Here is a partial excerpt from Brc-20s, by Domo, that are currently being deployed and being
minted, using Ordinals. I would like to hear your opinions on this experiment, and if possible,
discuss how you think this could be improved.
I know many people that have been in the Bitcoin
Community for some time, disagree with Ordinals, and think it is a waste. And I'm not here to
debate that. I do think that Bitcoin Ordinals have rendered Ethereum NFT volume, to very low levels.
--________---________--________--
https://brc-20.ioBRC-20s: An Experiment by Domo
https://archive.is/97bbeExperiment to see if ordinal theory can facilitate fungibility on bitcoin
•Create a brc-20 with the deploy function
•Mint an amount of brc-20's with the mint function
•Transfer an amount of brc-20's with the transfer function.
brc-20 balance state can be found by aggregating all of these function's activity together.
Front end
A very rudimentary front end for tracking balances has been created below.
Some notes:
•The front end should not be trusted, it's intention is only as a illustration of whats possible
•It will not track balances if you do not follow the formatting and instructions exactly (including fee matching). Even if you do it will likely be wrong for transfers.
•A front end that has access to taproot / ordinal indexed data is required for perfect state balancing
###How to
####Getting a balance
You can either deploy your own or mint from existing deployments bitcoin punks style
1.(Optional: Only do if you want to create your own brc-20. If not go to step 2) Inscribe the deploy function to you ordinal compatible wallet with the desired brc-20 parameters set
2.Inscribe the mint function to your ordinal compatible wallet. Make sure the ticker matches either a) the brc-20 you deployed in step 1, or b) any brc-20 that has yet to reach its fully diluted supply. Also if the brc-20 has a mint limit, make sure not to surpass this.Careful if using inscription service. Some tools mint to themselves first then send (thus the minter keeps the balance)
####Transferring a balance
1.Inscribe the transfer function to your ordinal compatible wallet. Make sure sending amount does not exceed your current balance. Careful if using inscription service. Some tools mint to themselves first then send (thus the minter keeps the balance)
2.Once received, send the inscription to the desired destination
Notes
•Each transfer inscription can only be used once
•The first deployment of a ticker is the only one that has claim to the ticker.
•In the event of two balance changing events happening within the same block the one with the higher fee is prioritized
•Minting transfer inscription to yourself first is necessary to avoid others spending your balance
•For public brc-20 mints the bitcoin punks / .sats names 'first is first' approach is adopted
•The "to" and "fee" fields in the transfer function are not required, but were necessary for the testing front end to track
•The mint function and the second step of the transfer function are the only events that cause changes in balances
###Deploy brc-20
{
"p": "brc-20",
"op": "deploy",
"tick": "ordi",
"max": "21000000",
"lim": "1000"
}
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