The CBRC-20 protocol is the new star of the BRC-20 series in the past half month. This phenomenon is actually quite special and interesting. The reason is that in the past half month, a lot of attention has actually shifted to the inscriptions of various public chains outside the Bitcoin ecosystem. In terms of hype, such as Solana, AVAX, INJ, etc. Within the Bitcoin ecosystem, even though the market value of BRC-20 related assets is still large enough to have a relatively dominant position, other protocols such as Atomics and NostrAssets have actually diverted a considerable amount of attention and funds.
In my definition, the pure BRC-20 series includes, in addition to BRC-20 itself, Tap Protocol and CBRC-20. Interestingly, both protocols have a strong influence in the English-speaking community, so strong that players in the Chinese-speaking community will emphasize that many foreigners like it. However, the innovation degree of Tap Protocol and CBRC-20 is much different, and the ins and outs of the project are also mild and full of twists and turns.
Tap and CBRC-20, one is a patch and the other is a magic modification
Before talking about CBRC-20, let’s briefly talk about Tap Protocol. The nature of Tap is generally a BRC-20 enhancement patch. Its like a game already has a very fun version. Just add some patches to make the experience stronger. In general, Taps functions such as relaxing the ticker 4 character limit, batch airdrops, Swap inscriptions, etc. are actually more updates at the index level - how to express some pain points/unimplemented functions of BRC-20 using JSON. Straighten it out and let the indexer support understanding these behaviors and it will be OK.
Tap belongs to benys TRAC ecosystem. TRAC has many loyal foreign fans along the way, and generally speaking, there have been no accidents. Foreigners have always liked Marshal B to make various remarks that criticize centralized indexes and go crazy.
The magic modification of CBRC-20 is actually based on the fact that the BRC-20 protocol uses the Ordinals v 0.9.0 version as the unified standard version of the index in order to maintain the stability of the index - the new features of the Ordinals protocol v 0.9.0 and later. , the BRC-20 protocol can no longer be used, so let’s use the basic functional logic and combine it with new features to make a brand new version. If both Tap and CBRC-20 are regarded as private servers of BRC-20, then the former is a classic server that is fully patched, and the latter is a modified server that has many new contents.
v The Ordinals protocol after version 0.10.0 introduces fields for defining metaprotocol and metadata for inscriptions. The most direct effect of these two new fields is to directly greatly shorten the deployment/casting/transfer of the BRC-20 protocol. This reduces costs and simplifies indexing.
The picture above is an example of a BRC-20 deployment inscription. For CBRC-20, which introduces metadata, it is actually only necessary to leave the three lines of tick, max and lim within the curly brackets, and then compress the reduced amount of information. It has become a smaller .cbor file for use.
The metaprotocol directly lets the index know which protocol specification to understand the instructions according to. For casting and transferring, the instructions are simplified to this:
Compare the content size with BRC-20:
BRC-20, transfer operation content size 57 bytes
CBRC-20, transfer operation content size 4 bytes
Another interesting thing brought about by metaprotocol and metadata is that CBRC-20 Token has no type restrictions, which creates the feeling of transformation of weapons and equipment in the game - for example, you can cast 1,000 pieces of a certain CBRC -20 Token, and then attach a picture of CryptoPunks when executing the casting command, so it can be either 1000 CBRC-20 Token or 1 Punk. Tap has actually made a similar attempt, adding a Logo field to Token, which can reference the Inscription ID and let the index handle it. But Tap relies on its own index, and CBRC relies on the new Ordinals protocol feature.
--file can be appended with the specified file
CBRC-20 is the appetizer made by the original OSHI team after the split. In addition to CBRC-20, this part of the original OSHI team also needs to make a larger universal index called Moto. In short, it is any Developers can submit their own FT standards to Moto, and then Moto combines and stacks these standards to achieve asset interaction across FT protocols.
CBRC-20 Popular Token Inventory
BORD
CBRC-20 is the first Token, with a total supply of 21 million. The current minimum value of a Token is about 2.2 U, corresponding to a market value of about 46.2 million U. We mentioned earlier that one of the major features of CBRC-20 is that there is no type restriction. It can be a currency or not. For example, the deployment inscription of $BORD is not in text format, but an HTML file introducing CBRC-20.
NODE
Known as the first practical Token on CBRC-20, it provides CBRC-20 Token batch casting service on Discord. The total amount is 10,000. The current minimum price of one Token is about 200 U, which corresponds to a market value of about 2 million U.
SYSM
A double-sided inscription that claims to be recognized by both the CBRC-20 protocol and the BRC-20 protocol. The total amount is 21 million. The current minimum price of one Token is about 0.12 U, which corresponds to a market value of about 2.52 million U.
You may be a little confused here - instead of saying one v 0.10.0 and one v 0.9.0, how can two different versions of Ordinals protocol indexes be compatible? Let me give you an analogy to help you understand.
The original inscription seems to be packed in an envelope (OP_FALSE OP_IF OP_PUSH content content content and content... OP_ENDIF). The index has to open the envelope and read it word by word to know what kind of agreement the inscription is in the envelope. (Which index is needed to work), what does this inscription represent, what to do...
Metaprotocol is like it is clearly written on the envelope. I am the inscription of a certain protocol, and the index can interpret my instructions according to the instructions of the certain protocol. The index of v 0.10.0 knows that this is a CBRC-20 inscription. Then I read on and found that the text was written in the BRC-20 index. At this time, the v 0.9.0 index knew that this was a BRC-20 inscription. It’s true that I can’t deal with it, but there are parts that I can understand.
9999
Performance art, 9 As for the mechanism, you can understand it directly by looking at the picture below:
At present, it has a market value of more than 1 million U.
CBRC-20 Common Tools
Engraving - https://cybord.org/thecraft.html (You can mint without tipping)
Market - https://ordinalnovus.com/ (There are still many things that have not been done well, such as not being able to sort by ascending and descending unit price, which looks very messy)
Conclusion
Judging from the current market performance, except for the first Token $BORD, the others are still relatively mediocre, which is almost the same as Tap...
Although the market performance is similar, compared to Tap, CBRC-20s underlying positioning has been upgraded from patch to magic modification, which is a relatively big improvement. Of course, the greater value is actually at the level of Moto (formerly part of the Oshi team). Motos new CBRC-20 Token has been deployed, and the snapshot of Oshis old BRC-20 Token has been completed, and we are ready to issue a new Token and start again. Tap Unless $TRAC is also invited to its own agreement, CBRC-20 will have a suppressive narrative at this stage.
