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Inscription, the essence of BRC20
As early as January 3, 2009, the first inscription on Bitcoin was recorded on the Bitcoin genesis block. Satoshi Nakamoto engraved the title of the front-page article of the Times that day on the chain in hexadecimal notation— — The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
The reason why these two words are “engraved” and “inscribed” is because the information recorded on the anti-fragile decentralized blockchain is like being engraved on a hard stone and will never be erased. In the past, people also engraved 1314 on the Bitcoin chain to remember special information. Now, the issuance and circulation of Token can be tracked by serializing Satoshi, the smallest unit of Bitcoin. If you think about it carefully, the current BRC20 is similar to the ancient Yap Island stone coins.
The driving force behind the inscription craze
It is not easy to explain the logic behind the phenomenon of inscription fever. It may not be as simple as we think. It is driven by at least the following factors:
1) Meme: A mysterious force that is difficult to explain
Meme is a mysterious force that is difficult to explain clearly. Fomo emotion is the main driving force of meme. Most memes are always sneered at by people as "air". However, perhaps it is precisely because it is "air" that it opens up the ceiling of imagination compared to other things with detailed roadmaps and accurate concepts. It is no longer limited to the positioning of the white paper, but is considered to give consensus and value. Whether it is early Bitcoin or BRC20, it is air and not air. At this time, it is more of a carrier of emotional trend speculation.
2) BRC20 brings innovative targets to the market
BRC20 looks very similar to NFT but it is not NFT. It is similar to a homogeneous token but a little different.
Compared with ERC20 (Ethereum's mainstream homogeneous token protocol), BRC20 seems to be more open and fair, and is backed by the consensus of the number one crypto asset. When ERC20 was popular in 2017, Ethereum's position was not particularly stable.
Compared with ERC721 (Ethereum's mainstream NFT protocol), BRC20 can be minted one by one like NFT, but it is easier to add liquidity, very convenient for homogeneous accounting, and can be directly listed on the trading pairs of major leading platforms, without the problem of NFT liquidity being easily exhausted in the past.
3) Bitcoin Ecosystem Expectations
Meme has been going through ups and downs in the past few years, and now it is even more out of control with the upcoming Bitcoin ecosystem. Bitcoin's status as the big brother is as stable as Mount Tai, and it exists as a consensus totem in the crypto community. Bitcoin ecosystems such as BitcoinFi and Bitcoin NFT have actually been brewing for a long time. In fact, there have been voices and attempts to expand the function of digital gold since 2013, but due to the impossible triangle problem, the expansion has not been solved, and predecessors have been groping.
Ethereum is also developed from the idea of expanding smart contracts proposed by Vitalik in the early days of the Bitcoin community. In recent years, the explosion of the Ethereum ecosystem and the implementation of Layer2 have stimulated the development of the Bitcoin ecosystem to a certain extent. The successful experience and path explored by the Ethereum ecosystem as a test field have given Bitcoin ecosystem developers a direction and sufficient confidence.
Therefore, based on the existing Bitcoin Segregated Witness and other extensions, the Ordinals protocol and BRC20 protocol, which were first implemented, successfully launched a combination of punches...
If it is considered a vulnerability by core developers, will it be reset to zero?
With the support of Bitcoin consensus, Bitcoin memes seem to have got the right opportunity for development, but they are still questioned by some people, and many opponents have issued sharp criticisms.
Recently, the most concerned thing is the attitude of some Bitcoin core developers, such as Luke Dashjr, who is a Bitcoin core developer and the founder of Eligis mining pool. Luke has previously denounced Inscription and BRC20 on social platforms many times, believing that Inscription is using a vulnerability in BitcoinCore to send spam to the blockchain. In short, Luke and other opponents want to treat these protocols as vulnerabilities and fix them. Subsequently, Luke submitted a relevant proposal. One stone stirs up a thousand waves!
Because Bitcoin core developers hold the "power" to modify the Bitcoin client, many people feel that the Ordinals are doomed, because once the "vulnerability" they claim is fixed, all traces of NFTs on the Ordinals protocol, including all BRC-20 Tokens, will be wiped out and directly returned to zero.
Summarize
Obviously, the inscription craze is not a coincidence. The Bitcoin community and ecosystem have been prepared for it, and this bottom-up innovation surprised the capital, which went from being arrogant to joining in. Even if BRC20 is not a perfect protocol, there may be better protocols to replace it in the future. But what is certain at present is that it has opened the door to the Bitcoin ecosystem, and the rise of the Bitcoin ecosystem is a foregone conclusion.
Three potential coins that are the focus of secondary attention!
ON
The idiot in Cancun, no one mentions it now. OP doesn't seem to be as strong as ARB these days, but don't forget that it still performs better than ARB in this round.
After breaking through the new high, the first pressure zone above is 4.7-5.2. The first target is around 6, and the second target is around 7.8-8. The best medium-term bullish targets are 12 and 15, which should be considered large compared to now. Let's wait and see, OP is still expected to rise to 30+ in the long term
RDNT
It has not doubled from the bottom yet. Affected by the expectations of Ethereum ETF and the growth of#ARBecological lending, there should be good expectations in the future. The bull trend has also been formed, which is suitable for bargain hunting and long-term holding.
RAY
Reason for recommendation: Raydium is the DEX of Solana ecosystem. Raydium’s revenue in the past 7 days reached 87.07 million US dollars, surpassing Ethereum. Ray’s receivables increased, thanks to the prosperity of Solana ecosystem. At present, the callback is deep and close to the pressure level. You can pay attention!
