As a seasoned analyst with over two decades of experience in the tech and finance industries, I find Mikael.btc’s initiative to fork BRC-20 and introduce decentralized finance capabilities to Bitcoin an exciting development. Having closely followed the evolution of blockchain technology and its potential applications, I am particularly intrigued by this move as it aims to leverage Bitcoin’s inherent strengths while overcoming some of the limitations of existing token standards.
A programmer specializing in blockchain technology plans to split the BRC-20 token framework to equip the Bitcoin system with features for decentralized financial operations.
Under the pseudonym Mikael.btc, renowned for creating the BRC-100 token standard, is considering splitting the BRC-20 system as part of his plan to introduce a fresh protocol geared towards integrating decentralized finance within the Bitcoin (BTC) platform.
As a crypto investor, I eagerly followed the August 9 update on X’s platform where the developer laid out their plans for a forthcoming fork. They highlighted that this upgrade would tackle significant issues with the BRC-20 standard, such as its insufficient programmability, scalability hurdles, and the dearth of DeFi infrastructure.
The evolution of BRC-20, known as BRC-100, is on the horizon. Both were designed to address Bitcoin’s need for DeFi infrastructures, with similar goals but distinct technologies: Inscriptions and OP_RETURN. Now, the BRC-20 and BRC-100 communities are preparing to split off, or ‘fork’, their respective projects.— Mikael.btc | BRC-100 & RSM (@MikaelBTC) August 9, 2024
As per Mikael.btc’s explanation, the upcoming protocol intends to utilize technologies like Inscriptions for attaching metadata to Bitcoin’s satoshis and OP_RETURN as a script for data storage within transactions. This integration aims to strengthen Bitcoin’s capabilities, empowering users to engage with decentralized finance solutions.
In simple terms, for every BRC-20 token you currently possess, you’ll receive an equivalent BRC-100 token. These new tokens will have the same ticker symbol and total supply as the original tokens. The entirety of these newly created BRC-100 tokens will be distributed proportionally among the holders of the BRC-20 tokens, meaning you’ll receive the same number of BRC-100 tokens as your current holding in BRC-20 tokens.
Mikael.btc
Users holding BRC-20 tokens will find their holdings automatically converted into equivalents on the BRC-100 protocol, as the developer has included this feature. However, individuals who keep their BRC-20 tokens on centralized exchanges should anticipate a delay while these platforms distribute the newly forked assets.
The drive towards decentralized finance (DeFi) on the Bitcoin network has been picking up speed, following a research report from Pantera Capital. This crypto investment firm predicts that the DeFi ecosystem built on Bitcoin could potentially attract hundreds of billions of dollars via web3 technologies. If this happens, the DeFi sector on Bitcoin might match Ethereum‘s market share.
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2024-08-09 15:00