Is the Entire Chain of In_script_ion Assets Exploding? Overflow from BRC20 to Solana and Polygon

Introduction

Since ORDI set a thousand fold legend and reached an incredible high in the middle of this month, there has been a slight decline, but this cannot completely dampen the enthusiasm of the “Inion Players.” Among the retail investors, there is also a call for everyone to “continue holding and stabilizing prices,” and it seems that their trust in them has exceeded their enthusiasm for short-term profits. For miners, the situation is better, and the huge demand for inion casting has benefited them a lot.

From $ORDI, $SATS to $RATS and so on, these “tokens without practical application scenarios” have overshadowed a number of new projects and husband chains, spilling over from BRC-20 to other public chains with lower gas fees and easier casting, and quickly replicating the process of BRC-20 tokens.

Source: gate.io

Start: Ordinals and Atomicals Protocols

Here, we will briefly recall the process of BRC-20 spreading to all aspects.

Let’s first talk about the key upgrade of the Bitcoin core protocol launched in 2017- Isolation Witness, aimed at addressing the challenges of Bitcoin expansion and specific vulnerabilities. It mainly promotes the inclusion of more transactions by correcting transaction scalability issues and expanding Bitcoin block size restrictions. Isolation witness introduces the concept of block weight, replacing the traditional block size limit and increasing the transaction volume that can be accommodated.

By the end of 2021, with the Taprot upgrade, the Bitcoin eco began to support more complex s and data types, bringing significant progress to the programmability and scalability of BTC.

Afterwards, we became familiar with Ordinals, which was initially primarily used to create NFTs. On March 8, 2023, anonymous developer Domo launched BRC-20 based on the Ordinals protocol, which is a Bitcoin Altcoin issuance protocol similar to ERC-20. It defines a specific format of JSON data packets that are engraved on the BTC chain through Ordinals.

Source: X@ gateio_ Zh

But at the same time, the drawbacks of BRC20 are also very significant. BRC 20 requires the use of a third-party sorter to record the ledger under the BTC chain, which increases additional complexity and becomes a weak point of the . The transfer of BRC 20 is not uted on the BTC main chain, and needs to be divided into two steps of BTC transactions (first collection and then transfer), resulting in a large number of junk transactions.

Afterwards, there was an optimization item on top of this - the atomicals protocol, which considered the issue of how to issue tokens fairly. It was based on UTXO of Bitcoin for minting and transmission, while introducing proof of work to generate an ARC20 eco. ATOM was its first token and was quickly minted. Overall, ARC20 is more decentralized, further expanding the possibilities of the Bitcoin eco.

RUNES - Upgraded Version from the Ordinals Team

Although ORDI may seem like a “token issued by the founding team of ordinals,” it is not actually the case. Casey Rodarmor, the founder of Ordinals, even expressed dissatisfaction with many people’s misunderstanding that ORDI belongs to the orders team.

He believes that 99% of the FTs on the current Bitcoin public chain are scams. Indeed, according to the current situation, many BRC20 tokens are meme assets with only emotional value from the community. The Ordinals team has long been aware of the limitations of applying protocols to the Bitcoin eco, so Casey proposed another RUNE protocol - a fungible token protocol concept based on UTXO.

Source: unsplash

The RUNE protocol can alleviate the problems caused by garbage UTXO in BRC20, improve network utilization and user experience value. According to Rodarmor, BRC20 requires you to coordinate off chain data with the blockchain, resulting in awkward user experiences. The address based method cannot be used well in conjunction with the UTXO based method of Bitcoin, resulting in similar difficulties for end users. Rodarmor claims that Runes is a simple, UTXO based, alternative token protocol with a good Bitcoin user experience, and can be compatible with lightning networks.

It is worth noting that the current development focus of the team is still on the Ordinals protocol, so the concepts related to RUNES are still in the early stages. However, we can trust Casey’s ability and look forward to the Ordinals team, as the “origin of the inions eco,” addressing more usability issues and providing more application scenarios for the Bitcoin eco.

