standard in the Ethereum network, the B in BRC20 stands for BTC, and the E in ERC stands for Ethereum.
2. BRC20 is an experimental token standard
It uses the Ordinal protocol on the Bitcoin blockchain to create and send BRC20, a token standard based on the Bitcoin network, similar to the ERC20 standard in the Ethereum network.
3. The B in BRC20 stands for BTC
The E in ERC stands for Ethereum. BRC20 is an experimental token standard that uses the Ordinal protocol on the Bitcoin blockchain to create and send interchangeable tokens. BRC20 tokens can be used in various application scenarios, such as trading pairs on digital currency exchanges, token incentive programs, etc.
Compared with the ERC20 token standard on Ethereum, the BRC20 token standard has some unique features. In general, BRC20 is a new token standard based on the Bitcoin blockchain. It has certain potential and interest, but also many uncertainties and challenges. Interchangeable tokens.
BRC20 tokens can be used in various application scenarios, such as trading pairs on digital currency exchanges, token incentive programs, etc. Compared with the ERC20 token standard on Ethereum, the BRC20 token standard has some unique features. BRC20 is a new token standard based on the Bitcoin blockchain. It has certain potential and interest, but also many uncertainties and challenges.
What are the characteristics of inscriptions?
1. First come first served:
Any investor who participates in the engraving process will be given priority based on the GAS fee paid. Similarly, whoever pays the highest gas fee will be given first-come, first-served. If the progress of the mint engraving exceeds 90%, please remember to pay more gas fees, otherwise it will be easy for someone else to get ahead of you.
For example, if you particularly want to engrave (buy) a certain popular inscription (Bi), then the gas fee should not be stingy, otherwise you will not be able to engrave (buy) the inscription (Bi).
2. Unique:
Once it is inscribed first, the later ones cannot inscribe it again, and the inscription of the same character cannot be deployed repeatedly, which is unique. For example: the order of the inscription is 123456789. When someone inscribes 1, it is impossible for anyone else to inscribe 1.
3. Cannot be tampered with:
The inscription is engraved on the satoshi and cannot be tampered with. There is no possibility of unlocking/issuing additional coins to crash the market. However, the project party can easily tamper with the contract of the Bi we usually invest in, and there is a possibility of additional issuance at any time. At present, it can be said that there is no truly decentralized Bi, but the closest to decentralization is Brc20.
4. More fair:
Anyone can cast and mint, and the cost for big investors or project owners is the same as ours, and there is no insider trading. The only difference is that, for example, if the inscription "I love you" is cast by the project owner, he will engrave (buy) a large number of them, and then he will have more chips in his hands.
5. Safer:
There are no contracts, no contract loopholes, and no Pixiu risks. These characteristics are one of the important reasons why the BRC-20 inscription track is so popular. It gives the vast majority of people a fairer and safer opportunity to participate in the primary market.
Next, I will introduce several valuable projects in BRC inscriptions:
csas
CSAS is a token launched by Comsats based on the BRC20 standard. It is 100% fair minting, and no tokens are allocated to the development team. It is a fair and decentralized token.
The team is only focused on developing the platform and applications for the csas token. Therefore, marketing issues and the growth of the csas token will depend on the community.
Token Details:
Protocol: brc20
Supply: 1000000000
Single casting quantity: 2500
Inscription number: #38407786
Token holders will share in future comsats platform revenues and will be eligible to participate in launchpad events and partner programs.
Level
Satx shares the same source as Sats and is built on Bitcoin (BTC) technology. Satx was successfully deployed on BRC20 on April 24, 2023, and has been part of the platform since then.
Current situation: In view of the Bitcoin halving event in 2024 and the positive expectations of the SEC, the overall market is on an upward trend. At the same time, BRC20 has initially formed a market trend. Since Satx was launched in April 2023, it has gone through about nine months of history, laying the foundation for its future development.
