Binance finally launched ORDI, and this article explains the BRC-20 that has been speculated for half a year

23-11-07 16:10

Read this article in 13 Minutes

AI summary

View the summary

The content you provided is:

Original author: Cookie

Editor's note: Binance will launch Ordinals (ORDI) on November 7, 2023 at 18:00 (GMT+8), igniting the Bitcoin ecosystem once again. This article was written in March of this year, detailing how to mint BRC-20. Given that there are still players in the community who are not familiar with Ordinals, this article is being re-released.

Yesterday, @domodata launched an innovative experiment called "BRC-20" based on the Ordinals protocol. The experiment aims to test whether the Ordinals protocol can promote the "substitutability" of Bitcoin, that is, to achieve the same effect of issuing ERC-20 tokens on the Ethereum network through the Ordinals protocol on the Bitcoin network.

BRC-20 makes the Bitcoin network crazy again. On March 9th, more than 30,000 "inscriptions" were cast in a single day, with nearly 27,000 of them being of the text type "inscriptions".

Let's take a look at the gameplay of BRC-20 Token together.

Deploy 部署

translates to

Deploy 部署

in English.

Use the Ordinals protocol to burn the text shown in the figure below to deploy the BRC-20 Token:

The meanings of each keyword are as follows:

"p": Protocol type. This keyword must be included and defines operations based on the BRC-20 protocol, helping other systems recognize and process BRC-20 events.

"op": Event type. The required keyword that defines the event type, whether it is Deploy deployment, Mint minting, or Transfer transfer.

"tick": BRC-20 Token identifier. The keyword that must be included, which defines the name of the BRC-20 Token, consisting of 4 letters.

"max": Maximum supply. This is a required keyword that defines the maximum supply of the BRC-20 Token.

"lim": The maximum number of BRC-20 Tokens that can be contained in a single inscription. This is a non-mandatory keyword that defines the maximum number of BRC-20 Tokens a user can obtain by forging a single inscription. If this value is set to 1000, then a maximum of 1000 BRC-20 Tokens can be obtained by forging a single inscription.

"dec": Decimal precision. This is an optional keyword that defines the decimal precision of a BRC-20 token. The default setting is 18.

Dune data shows that three BRC-20 tokens, $ordi, $meme, and $punk, have been successfully deployed.

Minting

Use the Ordinals protocol to engrave the text shown in the figure below to mint BRC-20 Tokens:

The meanings of each keyword are as follows:

"p": Protocol type. This keyword must be included and defines operations based on the BRC-20 protocol, helping other systems recognize and process BRC-20 events.

"op": Event type. The required keyword that defines the event type, whether it is Deploy deployment, Mint minting, or Transfer transfer.

"tick": BRC-20 Token identifier. The keyword that must be included, which defines the name of the BRC-20 Token, consisting of 4 letters. Here, the content of "tick" is "ordi", which means the minted BRC-20 Token is $ordi.

"amt": The number of BRC-20 Tokens to be minted. The keyword that must be included defines how many BRC-20 Tokens a single inscription will be equal to, and the value given for that keyword must be less than the "lim" value deployed for that BRC-20 Token. For example, if the "lim" value deployed for "ordi" is 1000, then when minting an inscription, the keyword can be given any value within the range of 1-1000, and typically 1000 is given to maximize the number of "ordi" obtained from a single minted inscription.

Transfer 转账

translates to

Transfer 转账

in English.

Use the Ordinals protocol to burn the text shown in the figure below to transfer BRC-20 Tokens:

The meanings of each keyword are as follows:

"p": Protocol type. This keyword must be included and defines operations based on the BRC-20 protocol, helping other systems recognize and process BRC-20 events.

"op": Event type. The required keyword that defines the event type, whether it is a Deploy deployment, Mint minting, or Transfer transfer. Here, the content of "op" is "transfer", which means the event type is a transfer.

"tick": BRC-20 Token identifier. The keyword that must be included, which defines the name of the BRC-20 Token, consists of 4 letters. Here, the content of "tick" is "ordi", which means that the transferred BRC-20 Token is $ordi.

"amt": The quantity of BRC-20 Tokens to be transferred. The keyword "amt" must be included and defines how many BRC-20 Tokens will be transferred.

"to": Transfer target. This is an optional keyword that defines the address of the recipient for the transfer. If left blank, the recipient address will default to the correct address. Currently, this keyword is only used for data tracking testing on the Dune board.