IERC20: A protocol that meets the needs of fair distribution and decentralized indexing
With the evolution of blockchain technology, the Inscription Protocol, as a part of decentralized applications, has become one of the focuses of people's attention. As an on-chain protocol, the Inscription Protocol was originally born to meet the need for fair distribution, but with development, people discovered that fairness was not completely fair, and there were security risks in centralized indexes. Currently, Unisat is promoting the decentralized indexing of BRC20, and the IERC20 protocol based on the Ethereum chain is also implementing decentralized indexing.
IERC20 ensures fair distribution through a series of innovative measures. These include setting an upper limit for the issuance of inscriptions at a single address to prevent a certain address from obtaining too many inscriptions to ensure fairness in distribution. Only the first inscription in each block is valid, preventing the issuance of inscriptions in batches and increasing the fairness of competition. The weight distribution model of position computing power and PoW computing power is introduced to solve the problem of scientists grabbing a large number of chips and further ensure the fairness of distribution. The clever combination of these strategies makes IERC20 more flexible and effective in fair distribution.
The underlying security of the Inscription Protocol directly relies on decentralized indexing. In order to improve overall security, IERC20 plans to launch an innovative decentralized indexing solution, using PoW + decentralized indexing. The benefits brought by this design include the consistency of data and code among multiple index parties, reducing the dependence on the protocol, and improving the overall degree of decentralization. At the same time, players participating in decentralized index maintenance can conduct PoW mining at the same time, making the index solution more decentralized and increasing the security of the system.
IERC is currently in the second phase of its official description, the integration phase (PoW and DPoS phases). At this stage, PoW and DPoS (Delegated Proof of Stake) mechanisms are combined to create a fairer label output model. This integrated model maintains the fairness of PoW, where rewards are based on the computing power provided, while introducing DPoS to enhance network governance and security.
After completing the integration, if the final stage is successfully reached, the IERC protocol will achieve complete modularization of PoW and DPoS in the final stage of the roadmap. This means that any user can build and customize their own PoW and DPoS scaling applications on this infrastructure, making it truly community and user-centric.In addition, the computing power of PoW will be redirected to support the construction of decentralized indexes, further improving the efficiency and transparency of the ecosystem.
The advantages of IERC20 in fair distribution and decentralized indexing bring more possibilities for ecological gameplay. This protocol focuses on balancing cost and efficiency, supports batch transfers and purchases, improves the efficiency of airdrops, IDO distribution, Dapp and exchange deposits and withdrawals, and reduces the cost of ecological interaction. By supporting split transfers, IERC20 is superior to other tokens in terms of accuracy and flexibility, and is suitable for a wider range of ecological scenarios. Its ecology has designed a variety of gameplay methods, including currency airdrops and PoW mining, providing a solid foundation for the diverse development of ecological projects. The planned decentralized indexing solution will further improve the decentralization of the ecosystem and the security of the underlying data.
IERC20 has also made significant progress in the ecological cooperation matrix. Including Sparkle, a project supported by BinanceLabs, SWAGGA, a metaverse social project, and MM3, the Marilyn Monroe IP holder, have already cooperated with IERC20. A number of well-known exchanges have also cooperated deeply with Web3 sectors such as OKX and Gate, and other partners such as Bit.Store, HeLa Space, VIP3 and MYX.Finance are also ready to go.
The first phase Staking data of IERC20 is exciting. More than 67% of Ethi was successfully pledged, and the TVL exceeded 20 million US dollars, which shows the widespread recognition of Ethi by users and their active participation in the staking mechanism. The amount of staked ETH not only demonstrates users’ confidence in the project, but also provides stronger security and decentralization features for the entire ecosystem. I believe it will attract more users to participate and inject more vitality into the ecological development of ethi.
With its comprehensive design and planning, IERC20 is expected to become a high-profile inscription ecological protocol. Through fair distribution, secure decentralized indexing and multi-dimensional ecological gameplay, IERC20 provides more possibilities for the development of the inscription ecology. With the gradual implementation of the plan, IERC20 is expected to become the leader of the inscription ecology, leading the entire industry in a more fair, secure and diversified direction!
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