ORC-20 is similar to BRC-20, both of which are based on the Bitcoin ecosystem to achieve standards similar to Ethereum ERC-20 through inscriptions. However, as time goes by, ORC-20 has experienced a period of downturn, but with the resurgence of the inscription ecosystem, the ORC-20 community has set off a wave of rebuilding the protocol.

What advantages does this protocol have? Can the community's efforts drive the project forward quickly? #铭文 #ORC20

Birth of the Protocol, from Hype to Disappointment

ORC-20 is an extension of BRC-20, with the following improvements:

  1. Changes to initial supply and maximum minting amount;

  2. There is no fixed limit on the namespace, and names of any size can be used;

  3. The UTXO model is used to ensure that there is no duplicate spending during the transaction process;

  4. Allows cancellation of transactions. Use "op": "cancel" to cancel nonce transactions.

  5. Allows the transfer of deployed BRC-20 tokens to ORC-20. Only the deployer of the corresponding BRC-20 token can operate the transfer command.

  6. Mandatory royalties.

Compared with BRC-20, the mechanism of ORC-20 not only reduces the risk of double spending, but also broadens the customizability and iteration of inscriptions. However, it also has some problems. More definitions and more cumbersome operations may cause more troubles, and users may be more prone to errors. At the same time, the design of mandatory royalties may also lead to reduced benefits for some players in the inscription market, causing dissatisfaction.

In any case, the release of ORC-20 has played a positive role in the exploration of the inscription ecosystem. As the second token protocol released based on Ordinals, ORC-20 was well received by the community when it was first launched. In June, Binance Academy, TrustWallet, and OKX CEO successively issued statements supporting ORC-20, and the price also reached its highest point. #BRC2O

However, the good times did not last long, and the market soon entered a trough. Almost all Inscription tokens lost liquidity, and ORC-20 was also affected. Many Inscription tokens were almost worthless, developers left one after another, and the community lost its vitality. Therefore, although ORC-20 was known to be superior to BRC-20 in terms of mechanism, it was left further and further behind by BRC-20 in the second half of the year, and the ecosystem was almost forgotten.

In this case, can the reconstruction of the community bring about rebirth?

Fortunately, the popularity of BRC-20 has also led to the rise of the entire inscription field. Major public chains have begun to pay attention to the self-defense roll gas in the inscription field, and the ORC-20 community has also begun the road to self-help. Community members actively invested funds and energy, hoping to implement self-help while the inscription field is still hot, and bring ORC-20 back to people's attention.

The ORC-20 protocol, which has been worked hard by the developers, was finally updated on November 23. First, a new development team was welcomed, and then the protocol announced a version update codenamed "Nirvana". The update will take a snapshot of all ORC-20 assets at block height 818418. In addition, Geniidata and 20Scan will provide index support. After the update is completed, all ORC-20 assets will be successfully upgraded and transferred, and various functions such as Swap, OTC, etc. will be supported.

The updates about Nirvana upgrade are summarized as follows: #Nirvana

  1. Improved inscription format to better support future BTC DeFi integration.

  2. Remove unnecessary fields and introduce essential functionality required for a wider range of use cases.

  3. Adapt to the issuance method of traditional stablecoins to meet the needs of issuers such as USDT and USDC.

  4. The proven BRC-20 transfer model is adopted to simplify the transfer process, while facilitating centralized exchanges to provide support for the protocol standard.

  5. The reward mechanism shifts from centralization to decentralization, encouraging more developers to join the ORC-20 ecosystem.

  6. Added native OTC functionality, enabling atomic swaps between ORC-20 tokens, as well as adding Uniswap V3-like order book functionality to AMMs.

  7. Clear indexing rules have been established to facilitate use by more developers.

  8. Fixed some other issues in the current version.

Summarize

Although ORC-20 is less well-known than BRC-20, it has its own unique advantages in reducing the risk of double spending and broadening the customizability and iteration of inscriptions. With the resurgence of the inscription ecosystem, the ORC-20 community has also shown a positive attitude and effort to rebuild the protocol, which is crucial to the development and improvement of the protocol. Through the active participation, collaboration and innovation of the community, the ORC-20 protocol is expected to be further improved and developed, thereby playing a more important role in the inscription ecosystem. Will the joint efforts of the community and the development team be successful? Let us wait and see.