The OKX exchange has proposed to extend the BRC-20 Bitcoin standard through the adoption of a new mechanism called BRC-30.
The BRC-30 standard will provide staking-related features on the Bitcoin network. This includes the creation of a staking pool and rewards for participants.
By introducing the BRC-30 standard, users will have the ability to stake their own BRC-20 or Bitcoin tokens and receive their respective BRC-30 tokens in return. This allows users to participate in staking and receive rewards for depositing tokens on the Bitcoin network.
STAKING BITCOIN
As proposed by OKX, the main goal of BRC-30 is to expand the capabilities of the Bitcoin ecosystem by introducing staking-related features and providing additional ways to earn rewards for holders of BTC and BRC-20 tokens.
This staking mechanism creates a new dimension to the BRC-20 token ecosystem, allowing users to become more involved and establish a stronger connection between token holders and the Bitcoin blockchain.
The infrastructure of this system includes a Staking Pool and a “server” responsible for managing the transaction recording of BRC-20 and BRC-30 tokens, ensuring the accuracy and consistency of income from staking.
The “project side” implements operations by determining the properties of the Staking Pool, such as mining speed and total rewards from mining. Finally, users can interact with the process by depositing, minting, and transferring tokens in and out of their wallets.
OKX states that the operation of the “server” will be an open source interface. They also urged developers and “project parties” to contact them via the email link at the bottom of the partnership proposal.
CONTROL BRC-20
Anonymous developer “Domo” introduced the BRC-20 standard in March, taking advantage of changes in the Bitcoin protocol following the Taproot upgrade.
The BRC-20 standard allows every 100,000,000 satoshis (the smallest unit of Bitcoin) to be written into metadata, allowing for the direct storage of digital works such as text, images, videos, and code on the blockchain. Bitcoin.
The development of the Ordinals token and the BRC-20 standard has sparked debate among purists, who argue that Bitcoin should only be used in monetary transactions.
Proponents of the note argue that the openness of the Bitcoin network allows them to use it at will without needing permission from others. They believe that allowing metadata to be stored on the Bitcoin blockchain opens up many opportunities for creativity and applications in the digital realm.
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