Table of contents
- What is Bitcoin Stamp SRC 20 Tokens Introduction and Historical Background
- How SRC 20 Stamps work and how they exist in the Bitcoin network
- SRC 20 Stamps are stored in UTXO
- The difference between SRC 20 and BRC 20
- Similarities between SRC 20 and BRC 20
- Comparison between SRC 20 and BRC 20 on the Bitcoin chain
- Development status of SRC 20 Stamps protocol
SRC 20
SRC721
- SRC 20 Data Security
- The future development of SRC 20 in the Bitcoin ecosystem
- references
What is Bitcoin SRC 20 Token - Introduction and Historical Background
SRC 20 Tokens is the token standard of Bitcoin Stamps. It is a standard protocol with higher security on the Bitcoin chain. The Bitcoin Stamps protocol is developed based on Counterparty (XCP) (in 2014, Robert Dermody, Adam Krellenstein and Evan Wagner jointly launched the Counterparty protocol (XCP) on the Bitcoin network; at the same time, the stamp protocol is the first NFT token protocol standard on the Bitcoin chain; it is called the "ancient protocol" or "stamp protocol" in the encryption industry .
In 2017, developers Mike in Space, Kevin and Arwyn made optimization and upgrades based on the Counterparty Protocol (XCP). The upgraded stamp protocol has made great innovations and supports both fungible tokens Tokens and non-fungible tokens. The issuance of coin NFTs has laid the foundation for the Bitcoin Stamp protocol.
How SRC 20 Stamps work in the Bitcoin network
The Bitcoin Stamp protocol stores data information in UTXO. The data is permanently stored on the Bitcoin blockchain and cannot be changed or deleted. It is not stored on a node or server in the Bitcoin network. It stores the data directly. Embedded into the Bitcoin transaction ledger, it will remain permanently on the Bitcoin blockchain as long as it is successfully created. The creation of Bitcoin stamps requires the file to be converted into a special format of Base64; each Bitcoin stamp will receive a Stamp number when it is minted, and the protocol number data will be broadcast to the Bitcoin distributed network, and the transaction time and stamp serial number will be recorded. ; If the format requirements of the protocol standard are not followed, the casting will not be completed.
Will storing Bitcoin stamps in UTXO bring a lot of junk data to the Bitcoin network?
The Bitcoin Stamp Protocol SRC-20 has a more streamlined design data structure and requires smaller storage space. Compared with other protocols in the Bitcoin ecosystem, it does not generate a large amount of junk data, which is detrimental to the overall efficiency and scalability of the Bitcoin network. The impact is negligible; and the data is completely stored directly in UTXO. (not spent
A transaction output UTXO refers to a transaction output UTXO that can be used as an input to a new transaction. The UTXO defines the start and end locations of each blockchain transaction. The UTXO model is a fundamental element of Bitcoin and many other cryptocurrencies).
The difference between SRC20 and BRC20
The structure and information storage of SRC 20 on the Bitcoin chain are completely different; SRC 20 stamp information is stored in UTXO. Each complete Bitcoin node will store the stamp protocol information and cannot be changed. The stamp protocol is closer to the Bitcoin design protocol standard. . The SRC 20 stamp protocol can not only issue homogeneous SRC 20 tokens, but also has flexible transactions that do not require multiple inscriptions during the transaction process. It is currently the most suitable protocol for Difi on the Bitcoin chain, and can also issue non-fungible tokens. NFT, this kind of NFT is called Bitcoin Stamp.
Comparison between SRC 20 and BRC 20 on the Bitcoin chain
Openstamp Marketplace and Stampscan Marketplace
BRC-20 tokens are currently subject to a four-character naming convention. But SRC-20 has no such restrictions, adding a certain degree of flexibility to developers. In addition, the SRC-20 token standard related to "Bitcoin Stamp" has also begun to emerge. SRC-20 tokens store data differently than BRC-20 tokens. Due to differences in certain technical specifications, SRC-20 tokens may be more secure than BRC-20 tokens, but this also means that the data they are able to store Much less than BRC-20 ( source: Binance ).
BRC 20 writes arbitrary files in the witness data (witness) of Bitcoin transactions; nodes can modify or eliminate the witness data, and it is not distributed to every node in the Bitcoin network for storage. The reason for the design is A large amount of junk data will be generated during transactions, and there is a risk of being deleted if the Bitcoin network is not congested. Secondly, in the BRC 20 transaction, it needs to be split, and the split size is fixed. You can only trade as much as you split, but in the SRC20 transaction, there is no need to split it, and you can trade freely.
