BRC20-S

OKX is introducing the first token standard enabling Bitcoin and BRC-20 staking through OKX Web3 Earn, called BRC20-S.

Introduction to BRC20-S

The BRC20-S introduces an extended version of the BRC-20 standard for the Bitcoin blockchain, incorporating BRC-20 design principles while adding functionalities for staking operations such as deposits, minting, and withdrawals.

This protocol offers a staking mechanism specifically tailored for BRC-20 tokens or Bitcoin, allowing users to stake their BRC-20 tokens or bitcoins in exchange for BRC20-S tokens.

These extend the functionalities of BRC-20 tokens with a detailed staking protocol, rewarding engagement and participation in the Bitcoin network.

Vision:

The aim of BRC20-S is to provide BRC-20 token holders and projects with an expanded design space and new community engagement opportunities.

The envisioned staking mechanism introduces a new dimension to the BRC-20 token ecosystem, enhancing participation and the connection between token holders and the underlying blockchain network.

Specifications:

• User Scenarios:

  • Project Team: Can issue its own BRC20-S tokens by creating a staking pool to attract initial users.

  • Users: Staking BTC or BRC-20 tokens allows earning other BRC20-S tokens, such as abcd (a newly issued BRC20-S token).

• 
• Interaction Flow:

  • Project Party: Performs the deployment operation, defining the attributes of the staking pool, including the staking token, earned token, mining rate, total mining rewards, and allowing coin holders to participate in multi-mining. Following this, users' deposit operations are recognized and recorded.

  • User: Undertakes staking activities such as depositing, minting (claiming), and withdrawing, with the freedom to claim mining rewards at any time.

• 
• Instructions and Operations:

  • Deployment of BRC20-S pool: Users can choose to place all BRC20-S tokens as mining rewards in a single pool. Users' earnings depend on the amount of tokens staked and the type of pool (fixed or shared).

Additional Considerations:

• Tick id (tid) generation rules: Based on a combination of plaintext information and a SHA256 hash operation to obtain the first 10 characters.

• Passive withdrawal rule: Allows for the transfer of staked tokens, potentially triggering a passive withdrawal operation according to the "Last-In-First-Out" principle.

Conclusions

The BRC20-S represents a significant advancement in the Bitcoin token ecosystem, offering a flexible and inclusive staking mechanism, paving the way for greater innovation and participation in the digital asset space.

Associated Risks:

Just like with BRC-20, anyone can deploy their own pool without endorsement or auditing by the protocol creators. Users are advised to do their own research (DYOR) before participating in staking.