“BRC-20” Track Rising Star CBRC-20: Why is it Popular Among the English Community?
This article explains what CBRC-20 is and its distinctive features and current ecological projects.
Table of Contents:
Differences between Tap Protocol and CBRC-20
A List of Popular Tokens in the CBRC-20 Ecosystem
BORD
NODE
SYMM
9999
Common Tools for CBRC-20
CBRC-20 Protocol: A Rising Star in the “BRC-20” Series in the Past Half Month
CBRC-20 has gained attention in the English-speaking community. This phenomenon is interesting because in the past half month, many have shifted their focus away from the Bitcoin ecosystem to the hype surrounding various public chains, such as Solana, AVAX, and INJ.
Although the market value of BRC-20 assets within the Bitcoin ecosystem still holds a dominant position, other protocols like Atomicals and NostrAssets have also attracted a considerable amount of attention and funding.
In my definition, the “BRC-20” series includes not only BRC-20 itself but also Tap Protocol and CBRC-20. Interestingly, both protocols have a strong influence in the English-speaking community, so much so that players in the Chinese-speaking community emphasize their popularity among foreigners. However, the degree of innovation differs between Tap Protocol and CBRC-20, and the development processes of the two projects also vary.
To put it simply, Tap Protocol is an “enhancement” of BRC-20, similar to adding updates to an already fun game. Tap’s functions, such as removing the 4-character ticker limit, enabling batch airdrops, and supporting token swaps, mainly focus on updates at the indexing level. It aims to address some pain points and unimplemented features of BRC-20 by representing them in JSON format and making them understandable to indexers.
Tap belongs to beny’s TRAC ecosystem, which has gained a loyal following among foreigners. It is not surprising that foreigners appreciate “General Ben” for his constant attacks on centralized indexes.
On the other hand, CBRC-20’s modifications are based on the BRC-20 protocol’s adoption of Ordinals v0.9.0 as the standard version for indexing to maintain stability. Since the new features introduced in Ordinals protocol v0.9.0 are not applicable to the BRC-20 protocol, CBRC-20 combines the basic functional logic with new features to create a completely new version.
If we consider Tap and CBRC-20 as “private servers” of BRC-20, the former can be seen as a “classic server” with full updates, while the latter is a “modified server” with many new contents.
The Ordinals protocol introduced in version 0.10.0 brings fields for defining “metaprotocols” and “metadata” to the indexing of tokens. These two new fields significantly reduce the redundant text in the deployment/minting/transfer process of BRC-20 tokens, thereby reducing costs and simplifying indexing.
The image above shows an example of a deployment script for BRC-20. For CBRC-20, which introduces “metadata,” only three lines within the curly brackets, “tick,” “max,” and “lim,” are required. Furthermore, CBRC-20 compresses the reduced information into smaller .cbor files for storage.
The “metaprotocol” field allows the index to know which protocol’s specifications to use for interpreting instructions. For minting and transferring, the instructions are simplified as shown in the image above. Compared to BRC-20, CBRC-20 significantly reduces the content size of transaction operations.
Another interesting aspect of “metaprotocol” and “metadata” is that CBRC-20 tokens are not limited by type. This allows for the creation of tokens that can be “disguised” as other tokens, similar to the concept of “transmogrification” in games. For example, it is possible to mint 1000 units of a CBRC-20 token and attach a CryptoPunks image during the minting process. This way, the token can represent either 1000 units of a specific CBRC-20 token or 1 CryptoPunk.
Tap has also experimented with a similar approach by adding a “Logo” field to tokens, which can reference an Inscription ID for indexing purposes. However, Tap relies on its own indexing system, while CBRC relies on the new Ordinals protocol features.
CBRC-20 is the “appetizer” developed by the OSHI team after their split. Apart from CBRC-20, another part of the original OSHI team is working on a larger universal index called Moto. In simple terms, Moto allows developers to submit their own FT (fungible token) standards, which Moto then combines and stacks, enabling asset interaction across different FT protocols.
The first CBRC-20 token has a total supply of 21 million, with the current lowest price per token being around 2.2 U, corresponding to a market value of approximately 46.2 million U. As mentioned earlier, one notable feature of CBRC-20 is the absence of type restrictions. Tokens can represent both coins and non-coins. For example, the deployment script for $BORD is not in text format but an HTML file introducing CBRC-20.
Other tokens in the CBRC-20 ecosystem include:
– “BRC-20 of CBRC-20”: A practical token on CBRC-20, offering batch minting services for CBRC-20 tokens, with a total supply of 10,000 and a current lowest price per token of around 200 U, corresponding to a market value of approximately 2 million U.
– “Double-sided Token”: A token that can be recognized by both CBRC-20 and BRC-20 protocols, with a total supply of 21 million, a current lowest price per token of around 0.12 U, corresponding to a market value of approximately 2.52 million U.
You may be confused about how two different versions of the Ordinals protocol, v0.10.0 and v0.9.0, can be compatible. Here’s an analogy for better understanding:
The previous scripts were like letters contained in an “envelope” (OP_FALSE OP_IF OP_PUSH content content content… OP_ENDIF). The index had to open the envelope and read the content word by word to understand which protocol the script belonged to, what it represented, and what it was supposed to do.
“Metaprotocol” is like having the protocol clearly written on the envelope, indicating which protocol’s instructions to interpret. The v0.10.0 index knows that it is a CBRC-20 script. As it continues to read, it discovers that the content is written in the indexing language of the BRC-20 protocol. At this point, the v0.9.0 index understands that it is a BRC-20 script. It may not be ideal, but both indexes can understand the relevant parts.
In conclusion, although the market performance of CBRC-20 tokens, except for the first token $BORD, has been relatively flat, CBRC-20 has made significant advancements compared to Tap. CBRC-20 has evolved from being an updated version to a modified version, while Tap still relies on its own indexing. However, the true value lies in Moto, the next layer developed by part of the Oshi team.
Moto’s new CBRC-20 tokens have been deployed, and a snapshot of Oshi’s old BRC-20 tokens has been completed in preparation for the launch of new tokens. Unless Tap includes $TRAC in its protocol, CBRC-20 has gained a dominant position in the current narrative.
Related Articles:
– Bitcoin’s “Block Pause” for Over 90 Minutes and Soaring Miner Fees: Is BRC-20 Paralyzing the BTC Network?
– Bitcoin Script Sentenced to Death? Core Developers Retort: Vulnerabilities Will Be Fixed Next Year, BRC-20 Will Disappear!
– BRC-20 Continues to Surge: Binance Lists SATS for Spot Trading, Soaring 81% Within an Hour
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