Completed 10 billion $MOVE in three days! Is MRC20 “smart inscription” popular in the industry? Does the inscription open a new narrative? How to play Inscription 2.0? Why is the Move ecosystem most suitable for issuing smart inscriptions? How will Inscription develop when it becomes composable and more playable? What is the difference between the Move ecosystem and the issuance of inscriptions on Bitcoin and Ethereum?
Let’s talk about the recently popular MRC20 smart inscription $MOVE.
The most iconic hot spot in the Crypto circle this year is the inscription craze triggered by the Bitcoin ecosystem, which created a "retail investor carnival". Spinach also became a "Tianji Old Man" and successfully missed this inscription craze. This also needs reflection. Initially, we only saw the attributes of “technological reversal” and “new betting” from a technical perspective, but ignored the narrative of fair sales behind it, and narrative is an important factor in determining price.
As the market's popularity for inscriptions has generally cooled down recently, the smart inscription MRC20 $MOVE in the Move ecosystem suddenly became popular. The first MRC20 inscription $MOVE was issued on January 1, 2024, and 10 billion $MOVE was sold within three days. After all is completed, the locked amount reaches 1 million+SUI, accounting for almost 1/200 of the entire SUI blockchain TVL, and the casting address is nearly 50,000. Why can Move Smart Inscription be successful?
Spinach believes that it has the following advantages:
1. Low transaction costs and fast processing speed
The popularity of Bitcoin Inscription has led to the congestion of the Bitcoin network and high handling fees, making the friction cost of inscription and transaction inscription extremely high and the waiting time long. This has also become a point that affects the user experience of Bitcoin Inscription.
Not only does the inscription on the Move ecosystem have negligible gas fees, but the extremely fast transaction confirmation time also brings a silky-smooth experience and a better user experience.
2. Both have the characteristics of inscriptions
Bitcoin inscription is essentially to engrave an "NFT" on Satoshi, and then this "NFT" will contain a homogeneous amount Amount, which is equivalent to an FT embedded in the NFT; and since Bitcoin does not have a smart contract, so An additional indexing mechanism is needed to record the circulation of inscriptions, and the indexing mechanism may also cause some loopholes in the inscriptions, such as the indexing rule loopholes that appeared in OKX some time ago.
The structure of Bitcoin Inscription with FT embedded in the NFT is actually exactly the same as the ERC-3525 SFT semi-fungible token standard. This type of structure can naturally be expressed in the smart contract system, and Bitcoin Inscription It can also be sold fairly, and the non-UTXO account system can naturally replace the centralized indexing mechanism. So in addition to having the characteristics of inscriptions, what are the advantages of "smart inscriptions"?
3. Smart contracts and asset ownership decoupling
In the Ethereum system, the relationship between assets and smart contracts is closely integrated. If there is a loophole in the smart contract, the project party suddenly upgrades the contract to do evil, or the project party leaves a backdoor in the contract, it can cause you harm. asset loss
In the Move ecosystem, the ownership of smart contracts and assets is decoupled. Even if there is a problem with the smart contract, the user's assets are still in their own hands.
You can think of Move Smart Inscription as a box, which contains your locked assets, and the key to the box is in your hand. The check mechanism of this key is guaranteed by a chain, so the holder of Move Smart Inscription has little need to worry. Contract security issues
At the wallet level, Move's wallet usually has the function of visual operation, which allows you to know the changes in account assets after transactions, which is more friendly and safe for novices.
4. More playability and composability
In the Move ecosystem, due to Move's special structure mechanism, the Move ecosystem does not need to follow a token standard to issue assets like Ethereum, and has higher flexibility.
Due to the lack of scalability and composability of Bitcoin, the gameplay of inscriptions is too simple. Smart inscriptions give greater imagination to the gameplay of inscriptions. Take MRC20's $MOVE as an example:
The total amount of $MOVE is 10 billion. It takes 21,600 epochs to complete all mints. There is no concept of total sheets because the number of $MOVE in each sheet is not fixed.
Based on the current one minute for each epoch, it will take a total of 15 days to complete, meeting the principles of decentralization and fair launch and distribution.
The specific gameplay is that each address can print 1 inscription per epoch every minute, so you only need to mint once per minute.
Each mint needs to lock 0.1 SUI into the inscription. If multiple mints are submitted in 1 minute, the inscription obtained in this epoch will not change, but the extra 0.1 SUI will be superimposed and locked into the inscription obtained in the current epoch.
All locked SUIs are within their own inscriptions and will not be deposited into any third-party account or contract. If you don’t want to hold the inscription, burn it to get back the SUI locked in the inscription.
And it comes with two ways to play Easter eggs:
1. Violent acceleration mode: If the number of participating addresses in each epoch reaches 500, the acceleration mode will be turned on. Every 500 addresses will start a new round of epoch, so the epoch is not necessarily 1 minute, and the total duration will be shortened.
2. Winning mode: The first address entered in each epoch will settle the transaction of the previous epoch, so it will get an additional inscription, and there is no need to lock 0.1SUI.
The total number of cards is not fixed, so that the number of $MOVE cards obtained each time an inscription is divided equally according to the number of participating addresses in each epoch may be different. It may be more advantageous for early participating users. This mechanism can also be designed. To randomly allocate amounts within a numerical range, scratching lottery tickets is more in line with people's gambling habits.
The gameplay of locking SUI allows users to destroy the inscribed inscriptions at any time to get back their principal, and the funds are not controlled by any third party or contract, and are truly owned by the user's wallet. Users can regret their operations at any time, making users more flexible.
The Easter egg gameplay also brings more room for imagination to smart inscriptions. It can derive various game models, empower inscriptions, combine with full-chain games or other LEGO gameplay, and the room for imagination is unlimited.
Spinach personally believes that players participating in Bitcoin Inscription are actually playing a "fair offering". To put it bluntly, everyone longs for a "fair casino", and issuing Inscription is a way to achieve a "fair casino". In addition, for Bitcoin Coin inscriptions are also very controversial. Some Bitcoin developers believe that inscriptions are actually a dust attack and a BUG. Attitudes towards Bitcoin inscriptions have begun to become polarized.
Move smart inscription itself is a native asset on the chain, and its impact on the activity of Move ecology may be positive. If everyone just wants to have a fair casino, then a lower threshold, lower cost, and better user experience Wouldn’t a better, fair casino with more gameplay be a better potential choice?
Note: The author does not hold any negative attitude towards Bitcoin Inscription. If there are any misunderstandings, please point them out.
