Blockchain Developer to Fork BRC-20 to Bring Defi to Bitcoin
A blockchain developer is set to fork the BRC-20 token standard to introduce decentralized finance capabilities to the Bitcoin network.
A blockchain developer under the alias Mikael.btc, best known as the creator of the BRC-100 token standard, wants to fork BRC-20 in an effort to roll out a new protocol designed to bring decentralized finance to the Bitcoin (BTC) network.
In an Aug. 9 post on X, the developer outlined plans for the fork, emphasizing that the upgrade would address key limitations of the BRC-20 standard, including its “lack of programmability,” scalability challenges, and the absence of defi infrastructure.
BRC-20 Fork: BRC-100, Re-Activate BRC-20#Bitcoin needs DeFi infrastructures, #BRC100 and #RSM are both born to solve this problem, with similar concepts but different technologies: #Inscriptions and OP_RETURN.Now, BRC-20 community and BRC-100 community are going to fork… pic.twitter.com/Qyi2F4wsqx
— Mikael.btc | BRC-100 & RSM (@MikaelBTC) August 9, 2024
According to Mikael.btc, the new protocol will leverage technologies such as Inscriptions — used to add metadata to Bitcoin’s sats — and OP_RETURN — a script that allows data to be stored within transactions — to enhance Bitcoin’s functionality, enabling users to access decentralized finance.
“Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20.”
Mikael.btc
Following the fork, holders of BRC-20 tokens will automatically receive equivalent assets on the BRC-100 protocol, the developer added. However, those with BRC-20 tokens held on centralized exchanges will need to wait for the exchanges to distribute the new forked assets.
The push for defi on the Bitcoin network gained momentum recently after a research report from Pantera Capital, a crypto venture capital firm, projected that the Bitcoin-based defi ecosystem could attract hundreds of billions of dollars in liquidity through web3 protocols, implying that Bitcoin’s defi sector could achieve a market share comparable to that of Ethereum’s.
#Bitcoin needs DeFi infrastructures, #BRC100 and #RSM are both born to solve this problem, with similar concepts but different technologies: #Inscriptions and OP_RETURN.
Now, BRC-20 community and BRC-100 community are going to fork BRC-20 to BRC-100. The fork will happen on the first anniversary of BRC-100: Sep. 2 2024. The fork will solve the current limitations of BRC-20: lack of programmability, Non-Turing-Complete, lack of scalability, and lack of DeFi. The fork will re-activate BRC-20.
After the fork, users will receive a fork of their #BRC20 assets in the #BRC100 protocol, and the forked assets can participate in all DeFi applications of the BRC-100 ecosystem. 1. If your BRC-20 assets are on the Bitcoin blockchain, you do not need to do anything, and will receive the forked BRC-20 assets after the fork block height automatically. 2. If your BRC-20 assets are in CEXs, you should wait for the CEXs to distribute the forked BRC-20 assets to you. 3. Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20. 4. Check your pre-forked BRC-20 assets on the "BRC-20 Pre-Fork" page of #inBRC @in_BRC : https://inbrc.org/prefork 5. Join the #100ORDI Community: https://t.me/Community_100ORDI…
BRC-100 Ecosystem BRC-100 is a Programmable #Ordinals Protocol, introduces #DeFi for #Bitcoin by #Inscriptions. Thanks to all the #BRC100 developers, #BRC100 ecosystem is getting stronger and stronger.
You can experience the dApps on #Bitcoin Layer 1 based on BRC-100. 1. #inBRC @in_BRC (Launched) - The BRC-100 and #RSM Marketplace & Indexer Mainnet: https://inbrc.org Testnet: https://testnet.inbrc.org
2. #100Swap @100Swap_io (Launched) - The first automated market maker (AMM) decentralized exchange on Bitcoin Layer 1, based on BRC-102 protocol and #RSM. Mainnet: https://100swap.io Testnet: https://testnet.100swap.io
According to PANews, BRC-100 founder Mikael announced on X that BRC-20 will undergo a fork. All pre-fork assets can now be checked on the official BRC-100 index at https://inbrc.org/prefork. Users will be able to access all BRC-20 assets within the BRC-100 protocol. Forked assets such as ORDI, SATS, RATS, and PIZZA can be utilized through BRC-100's decentralized exchange (DEX), stablecoins, lending, and other DeFi applications, ushering in a secure and decentralized Bitcoin DeFi era.
The BRC-100 fork aims to address the current limitations of BRC-20, which include a lack of programmability, non-Turing completeness, scalability issues, and a lack of DeFi capabilities. The official fork is scheduled for September 2, with the goal of reactivating BRC-20 and accelerating the development of the Bitcoin ecosystem.
Relationship between RSM Runes and the BTC Ecosystem 1. Introduction RSM (Runes State Machine) Runes significantly enhance the computational capabilities and functionalities of the Bitcoin ecosystem through Turing-complete state management. 2. Core Relationship Extended Computational Power: RSM Runes introduce complex calculations and state management, supporting advanced decentralized applications (e.g., DeFi).Enhanced Security and Transparency: Built on Bitcoin's UTXO model, RSM Runes ensure secure and transparent operations, forming a robust foundation for decentralized applications.Cross-Chain Operations: RSM Runes interact with EVM-compatible blockchains, expanding the interoperability of the Bitcoin ecosystem.Modularity and Flexibility: The modular design of RSM Runes allows for multi-layered token nesting and extension, increasing the flexibility and scalability of the Bitcoin ecosystem. 3. Application Scenarios Decentralized Finance (DeFi): RSM Runes support the development of decentralized lending, exchanges, and other financial applications, enhancing Bitcoin's value in the financial sector.Asset Management: RSM Runes facilitate the issuance, verification, and management of assets, broadening the functional application range of Bitcoin.Smart Contracts: RSM Runes enable the Bitcoin ecosystem to support more complex smart contracts, achieving automated and decentralized business logic processing. 4. Conclusion RSM Runes significantly improve the Bitcoin ecosystem's functionality and application scope by enhancing computational power, security, transparency, cross-chain operations, and modular design, driving its widespread application and development in decentralized applications. For more information, visit RSM Documentation.
Analysis Report: RSM•RUNES•STATE•MACHINE 1. Introduction RSM (Runes State Machine) is a Turing-complete state machine designed to enhance the computational capabilities of the Bitcoin ecosystem. This report explores RSM's core concepts, design principles, features, and application scenarios. 2. Core Concepts State Machine: A computational model managing and executing states and their transitions.Runes: Instructions in RSM used to define and trigger state changes.Contract: A collection of predefined states and transition functions operating within RSM, defining the computational capabilities of tokens. 3. Design Principles Modular Design: Supports multi-layered token nesting, extending computational abilities.Decentralized Computing: Enables complex computations for decentralized applications using RSM contracts.Security and Transparency: Ensures secure and transparent operations based on Bitcoin's UTXO model and state machine framework. 4. Features Computational Power: Enhances Runes protocol with complex computational support.State Management: Efficiently manages token states and transitions.Decentralized Applications: Facilitates the development of DeFi and other decentralized applications. 5. Application Scenarios Decentralized Finance (DeFi): Includes decentralized lending and exchanges.Asset Management: Covers asset issuance and verification.Cross-Chain Operations: Interacts with EVM-compatible blockchains. 6. Conclusion RSM expands the computational capabilities of the Runes protocol, enabling more possibilities within the Bitcoin ecosystem. It supports the development of decentralized applications and enhances system security and efficiency. For more information, visit RSM Documentation