OKX proposes new Bitcoin BR-30 standard

The OKX exchange proposed to extend the BRC-20 Bitcoin standard by implementing a new mechanism called BRC-30.

The BRC-30 standard states that Staking-related featuresFeatures such as staking pools and rewards will be available on the Bitcoin network for the first time.

“By introducing BRC-30, users will be able to stake their BRC-20 tokens or bitcoins and receive corresponding BRC-30 tokens in return.”

bitcoin staking

According to OKX’s proposal, the main purpose of BRC-30 is to expand the capabilities of the Bitcoin ecosystem by introducing staking-related features and provide additional ways for the community to interact. It will add “new features” by rewarding BTC and BRC-20 token holders for participation. Dimension” to the Bitcoin network.

“This staking mechanism introduces a new dimension to the BRC-20 token ecosystem, fostering user engagement and establishing a stronger connection between token holders and the Bitcoin blockchain network.”

Underpinning this system are staking pools and “servers” responsible for managing the BRC-20 and BRC-30 accounts, ensuring that staking earnings are accurate and consistent.

The “project party” defines the properties of the staking pool, such as mining rate and total mining reward, and deploys operations. Finally, users connect the interaction process by performing deposits, minting, and transfers to self-custodial wallets.

Bitcoin BR-30 process
sauce: okx.com

OKX said the “server” operation will be an open source interface. They also invited developers and “project stakeholders” to contact them via the email link at the bottom of this page. suggestion for collaboration.

BRC-20 Controversy

Anonymous developer “Domo” took advantage of Bitcoin protocol changes after the Taproot upgrade to launch the BRC-20 standard in March.

By allowing additional metadata to be written to each of the 100 million satoshis in Bitcoin, digital artifacts such as text, images, videos and code can be stored directly on-chain.

However, developer Casey Rodarmor got his hands on the inscription technology for the first time when he released the Ordinals NFT feature in February.

The rise of Ordinals and the BRC-20 token has sparked debate among purists who argue that Bitcoin should only be used for monetary transactions.

Proponents of the Inscription argue that the open nature of the Bitcoin network allows them to use the network as they see fit, without requiring the permission of others.

Leave a Reply

Your email address will not be published. Required fields are marked *