How to view the fork of BRC-20?

Recently, the BRC-100 community of Bitcoin released a message:

The community will fork the BRC-20 assets on September 2, and then airdrop to all users holding these assets. The main purpose of this is to hope to bring BRC-20 assets into the BRC-100 ecosystem, which has a slightly richer ecological application.

Perhaps it has been a while since there was news from the Bitcoin ecosystem, or perhaps the recent sharp decline has significantly reduced the enthusiasm for the Bitcoin ecosystem. Many users concerned about the Bitcoin ecosystem are quite interested in this news, reigniting their passion for the Bitcoin ecosystem.

BRC-100 is a protocol within the Bitcoin ecosystem, and like many other protocols in the Bitcoin ecosystem (such as ORC-20, BRC-420, etc.), it is an extension and expansion of the BRC-20 protocol.

Its biggest feature is that it implements various operational logics required in smart contracts through two operations: "mint" and "burn." The way it achieves this is still by writing all operations on Bitcoin using inscriptions.

The biggest benefit of this approach is security, avoiding the use of second-layer expansions to implement smart contract functions, but in reality, it still relies on off-chain indexing to interpret its operations.

So, although it greatly expands the functionality of inscriptions and can flexibly introduce various logics, the technical means it employs are essentially the same as those of inscriptions.

The BRC-100 ecosystem currently has some basic DeFi applications, such as DEX and lending. Perhaps for this reason, the BRC-100 community hopes to leverage its relatively mature DeFi applications to bring the popularity and consensus of BRC-20 assets into this ecosystem.

However, I am somewhat skeptical about whether this fork can attract the popularity and consensus of BRC-20 assets.

Generally, in an existing ecosystem, when we say to bring an asset from one ecosystem (the original ecosystem) into another ecosystem (the target ecosystem), the asset will be locked in the original ecosystem, and then a pegged asset of the original ecosystem will be created in the target ecosystem. Only then can the original ecosystem asset be considered as having been introduced into the target ecosystem.

However, the assets generated by this fork airdrop are actually not strongly related to the original ecosystem assets. It is like someone saying they want to airdrop Bitcoin on the Ethereum blockchain; how many people would think that the value of this airdropped Bitcoin is the same as the value of Bitcoin on the Bitcoin chain?

The Bitcoin we recognize on the Ethereum ecosystem, such as WBTC, is all Bitcoin that has been locked and pegged.

Additionally, I believe that even if BRC-100 is slightly better in security than other similar protocols, I doubt how many users will particularly care about this difference in actual use.

Most importantly, I have always believed that for the Bitcoin ecosystem to develop, it must have application scenarios and application models that have never existed in the Ethereum ecosystem.

To achieve this, either the developers of the BRC-100 ecosystem can develop innovative applications, or the BRC-100 protocol itself must possess unique technical features that can support new application scenarios and application models.

However, I do not see either of these points in BRC-100.

Although there are currently DeFi applications in the BRC-100 ecosystem, they are still the old set. Even if the developers of this ecosystem can implement all DeFi applications, it would still just be a copy of the applications in the Ethereum ecosystem, with no innovation.

Technically, BRC-100 can only be considered an extension of existing protocols, utilizing existing technologies to achieve more functions, rather than achieving technologies that other protocols cannot realize, as Ethereum has surpassed Bitcoin.

So overall, I cannot think of any applications that only the BRC-100 ecosystem can create and that other Bitcoin ecosystems cannot create, and I am not very optimistic about the traffic attraction of this operation.

Reference link:

https://mp.weixin.qq.com/s/M-6ozdClGGXlBjO0PoAmQw