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Is the Entire Chain of In_script_ion Ass...
Is the Entire Chain of In_script_ion Assets Exploding? Overflow from BRC20 to Solana and Polygon
2023-11-24, 02:30
[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/article/1690791857hotspot.jpeg) ## Introduction Since ORDI set a thousand fold legend and reached an incredible high in the middle of this month, there has been a slight decline, but this cannot completely dampen the enthusiasm of the "In_script_ion Players.” Among the retail investors, there is also a call for everyone to "continue holding and stabilizing prices,” and it seems that their trust in them has exceeded their enthusiasm for short-term profits. For miners, the situation is better, and the huge demand for in_script_ion casting has benefited them a lot. From $ORDI, $SATS to $RATS and so on, these "tokens without practical application scenarios" have overshadowed a number of new projects and husband chains, spilling over from BRC-20 to other public chains with lower gas fees and easier casting, and quickly replicating the process of BRC-20 tokens. ![](https://gimg2.gateimg.com/image/article/170079282415311700792410_.pic.jpg) Source: gate.io ## Start: Ordinals and Atomicals Protocols Here, we will briefly recall the process of BRC-20 spreading to all aspects. Let's first talk about the key upgrade of the <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> core protocol launched in 2017- Isolation Witness, aimed at addressing the challenges of Bitcoin expansion and specific vulnerabilities. It mainly promotes the inclusion of more transactions by correcting transaction scalability issues and expanding Bitcoin block size restrictions. Isolation witness introduces the concept of block weight, replacing the traditional block size limit and increasing the transaction volume that can be accommodated. By the end of 2021, with the Taprot upgrade, the Bitcoin ecosystem began to support more complex _script_s and data types, bringing significant progress to the programmability and scalability of BTC. Afterwards, we became familiar with Ordinals, which was initially primarily used to create NFTs. On March 8, 2023, anonymous developer Domo launched BRC-20 based on the Ordinals protocol, which is a Bitcoin Altcoin issuance protocol similar to ERC-20. It defines a specific format of JSON data packets that are engraved on the BTC chain through Ordinals. ![](https://gimg2.gateimg.com/image/article/170079286515321700792427_.pic.jpg) Source: X@ gateio_ Zh But at the same time, the drawbacks of BRC20 are also very significant. BRC 20 requires the use of a third-party sorter to record the ledger under the BTC chain, which increases additional complexity and becomes a weak point of the system. The transfer of BRC 20 is not executed on the BTC main chain, and needs to be divided into two steps of BTC transactions (first collection and then transfer), resulting in a large number of junk transactions. Afterwards, there was an optimization item on top of this - the atomicals protocol, which considered the issue of how to issue tokens fairly. It was based on UTXO of Bitcoin for minting and transmission, while introducing proof of work to generate an ARC20 ecosystem. ATOM was its first token and was quickly minted. Overall, ARC20 is more decentralized, further expanding the possibilities of the Bitcoin ecosystem. ## RUNES - Upgraded Version from the Ordinals Team Although ORDI may seem like a "token issued by the founding team of ordinals," it is not actually the case. Casey Rodarmor, the founder of Ordinals, even expressed dissatisfaction with many people's misunderstanding that ORDI belongs to the orders team. He believes that 99% of the FTs on the current Bitcoin public chain are scams. Indeed, according to the current situation, many BRC20 tokens are meme assets with only emotional value from the community. The Ordinals team has long been aware of the limitations of applying protocols to the Bitcoin ecosystem, so Casey proposed another RUNE protocol - a fungible token protocol concept based on UTXO. ![](https://gimg2.gateimg.com/image/article/170079289715331700792441_.pic_hd.jpg) Source: unsplash The RUNE protocol can alleviate the problems caused by garbage UTXO in BRC20, improve network utilization and user experience value. According to Rodarmor, BRC20 requires you to coordinate off chain data with the blockchain, resulting in awkward user experiences. The address based method cannot be used well in conjunction with the UTXO based method of Bitcoin, resulting in similar difficulties for end users. Rodarmor claims that Runes is a simple, UTXO based, alternative token protocol with a good Bitcoin user experience, and can be compatible with lightning networks. It is worth noting that the current development focus of the team is still on the Ordinals protocol, so the concepts related to RUNES are still in the early stages. However, we can trust Casey's ability and look forward to the Ordinals team, as the "origin of the in_script_ions ecosystem," addressing more usability issues and providing more application scenarios for the Bitcoin ecosystem. The author believes that once RUNE has further developments, it will trigger another wave of enthusiasm in the in_script_ion track. ## POLS, SOLS and Even ERC-20 From Empty Narrative to the