Trust Machines Profile picture
Jun 12 13 tweets 4 min read Twitter logo Read on Twitter
BRC-20 has a lot going for it, but let’s be honest: scalability isn’t one of them 🚧

ORC-20, a new token standard, is looking to change that 🧵 Image
Here’s a problem:

Every time you want to send BRC-20 tokens, you need to inscribe a Transfer, usually on a third-party service, then send that Transfer to your intended recipient.

That’s two transactions and double the fees! 💸💸

ORC-20 promises a more efficient solution…
ORC-20 is an open standard created by @OrcDAO and launched just last month.

If you’re familiar with the structure of BRC-20, then ORC-20 will look pretty similar.

With ORC-20, you have 4 possible operations: Deploy, Mint, Send, and Cancel.
ORC-20 is an open standard created by @OrcDAO and launched just last month.

If you’re familiar with the structure of BRC-20, then ORC-20 will look pretty similar.

With ORC-20, you have 4 possible operations: Deploy, Mint, Send, and Cancel.
🙌 Deploy

Deploy creates the rules of the token, such as the max supply and how much of it can be minted at once. But that’s where most of the similarities end.

The ticker can be any size (not just 4 characters), meaning you can even deploy things like domain names. Image
ORC-20 also enables advanced features, such as the ability to change a token’s properties in the future.

You can additionally include messages or custom fields to unlock more functionality.

You can even wrap your existing BRC-20 token into ORC-20 format! This is irreversible ⚠️ Image
🍀 Mint

Minting an ORC-20 token works fairly similarly to minting on BRC-20.

You just need to specify the amount you’d like to mint, and also include the inscription ID of the Deploy inscription. Image
📤 Send

Sending ORC-20 tokens is very different compared to BRC-20.

ORC-20 transactions use a UTXO approach. If you have 3000 ORC tokens and you want to send someone 1000, you would also send yourself 2000 as a new “input”. Image
You can Send to multiple recipients at once, and because of its UTXO approach, you must also send the remaining balance back to yourself to mark the end of a transaction.

Each “send” event is considered a partial ORC-20 transaction, which can be tracked as a Nonce.
⛔ Cancel

You can cancel partial transactions up until the final step of a Send operation, which is when you send yourself the remaining tokens.

Any sends made up until the “Cancel” inscription would still remain valid, though. Image
ORC-20 has already seen several upgrades since launching just a few weeks ago, known as Orc Improvement Proposals, or OIPs.

For example, OIP-4 employs a new “List” operation to allow marketplaces and operators to identify a collection of authentic inscriptions.
Another cool feature, OIP-5, allows you to reuse Mint & Send inscriptions ♻️

This massively increases efficiency over BRC-20 Transfers, which are single-use.

If someone sends you 100 orc, you can just take that same inscription and send it to someone else 📬 🤯
ORC-20 might have more features, but BRC-20 certainly already has the network effects.

Either way, ORC-20 is another example of the rapid experimentation happening on #Bitcoin

And we plan on covering it all 🫡

Give us a follow to learn more about the Bitcoin economy 🧠

RT 👇

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Trust Machines

Trust Machines Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @trustmachinesco

May 4
There’s a Bitcoin layer you’re not probably paying enough attention to: RGB

Their team has been heads-down building for several years. And their latest release, v0.10, takes a huge step toward enabling Bitcoin DeFi.

Here’s how it works 🧵 Image
RGB may be new to many, but it was actually first proposed in 2018.

It was originally inspired by “colored coins” on Lightning by Giacomo Zucco, plus two concepts developed by Peter Todd: client-side validation and single-use seals (which we’ll explain in a bit). Image
In 2019, @dr_orlovsky and @giacomozucco formed the @lnp_bp Standards Association to bring RGB and its related tools to life.

What started as a token protocol through the “colored coins” concept has now evolved into a full-fledged smart contract system for Bitcoin.
Read 19 tweets
May 3
Creating new tokens on Bitcoin can be done with a single line of code.

It’s called BRC-20, and it’s the reason why there’s been nearly 2 million new ordinal inscriptions in just the past week 🚀 Image
BRC-20 started as an experiment to see if Ordinal Theory could be used to facilitate fungibility of tokens on Bitcoin.
Similar to Ordinal Theory, BRC-20 operates on a “first-in-first-out” model.

Whoever is the first to deploy “XXX” token on BRC-20 becomes the rightful owner of it.

So naturally, many are rushing to be the first to inscribe every possible word and character combination 😂
Read 10 tweets
Apr 4
There’s a new protocol in town: Bitcoin Stamps 📮

They’re a new way of storing images directly on Bitcoin, but they’re very different from Ordinals.

Here’s why their transactions look like this 👇

🧵… Image
Bitcoin Stamps, created by @mikeinspace, are a new way of storing images directly on the Bitcoin network, natively.

Bitcoin Stamps split up an image into a bunch of tiny pieces, spread it across many UTXOs, and reconstruct them on the other end.

It’s a bit like this:
Bitcoin Stamps use a few existing technologies, mainly Counterparty, to work.

Counterparty was first introduced in 2014 as a protocol built on top of Bitcoin. Rare Pepes, regarded as the first NFT collection before the term “NFT” even existed, were powered by Counterparty.
Read 11 tweets
Apr 3
We’re on a mission to grow the Bitcoin economy, and over the past few months have been highlighting some of the amazing work happening within the Bitcoin ecosystem.

But what have *we* been working on?

Let’s talk about our roadmap 👇
We came out of stealth a little over a year ago with a core belief: Bitcoin layers represent the largest untapped market for apps built upon trust without centralization.
More recently, the explosive growth of Ordinals has shifted the overton window around building on Bitcoin. Developers are flocking back to Bitcoin after years of building on other networks.

And through this time, we’ve continued to make inroads into Bitcoin's scaling potential.
Read 10 tweets
Mar 8
So, you’ve finally discovered Ordinals.

We’re not sure if you’ve been living under a rock, but that’s okay, better late than never!

You’ve browsed all the collections and want to live your best Bitcoin NFT life.

But then you realize: you don’t know how to inscribe one 😩
Don’t worry, you’re not the only one.

The actual process is pretty technical, and can be pretty laborious given that you need to download Bitcoin Core and sync it up (although it’s a great learning opportunity!)
That’s why we’re grateful for the likes of @ordinalsbot and @trygamma, to name a few, whose inscription services have really made Ordinals more accessible to everyone 🙏
Read 4 tweets
Mar 8
Rollkit's new integration has allowed for sovereign rollups on Bitcoin 🤯

It's the latest scaling solution for Bitcoin, but how does it compare to the Stacks layer? 🧵
This week, @RollkitDev demonstrated that its new research integration could retrieve and store data on-chain.

In order to write and read data on the Bitcoin blockchain, Rollkit’s integration made use of Taproot transactions, inspired by Bitcoin Ordinals.
All this talk about Bitcoin sovereign rollups has led to another conversation: comparisons between sovereign rollups and the @Stacks Bitcoin layer.

So, how accurate is the comparison?

Let's get into how rollups work for faster and cheaper transactions on blockchains 👇
Read 22 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!