Of course, when the secondary market is full of contenders, the primary market is also more attractive. Ethereum is rising. As the leading center of L2, Starknet naturally attracts everyone's attention. Vitalik Buterin Ethereum Foundation strongly supports it and is currently actively participating. What kind of surprises will Binance OKX bring in March? Please see below!
@Starknet from the ZK-Rollup camp is about to launch the $STRK token. The launch time is expected to be March 2024, when the STRK token will be used as TX fee in the mainnet operation process. Look forward to it.
01
Project Introduction and Vision
StarkWare is a solution developed based on STARK's zero-knowledge proof technology and focused on the blockchain industry. It is committed to promoting the development of secure, trustless and scalable blockchain applications to ensure a safe, fast and seamless user experience on Ethereum.
StarkWare has developed two products, StarkEx and StarkNet. StarkEx is an independent licensed Validity-Rollup (also known as "ZK-Rollup"); StarkNet is a permissionless decentralized ZK-Rollup.
Starknet runs as an L2 network on Ethereum, enabling any dApp to achieve unlimited computational scale - without compromising Ethereum's composability and security, first of all due to Starknet's reliance on STARK, the most secure and scalable cryptographic proof system;
Secondly, Starknet contracts and Starknet operating system are written in Cairo language, which can support deployment and expansion of any use case.
02
Features and advantages
When asked about the features and advantages of the project in a media interview, Eli Ben-Sasson, co-founder of StarkWare, replied: StarkWare has a first-mover advantage in terms of the huge transaction volume and carrying capacity among all L2 solutions. In addition, the ZK-STARK system and the Turing-complete Cairo programming language are regarded by the team as the advantages of the StarkWare project that distinguish it from other Layer2 public chain projects.
Huge transaction volume and carrying capacity
According to StarkWare’s official website, as of May 4, 2023, the current cumulative transaction volume of the StarkWare project is US$947 billion, and the total locked value (TVL) is 552 million.
Compared with the Polygon project, which is known for its rich ecological scale, according to its official website, Polygon's current cumulative transaction volume is US$2.44 billion.
In January 2018, StarkWare raised $6 million in seed round financing, with investors including Ethereum founder Vitalik Buterin (V God), Paradigm, Pantera Capital PolyChain;
In July 2018, the Ethereum Foundation invested $12 million in StarkWare;
In October 2018, the company raised USD 30 million in Series A financing, with Sequoia, Paradigm, Scalar Capital, Multichain Capital, Intel Capital, Semantic Ventures, Pantera and others participating in the investment;
On March 24, 2021, the B round of financing was US$75 million, with Sequoia, Wing Venture Capital, Paradigm, and Pantera Capital continuing to participate in the investment, including Three Arrows Capital, DCVC, etc.;
In November 2021, it raised US$50 million in Series C funding with a valuation of US$2 billion, led by Sequoia Capital, with participation from well-known crypto venture capital firms such as Paradigm, Three Arrows Capital, and Alameda Research.
On May 25, 2022, StarkWare completed a $100 million Series D financing round with a valuation of $8 billion. This round of financing was led by Greenoaks Capital, Tiger Global and other institutions, and the funds raised will be used for product and business development and ecosystem development.
03
Foundation and Tokens
StarkWare believes that although StarkNet is mature and secure in terms of technology, it still needs to be more decentralized so that it can achieve the status of a public good like Ethereum. The StarkNet Foundation will grant StarkNet a one-time token grant to maintain public goods as a non-profit organization.
The StarkNet token is used to operate, maintain and protect this ecosystem. It will be used in governance, transaction payments and participation in consensus mechanisms.
StarkNet Token Distribution
04
Starknet Funding
Currently, Starknet's company Starkware has disclosed a total of 7 rounds of financing, with a total financing amount of US$273 million, and a valuation of US$7.9 billion in the D round of financing.
Among them are many venture capital funds that we are familiar with, such as Sequoia Capital, Tiger, Paradigm, Coinbase, etc. In the seed round, Vitalik Buterin and the Ethereum Foundation also participated in the financing. The financing lineup is very luxurious.
05
Team Information
According to the official website, there are currently 78 employees, 7 technical consultants, and 5 traditional consultants. The two founders, Ben, have in-depth research in cryptography and zero-knowledge proof. He is also the co-inventor of Stark and Zerocash protocols and the founding scientist of Zcash. The other founder is a serial entrepreneur who has founded many technology companies and has rich entrepreneurial and corporate management experience. The team has comprehensive capabilities.
06
Summarize
StarkNet Advantages
Unlike other ZK rollups like zkSync, StarkNet is not a “zkEVM” — meaning smart contracts (which power your favorite Dapps on Ethereum like Uniswap and OpenSea) must be written in StarkNet’s own programming language, Cairo.
Cairo is a very powerful language that is optimized for ZK rollups. It allows you to do everything you can do on the EVM, and more, because the computational cost is much lower.
This creates entirely new possibilities that were not possible on the blockchain before, such as true blockchain gaming!
StarkNet quota is extremely scarce. There are only two factions on Ethereum Layer 2, one is the OP series: OP and ARB belong to the OP series! The other faction is the ZK (zero-knowledge proof) series, ZKS, Linea, Stark all belong to this series. At present, the valuation of StarkNet has reached 10 billion, and it will definitely be a dazzling star when it goes online!#tia #BRC20 #STARK
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