Possibility of Introducing Smart Contracts After experiencing a staggering increase of hundreds or thousands of times in the BRC20 tokens represented by $ORDI and $SATS, the occupancy rate and gas fees of the BTC public chain have correspondingly increased. In most similar new projects, the popularity of the BRC-20 has also decreased. However, this "in_script_ion craze" has shown many users a speculative trend of "everyone can participate, everyone can profit.” So naturally, it also spread from the Bitcoin public chain to other lower cost and more sound ecosystem public chains. The first to demonstrate the “BRC20 transfer” is POLYGON, where PRC-20, modeled after BRC-20, was born. The first in_script_ion project, $pols, totaling 21 million sheets, is called the “isomer” of sats, as both have the same huge supply. Its appearance has suddenly made the old public chain <a href="/fr/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> extremely crowded for a few days, as the low gas fees and relatively easy operation have attracted many users, and the gas fees have multiplied. Various communities quickly emerged with tutorials on “How to use chatGPT assistance to batch engrave POLS,” and Polygon's transaction count exceeded 6.1 million, reaching its peak within the year. Now all 21 million POLS have been defeated, indicating that the enthusiasm of many players with in_script_ions is far from reaching its peak. According to the @POLS market, POLS will be fully open for trading on November 24th. ![](https://gimg2.gateimg.com/image/article/170079293415341700792457_.pic.jpg) Source: twitter@polsmarket On November 16th, just after the minting heat of POLS, SPL-20 also appeared on <a href="/fr/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, which can be minted through the official website of libreplex. Its minting method is more complex, mainly divided into the following steps: Prepare images and text - Copy code - Create document - Create NFT - Change parameters - Open libreplex create de_script_ion initialization - Change the parameters of the in_script_ion - Apply the originally copied code to the parameters, and finally release. After verifying the information of the in_script_ion, select Make immutable - this completes the process of creating the in_script_ion. Once the information is correct, the in_script_ion can be indexed by users on the SOL chain. Compared to SOLS, the minting method is relatively cumbersome and may make mistakes that cannot be searched, but it still cannot stop the enthusiasm for participation. Currently, all 21000 sheets have been minted. It seems that more and more "20s" are joining in. ## Eth_script_s - An Ethereum In_script_ion and A New L2 Narrative At first, because BTC did not support smart contracts, BRC-20 was recognized by many as a protocol based on Bitcoin's own properties, which was modeled after ERC-20, as it could not establish an application ecosystem like <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>. In a sense, this is also true - smart contracts are the domain of Ethereum, while the BRC-20 is an innovation that cannot be considered innovative in terms of BTC attributes. Therefore, when Ethereum also wants to establish an "in_script_ion track,” it looks like driving backwards. Ether_script_s is a protocol that replaces smart contracts and L2, allowing users to share information and perform calculations at low cost on Ethereum L1. It achieves decentralized computing by applying rules to Ethereum call data to bypass smart contract storage and execution. In August 2023, Ether_script_s introduced Virtual Machine (ESC VM) to enhance its functionality and make it a universal computing engine. Ether_script_s enable non-financial and arbitrary data to be written to the Ethereum blockchain, allowing users to burn any type of file as long as the file size does not exceed 96 kilobytes. Many followers describe Ether_script_ as “another way of layer2,” and members of the Ether_script_ community believe that “ETHS can achieve cheaper gas than L2 without network switching compared to other L2 solutions (such as ZK and ARB). Today, after upgrading ESIP-5, the gas per transfer has been reduced to around 0.05u, and gas interaction is even cheaper than many L2 solutions.” Presently, ETHS does not have the exaggerated fluctuations of other in_script_ions, and many people overlook it. However, with the assistance and optimization of smart contracts, the implementation of mechanisms such as fair launch is not difficult and has more decentralized elements. We may also see that one day the freedom of Ethereum in_script_ions and Ether_script_s can bring some unexpected innovations. ![](https://gimg2.gateimg.com/image/article/170079297515351700792475_.pic.jpg) Source: unsplash <div class="blog-details-info"> <div>Author:**Sherry S.**, Gate.io Researcher <div>Translator:Joy Z. <div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. <div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement. </div>
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Introduction
Start: Ordinals and Atomicals Protocols
RUNES - Upgraded Version from the Ordinals Team
POLS, SOLS and Even ERC-20 From Empty Narrative to the Possibility of Introducing Smart Contracts
Eth_s - An Ethereum In_ion and A New L2 Narrative
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