A first jump into the world of the BRC-20
Imagine being able to create an immortal asset on Bitcoin through a simple inscription !
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This asset is defined and recorded on a single Satoshi and can be fractionated into 18 decimals using unique markings on the Bitcoin blockchain.
With BRC-20, this remarkable feat becomes a reality!
Original scheme of a inscription:
| Code | Mandatory | Description |
|---|---|---|
p | ✅ | Protocole : Allows other systems to identify an event that follows the BRC-20 standard. |
op | ✅ | Operation : Three instructions are possible:
|
tick | ✅ | Ticker : A minimum of 4 letters identifying the relevant BRC-20 token. |
max | ✅ | Max supply : The maximum amount of tokens that can be issued. |
lim | 🚫 | Limit : The maximum limit of tokens that can be associated with an ordinal inscription. |
dec | 🚫 | Decimale : Determination of the decimal place, defaulting to 18. |
This asset registered as an ordinal is powered by the UTXO (Unspent Transaction Output) technology used in the Bitcoin blockchain to keep track of all transactions.
This technology works by recording information about each transaction and keeping track of their status, including whether there are unspent funds (UTXOs) in an account.
The creator of BRC-20 has successfully applied the UTXO model to ordinal inscriptions in order to create fungible assets through registration.
Now, imagine we use these registrations (records) to create a kind of "virtual accounting. »
This means that each registration would contain information about transactions, data, and the funds associated with them, which we can define as operations.
In this context, we can use these registrations to create "fungible tokens." Fungible tokens are digital assets that can be exchanged with each other, much like coins or real-world assets.
For example, imagine each inscription represents a unit of a token or a share of a building, and these tokens can be traded with other tokens of equal value, introducing new business models.
By using inscriptions, we can create these fungible tokens in a secure and efficient manner, thereby opening up new possibilities for financial transactions and the exchange of digital assets. This enables the representation and transfer of value in a digital and secure manner.
BRC-20 leverages ordinal inscription on the Bitcoin network, ensuring a solid and reliable foundation for these unique tokens and opportunities in all areas while maintaining the security of the Bitcoin network.
New data reveals a significant milestone on the Bitcoin network: inscriptions, these special markings used for Bitcoin fragmentation, now account for more than 50% of transactions.
This noteworthy achievement highlights the remarkable adoption of registration technology in the Bitcoin ecosystem. As shown in the graph above, the prominence of registrations in Bitcoin transactions showcases their increasing importance. Today, 50% of Bitcoin transactions on the network have been used for inscription exchange.
The world is changing rapidly and bringing us closer to fractional ownership and enhanced transactional capabilities within the network.
These data demonstrate innovative advancements made in the field of Bitcoin and pave the way for new developments in blockchain-based fractionalization methods.
BRC-20 allows unparalleled levels of fractionalization, enhancing possibilities for both creators and collectors.
This is an exciting advancement that enables individuals to own and trade the tiniest fractions of Bitcoin with ease and precision.
Get ready to embrace the future of decentralized finance (DeFi) and uncensorable finance with BRC-20 !
Oshi, an innovative platform, is determined to leverage this new technology to bring decentralized finance (DeFi) and increased liquidity to the Bitcoin network.
By integrating the power of BRC-20, Oshi will offer users an unprecedented experience, allowing them to participate in lending, borrowing, trading, and other DeFi activities directly on the Bitcoin network.
This revolutionary initiative opens up new possibilities for Bitcoin holders, allowing them to leverage their assets while contributing to the DeFi ecosystem.
Through the combination of BRC-20 technology and Oshi's bold vision, an exciting era of DeFi and liquidity on the Bitcoin network is about to become a reality.
You can read our initial proposal for standardizing a protocol to establish liquidity pools. : https://theord.gitbook.io/brc-20-lpv1-proposal/
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