Can ORC-20 be reborn?

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0xAyA
3 months ago
This article is approximately 808 words,and reading the entire article takes about 2 minutes
Moved by the efforts of the Community Redevelopment Agreement.

Original - Odaily

Author - 0xAyA

Can ORC-20 be reborn?

It’s hard for you in the industry not to have heard of BRC-20, but have you heard of ORC-20? The inscription protocol, which was once popular in the first half of the year, fell into a trough after experiencing highs. Now with the resurgence of the inscription ecology, the ORC-20 community has also set off a wave of rebuilding the protocol.

What are the advantages of this agreement? Can the communitys efforts promote rapid development of the project? Below, Odaily will take you to find out.

The birth of the agreement, from explosion to chicken feathers

ORC-20, like BRC-20, also implements a standard similar to Ethereum ERC-20 through inscriptions in the Bitcoin ecosystem. The difference is that ORC-20 expands on the basis of BRC-20. The specific changes are as follows:

  • Can change initial supply and maximum mintage

  • There is no fixed limit on namespaces, names of any size can be used

  • Use the UTXO model to ensure that there is no repeated consumption during the transaction process

  • To allow transaction cancellation, use"op": "cancel",You can cancel the nonce transaction

  • Allow deployed BRC-20 tokens to be transferred to ORC-20. Only the deployer corresponding to the BRC-20 token can operate the transfer command.

  • mandatory royalties

Compared with BRC-20, ORC-20 not only reduces the risk of double spending through its mechanism, but also broadens the customizability and iteration of inscriptions. But it also has some problems: more definitions and more cumbersome operations are likely to cause more trouble, and users are more likely to make errors when operating; at the same time, the design of mandatory royalties will also reduce the income of some players in the inscription market. thereby feeling dissatisfied.

In any case, the release of ORC-20 has played a very positive role in the exploration of inscription ecology. As the second token protocol released based on Ordinals, ORC-20 was welcomed by the community when it first came out, and its popularity reached a climax in June: Binance Academy, TrustWallet, OKX CEO, etc. He tweeted successively to express his support for ORC-20, and the currency price reached its highest point at that time.

Can ORC-20 be reborn?

But the good times did not last long, and the market subsequently entered a trough. Almost all inscription tokens lost liquidity, and ORC-20 was no exception. Many inscriptions almost returned to zero, developers left one after another, and the community also lost its vitality. Because of this, ORC-20, which was originally claimed to be mechanically superior to BRC-20, was further and further removed by the former in the second half of the year, and almost no one cared about its ecology.

Can community reconstruction lead to nirvana and rebirth?

Fortunately, the popularity of BRC-20 has also boosted the popularity of the entire inscription track. Major public chains have set off a wave of using gas to use inscriptions for self-defense, and the ORC-20 community has also begun its own road to self-rescue. Members of the community If you have the money and the strength to contribute, we hope to save ourselves while the popularity of Inscription Ecology is still there, and bring ORC-20 back into peoples sight.

Can ORC-20 be reborn?

The hard work paid off. On November 23, the ORC-20 protocol welcomed a new development team and announced a protocol version update codenamed “Nirvana”.

The update will take a snapshot of all ORC-20 assets at block height 818418, with index support provided by Geniidata and 20 Scan. After the update is completed, all ORC-20 assets will be upgraded and transferred, and can use various platforms including Swap and OTC. function.

Can ORC-20 be reborn?

The updates for the Nirvana upgrade are summarized below:

  • Improved inscription format to better support future BTC DeFi integration.

  • Remove unnecessary fields and introduce essential functionality required for a wider range of use cases.

  • Adapt to the issuance method of traditional stablecoins and meet the needs of issuers such as USDT and USDC.

  • Use the proven BRC-20 transfer model to simplify the transfer process and facilitate centralized exchanges to support protocol standards.

  • The reward mechanism shifts from centralization to decentralization, encouraging more developers to join the ORC-20 ecosystem.

  • Added native OTC functionality to enable atomic swaps between ORC-20 tokens, as well as an order book functionality similar to Unisawp V3 for AMM.

  • Establish clear indexing rules to facilitate more developers to use.

  • Fixed some other bugs in the current version.

Summarize

Although less well-known than BRC-20, ORC-20 has its own unique advantages in reducing the risk of double spending and broadening the customizability and iteration of inscriptions. With the resurgence of the inscription ecology, the ORC-20 community has also shown a positive attitude and efforts to rebuild the protocol, which is crucial to the development and improvement of the protocol. Through the active participation, collaboration and innovation of the community, the ORC-20 protocol is expected to be further improved and developed, thereby playing a more important role in the inscription ecology. Will the combined efforts of the community and development team be successful? let us wait and see.

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