About ORC-20 Protocol
Overview of ORC-20
Last updated
Overview of ORC-20
Last updated
ORC-20 is an open token standard for Bitcoin Ordinals to enhance the key features of BRC-20. It is aimed to be compatible with BRC-20 to improve adaptability, scalability, security, and to eliminate the possibility of double spending. ORC-20 is an experimental protocol and there is no guarantee that the tokens created with the standard will have any value or utility. Therefore, users should do their own research before investing ORC-20 related assets.
Ordinals are digital artifacts introduced by Rodarmor. It can carry various types of data on Bitcoin network.
BRC-20 is token standard by Domo. Tokens can be deployed, minted, and transferred using Ordinal inscriptions.
Design for mass adoption of Ordinal Theory & BRC-20:
Deploy new ORC-20 or migrate existing BRC-20 with deploy
Mint ORC-20 tokens with mint operation
Transfer ORC-20 tokens with transfer operation
Burn ORC-20 tokens with burn operation
Upgrade existing ORC-20 (eg. supply and max mint) by upgrade
Create an operation enabling the interchangeability of two ORC-20 tokens
It is recommended that deploy ORC-20 by explicit declaration, or by default. Any ordinal inscription which meets ORC-20 standard can be considered as ORC-20 tokens.
The construction of essential infrastructure such as ORC-20 indexers and marketplaces require active participants among developers. Currently, developers can only gain profits through transaction fees or minting fees. The Ordinals eco lacks a mechanism with native developer incentive functionality. Therefore, based on several features of ORC-20, we have designed a continuous incentive mechanism to reward developers.
For all the operations of ORC-20, including potential future operations, users are required to mint inscriptions and transfer for authorisation. Among all the operations, the transfer address can be any address, including self-transfer. Developers can modify the transfer address to their own and capture a fraction of at least 500 sats generated in each transaction.
What just mentioned above are decentralized, which means that these fees are not mandatory rather than a potential opportunity for developers to capture value. Users still retain the option to transfer the inscription to themselves through various methods.
On the basis of ORC-20 Protocol, developers can effortlessly construct multiple use cases, include but not limited to:
Fair minting mechanism
Token economic model with deflationary or inflationary
Stablecoins
Initial ORC-20 offering
Interchange of ORC-20 assets
Stakings
Bridge between ORC-20 and BRC-20
Due to the scalable design of ORC-20, more potential use cases will be discovered by the community and developers.
