With the introduction of "staking mining", can BRC-20S start the "Summer of DeFi" on Bitcoin?
BRC-20S (BRC-20 Staking) is an extended version of the BRC-20 protocol, proposed by OKX, which aims to introduce a pledge mechanism for BRC-20 Token or Bitcoin to the Bitcoin network.
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BRC-20 S Interaction Process
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New BRC Token issuance method
At present, the issuance of BRC-20 Token has gradually evolved from the original release of Ticker (Token name) by everyone burning it by themselves to the mature BRC-20 Token issuance tool Luminex. The principle of completing it through Luminex is that when deploying BRC-20 Token, the project party sets the number of Tokens that can be recorded on a single inscription to be the same as the total amount, first burns all Tokens into their own hands, and then the user pays for Gas through Luminex, and finally Complete the issuance of Token. With Luminex, the whitelist system has been well applied to the issuance of BRC-20 Token, which has helped the cold start of the project.
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"Mother Token" and "Child Token"
In the Ethereum ecosystem, the "dual Token model" has become commonplace. The BRC-20S has technically cleared the way for the realization of the "dual token model" on the Bitcoin network. The next question is, how can we play?
In this regard, I imagined an adaptation scenario based on the "dual Token model". The recent new concept "recursive inscription" is essentially a mutual reference between inscription resources on the Bitcoin chain. If there is a generative art studio that uses an AI model to train a generative art work based on all existing inscriptions on the daily chain and auctions it, then BRC-20 Token can be used as a "mother token" to play a governance role , such as deciding the theme generated by each issue of artwork (which inscriptions to keep or remove as training materials, etc.), deciding which artwork to put on the shelves in each issue, external cooperation decisions of the studio, and so on. At the same time, the proceeds of the "child Token" obtained by pledging this "mother Token" can be used as the payment Token of the work of art of Claim to play its role.
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Outlook: Staking of small images
Now that BRC-20S has realized the pledge of BRC-20 Token, is it possible to realize the pledge of small pictures directly?
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The support of BRC-20S for the pledge function on the Bitcoin network has broadened the imagination of BRC-20 Token, and is expected to have a better positive effect on the liquidity of Bitcoin and BRC-20 Token. It's hard not to love the ever-growing Ordinals ecosystem.