The author believes that once RUNE has further developments, it will trigger another wave of enthusiasm in the inion track.

POLS, SOLS and Even ERC-20 From Empty Narrative to the Possibility of Introducing Smart Contracts

After experiencing a staggering increase of hundreds or thousands of times in the BRC20 tokens represented by $ORDI and $SATS, the occupancy rate and gas fees of the BTC public chain have correspondingly increased. In most similar new projects, the popularity of the BRC-20 has also decreased. However, this “inion craze” has shown many users a speculative trend of “everyone can participate, everyone can profit.” So naturally, it also spread from the Bitcoin public chain to other lower cost and more sound eco public chains.

The first to demonstrate the “BRC20 transfer” is POLYGON, where PRC-20, modeled after BRC-20, was born. The first inion project, $pols, totaling 21 million sheets, is called the “isomer” of sats, as both have the same huge supply. Its appearance has suddenly made the old public chain Polygon extremely crowded for a few days, as the low gas fees and relatively easy operation have attracted many users, and the gas fees have multiplied.

Various communities quickly emerged with tutorials on “How to use chatGPT assistance to batch engrave POLS,” and Polygon’s transaction count exceeded 6.1 million, reaching its peak within the year. Now all 21 million POLS have been defeated, indicating that the enthusiasm of many players with inions is far from reaching its peak.

According to the @POLS market, POLS will be fully open for trading on November 24th.

Source: twitter@polsmarket

On November 16th, just after the minting heat of POLS, SPL-20 also appeared on Solana, which can be minted through the official website of libreplex. Its minting method is more complex, mainly divided into the following steps:

Prepare images and text - Copy code - Create document - Create NFT - Change parameters - Open libreplex create deion initialization - Change the parameters of the inion - Apply the originally copied code to the parameters, and finally release. After verifying the information of the inion, select Make immutable - this completes the process of creating the inion. Once the information is correct, the inion can be indexed by users on the SOL chain.

Compared to SOLS, the minting method is relatively cumbersome and may make mistakes that cannot be searched, but it still cannot stop the enthusiasm for participation. Currently, all 21000 sheets have been minted. It seems that more and more “20s” are joining in.

Eths - An Ethereum Inion and A New L2 Narrative

At first, because BTC did not support smart contracts, BRC-20 was recognized by many as a protocol based on Bitcoin’s own properties, which was modeled after ERC-20, as it could not establish an application eco like Ethereum. In a sense, this is also true - smart contracts are the domain of Ethereum, while the BRC-20 is an innovation that cannot be considered innovative in terms of BTC attributes. Therefore, when Ethereum also wants to establish an “inion track,” it looks like driving backwards.

Ethers is a protocol that replaces smart contracts and L2, allowing users to share information and perform calculations at low cost on Ethereum L1. It achieves decentralized computing by applying rules to Ethereum call data to bypass smart contract storage and ution. In August 2023, Ethers introduced Virtual Machine (ESC VM) to enhance its functionality and make it a universal computing engine.

Ethers enable non-financial and arbitrary data to be written to the Ethereum blockchain, allowing users to burn any type of file as long as the file size does not exceed 96 kilobytes.

Many followers describe Ether as “another way of layer2,” and members of the Ether community believe that “ETHS can achieve cheaper gas than L2 without network switching compared to other L2 solutions (such as ZK and ARB). Today, after upgrading ESIP-5, the gas per transfer has been reduced to around 0.05u, and gas interaction is even cheaper than many L2 solutions.”

Presently, ETHS does not have the exaggerated fluctuations of other inions, and many people overlook it. However, with the assistance and optimization of smart contracts, the implementation of mechanisms such as fair launch is not difficult and has more decentralized elements. We may also see that one day the freedom of Ethereum inions and Ethers can bring some unexpected innovations.

Source: unsplash