Brc-202 Protocol: Injecting New Vitality into the Bitcoin Ecosystem

Source: btcbeta.org

With the continuous maturation of blockchain technology and the booming development of the cryptocurrency market, the Bitcoin ecosystem, as a pioneer of digital currency, faces an increasing demand for innovation and expansion challenges. Although Bitcoin is known for its stability and security, there are still significant limitations in asset issuance, financing channels, and cross-chain interoperability.

While the BRC20 token standard provides projects on the Bitcoin network with the ability to create their own tokens, the zero-fee minting process (excluding gas fees) does not support direct, decentralized fundraising methods. This limits the fundraising capabilities of project teams and affects the flexibility and efficiency of project launches.

Technical Innovation of the Brc-202 Protocol

The Brc-202 protocol, based on brc-20, introduces the concept of paid minting, which allows project parties to mint tokens by paying a certain fee. This initiative greatly facilitates financing and token issuance within the Bitcoin ecosystem. It not only enables project teams to issue brc-20 tokens for fundraising through a public, decentralized platform but also significantly simplifies the issuance process and lowers the entry barrier.

Technical Advantages

The Brc-202 protocol brings a series of significant advantages to the Bitcoin ecosystem, promoting innovation and development through its unique design and features:

• High compatibility with Brc-20: The brc-202 protocol ensures high compatibility with the brc-20 standard, providing developers with a familiar operating environment, lowering technical barriers, and promoting broader project implementation and application.
• Innovative paid minting concept: By introducing a paid minting mechanism, brc-202 provides project parties with a flexible and economical financing method, optimizing the fundraising process and making asset issuance more efficient and straightforward.
• Decentralized financing and issuance standards: Like brc-20, brc-202 uses JSON {} format to establish a series of function standards, determining which function to use based on the caller's identity and the IDO process. Utilizing decentralized principles and smart contract design concepts ensures fairness and transparency in fundraising activities, while the automated token distribution mechanism enhances the efficiency and security of capital flow.
• Promoting innovation in the Bitcoin ecosystem: The brc-202 protocol addresses the lack of dedicated IDO platforms in the Bitcoin ecosystem, facilitating capital liquidity and ecological diversity, bringing new vitality and development potential to the Bitcoin ecosystem.

Technical Analysis

The Brc-202 protocol achieves its functionality through a series of carefully designed operations, including but not limited to DeployToken (deploy token), DeployIDO (deploy initial coin offering), DeclareIDO (declare participation in IDO), ApproveIDO (approve IDO), and BatchTransfer (batch transfer). These operations ensure the transparency and efficiency of asset issuance and fundraising activities while enhancing mutual trust among participants.

DeployToken

This operation allows the initiator to deploy new tokens by specifying the token quantity and receiving address. This is the first step in initiating the IDO process, ensuring the initial distribution of tokens.

DeployIDO

After deploying the token, the initiator can set the specific parameters of the IDO through the DeployIDO operation, such as the token issuance price, single purchase limit, total issuance amount, etc. This step lays the foundation for the smooth progress of the IDO.

Case Demonstration

To illustrate the working principle of the Brc-202 protocol more intuitively, let’s look at a simplified example:

1. IDO Initiation: Alice decides to initiate a token IDO named "ORDI." She uses the DeployToken operation to deploy 21,000,000 ORDI tokens and sets the IDO parameters through DeployIDO, such as the price of each token being 0.000001 BTC, a maximum purchase of 10,000 ORDI per person, and a total supply of 1,000,000 ORDI.

2. IDO Participation: Bob is interested in Alice's project and decides to participate in the IDO. He declares his intention to purchase 10,000 ORDI through the DeclareIDO operation, paying a total of 0.01 BTC to the designated escrow address.

3. IDO Approval: After the IDO ends, the escrow address uses the ApproveIDO operation to check whether Bob's declaration matches the actual BTC received. Once verified, Bob will receive the ORDI tokens he purchased.

BTC Beta is a Major Leap for the Bitcoin Ecosystem

The creative launch of the brc-202 protocol by BTC Beta marks an important step forward in asset issuance and financing within the Bitcoin ecosystem. By adopting and implementing the brc-202 protocol, BTC Beta not only demonstrates the potential of the Bitcoin network beyond traditional perceptions but also provides a milestone platform that allows projects within the Bitcoin ecosystem to more easily obtain funding and issue assets. The launch of this innovative platform is undoubtedly a boon for projects seeking to innovate and grow within the Bitcoin ecosystem.

As the first IDO platform focused on the Bitcoin ecosystem, BTC Beta holds significant importance for the Bitcoin ecosystem:

• Promoting Innovation: It provides a viable channel for funding and asset issuance for innovative projects on the Bitcoin network, increasing the diversity and vitality of the Bitcoin ecosystem.
• Enhancing Liquidity: By simplifying the financing and token issuance processes, BTC Beta helps increase the liquidity of capital and assets within the Bitcoin ecosystem, providing momentum for project development and expansion.
• Expanding Participation: Lowering entry barriers attracts more developers and investors to participate in the Bitcoin ecosystem, promoting healthy development of the ecosystem.

Looking Ahead

With the launch of BTC Beta and the application of the brc-202 protocol, we look forward to seeing more innovation and development within the Bitcoin ecosystem. This new asset issuance and financing mechanism will bring new opportunities to the Bitcoin ecosystem, driving it towards a more prosperous, diverse, and interconnected future. In the future, as technology matures further and community support continues, the Bitcoin ecosystem will be better equipped to meet the growing demand for innovation and expansion challenges, bringing more possibilities to the global digital currency field.

For more detailed information about the brc-202 protocol, please refer to:

Link 1: https://btcbeta.org/

Link 2: https://btcbetas-organization.gitbook.io/btc-beta-doc-en/