Advantages of location: BRC20 originated from the Bitcoin mainnet, so its security and fairness are guaranteed. As the first BRC20 token with the same number of Bitcoin "satoshis", Satx has potential market advantages. In addition, the total amount of Satx is only 70,000, which has a high cost-effectiveness.
Renhe: Satx not only attracts Bitcoin fundamentalists and a wide range of popular science audiences, but is also likely to become the focus of consensus in the Eastern and Western markets. Satx represents the possibility of the "unknown", which can be seen from its name composition (sat+X).
SoBit
SoBit's ethos consists of three fundamental pillars:
1. Strengthen security: Improve asset protection through the most advanced multi-level defense strategy.
2. Solana Synergy: SoBit drives growth through innovative strategies and leverages Solana’s ecosystem to enable broader use of BRC20 assets, improve capital utilization and ensure a faster, more cost-effective user experience.
3. Community-driven evolution: SoBit is committed to adopting cutting-edge technologies to benefit the large user community of the Solana and BRC20 ecosystem.
advantage:
1. Fast Transfer: Efficiently transfer assets between BRC20 and Solana networks.
2. Improved liquidity: Enhanced liquidity through larger pools of funds in the BRC20 and Solana networks, creating better trading opportunities in both ecosystems.
3. Wider market access: Explore a wider range of assets and investments
4. Improve Efficiency and Reduce Costs: Experience faster, more cost-effective interactions on Solana through SoBit, which improves efficiency and reduces costs in asset management and trading.
5. Flexible asset management: adapt to market changes and access a diverse blockchain ecosystem.
Below we will introduce the projects that are being launched in our community.
Story Protocol brings IP into the Internet age by providing an open IP repository and a set of modules to interact with IP in a frictionless way.
Our open IP repository enables creative IP (text, images, audio, etc.) to record its evolution from birth to digital co-creation. Just as Git tracks code through branches and version control, Story Protocol aims to be the provenance layer for creative IP.
In addition to tracking attribution as IP evolves, our module enables seamless composability, allowing anyone to contribute to IP and capture the value of their contributions. Our module adds functionality on top of IP repositories, similar to how GitHub extends the functionality of Git by providing forks and pull requests.
Story Protocol's core elements and advantages
Story Protocol is committed to bringing IP into the Internet era, building an open IP repository and a set of modules that can easily interact with IP.
The open IP repository provides an ideal platform for recording the evolution of all aspects of creative IP, including text, images, audio, etc. Just as Git effectively tracks the evolution of code through branches and version control, Story Protocol aims to become a tracking and management tool for creative IP.
Story Protocol uses "Git for IP" to bring new vitality to the IP secondary creation field worth hundreds of billions of yuan
By combining Blockchain, NFT and Git, Story Protocol is building an IP intellectual property and content creator infrastructure layer that provides licensing, attribution and rights records, including an on-chain IP repository similar to GitHub and a set of powerful modules to expand the IP stored on the chain. By simplifying authorization and collaboration, it realizes the ownership and composability of IP, creates positive-sum games, and ushered in the next era of Internet creativity.
Investment agency
Story Protocol was led by A16z, with participation from Hashed (South Korea's largest blockchain fund), Samsung Next, Foresight Ventures (a Shanghai-based crypto investment firm), Dao5 (a gaming company), Insignia Venture Partners (a Singapore-based venture capital firm), Alliance DAO, Mirana Ventures, and angel investors David Bonderman, founder and chairman of TPG Capital, and Roham Gharegozlou, founder and CEO of Dapper Labs.
Financing Amount
Story Protocol has completed two rounds of financing:
2023-05-17, Story Protocol completed a financing of US$29.3 million;
On September 6, 2023, Story Protocol completed a US$25 million Series A financing.
The two rounds of financing raised $54.3 million.
Economic model:
The Story Protocol token is STORY; the total amount is 1 billion, and the initial circulation volume is relatively small.
Track section
Story Protocol is an on-chain intellectual property protocol. This is a relatively new and innovative track, and new narratives help to attract new funds. At present, there are no benchmark projects. After Story Protocol goes online, it is very likely to become the leading project in this track.