Screenshot of Unisat trading market
Similarities between SRC20 and BRC20
Both are in the Bitcoin ecological protocol. In terms of code format, the text used to deploy, mint and transmit SRC-20 tokens is also in JSON format, which is almost the same as BRC-20 (document source: Linekong Interactive). Fair online distribution user Mint, first come first served.
The development status of SRC20 Stapm protocol, SRC 20 and SRC 721
Currently there are two main protocols for Bitcoin stamps: SRC 20 and SRC 721
- SRC20-Tokens
SRC-20 is a breakthrough token specification protocol in the Bitcoin ecosystem, changing the transaction of Bitcoin inscription tokens; it can be said that SRC20 is a homogeneous token protocol in the stamp protocol, which can flexibly customize the quantity transfer Tokens do not require a series of anti-locking operations, which greatly reduces the generation of garbage data; at the same time, it provides standard specifications for the establishment of DeFi on the Bitcoin ecosystem. This innovation provides more possibilities for the future development of the Bitcoin ecosystem. , and expand more applications on the Bitcoin chain. With SRC-20, the future of Bitcoin chain tokenization will achieve a major leap.
Openstamp trading market screenshot
- SRC-721-NFTs
The SRC-721 protocol is more used in the application of Bitcoin stamp NFTs. Using this protocol, art creators can store their works in the Bitcoin blockchain, which will be verified and unique on the Bitcoin chain; Bitcoin network After years of development, the superior security and value space are more suitable for storing high-quality NFT artworks, attracting many powerful artists to create on the Stamp Protocol.
Stamped NFTs market screenshot
SRC20 data security
Security is one of the most important issues in the encryption industry. Bitcoin Stamps attaches great importance to security. Bitcoin Stamps runs on the Bitcoin blockchain network and the data is stored in the transaction UTXO, ensuring the security of the data. Once created, it will not be able to Changes are deleted and permanently stored in the Bitcoin network; and the superior protocol design will not bring junk data to the Bitcoin network.
The future development of SRC20 in the Bitcoin ecosystem
The superior security, flexibility, and scalability of SRC 20 will inject vitality into the Bitcoin network; making it more than just engraving inscriptions, it is also compatible with the issuance of homogeneous Tokens; continuous innovation will bring unlimited benefits to the Bitcoin ecosystem Possible; enable more people to learn about Bitcoin and use Bitcoin, and at the same time increase income for miners so that more people are willing to join and maintain the Bitcoin network; at the same time, it will also promote the development of the second layer of Bitcoin and the Lightning Network.
The Stamp Protocol first appeared in 2014 and has been running on the Bitcoin mainnet for nearly 10 years. SRC 20 has been upgraded and improved on these protocols for nearly 6 years, and has rich technical accumulation and experience accumulation; and the Stamp Protocol is very popular in Bitcoin. The storage embedded in transaction UTXOs on the network is unmatched by other protocols. At the same time, the security of the SRC 20 standard protocol is ensured.
Although a large number of new protocols are currently blooming in the Bitcoin ecosystem, many of them are imitators of the Stamp Protocol; to be as stable and mature as the Stamp Protocol, it still needs to go through a lot of tests. At the same time, this also explains why the number of overseas communities in SRC 20 is much larger than the Chinese community; foreign developers focus on the rigor of technology and code, as well as data security and privacy. Although SRC 20 has fewer developers in the Chinese community, I believe that in the future more people will realize the security of data and assets on the chain, and more developers who focus on technology and data security will participate in joining the SRC 20 protocol. In development.
references:
- Bitcoin Stamps vs. Ordinals: A Deep Dive into the Future of On-Chain Permanence -By CoinPedia News
- What is the SRC-20 token standard: An overview
- What are Bitcoin ordinals- What are Bitcoin ordinals-By ARUNKUMAR KRISHNAKUMAR-MAR 09, 2023
- What Are: 'BITCOIN STAMPS' -By DRΞΞZY.
- Unspent Transaction Output (UTXO) - By Binance
- Introduction to BRC-20 token knowledge ( click to download the report ) -By Binance 7. Stampchain SRC-20 Tokens -github
