CBRC-20

The introduction of the Cy[bord] CBRC-20 presents a pioneering step in the evolution of fungible tokens on the Bitcoin blockchain, leveraging the Ordinals protocol.

Introduction to CBRC-20

CBRC-20 proposes an efficient Metaprotocol standard for fungible tokens on Bitcoin, optimizing the process by utilizing metadata and metaprotocol fields introduced in ord 0.10+. This new standard aims to maintain the functional logic of BRC-20 while offering cost reductions and simplifying the indexing process.

Key Features of CBRC-20

• Reduced Inscription Costs: CBRC-20 significantly lowers the expenses associated with token operations (deployment, minting, transferring) compared to its predecessor, BRC-20/TAP.

• Simplified Indexing: Indexing CBRC-20 tokens is streamlined since all necessary information is available directly within the inscription's envelope, facilitating easier state management.

• Flexibility with MIME Types: Allows for a broad range of MIME types to be used, opening up diverse deployment, minting, and transfer strategies for CBRC-20 tokens.

Advancements and Applications

• Leveraging Ord 0.10+ Features: Unlike BRC-20, which is constrained by the limitations of Ordinals version 0.9, CBRC-20 utilizes the latest ord client features, including metaprotocol and metadata fields for enhanced efficiency.

• Innovative Token Interactions: CBRC-20 enables unique applications, such as minting tokens on images or deploying tokens with minimal data inscriptions, fostering new creative and practical uses for tokens on Bitcoin.

Understanding Metaprotocols

Metaprotocols are described as protocols formalized through off-chain indexing of on-chain information. The recent updates to the Ordinals client have made it possible to officially recognize metaprotocols, allowing for the direct embedding of metaprotocol and metadata information within inscription envelopes.

CBRC-20 Metaprotocol Convention

CBRC-20 introduces a unique syntax for metaprotocol operations, utilizing the Uniform Resource Name standard. This approach facilitates clear and efficient token operation instructions directly within the Ordinals framework.

Technical Deep Dive

• The Ordinal Envelope: Explains the structure and functionality of the Ordinal Envelope, a key component in embedding data on Bitcoin satoshis.

• CBOR and Metadata Inscribing: Highlights the use of Concise Binary Object Representation (CBOR) for efficient data storage, making CBRC-20 inscriptions more compact and cost-effective.

Operational Procedures

Detailed instructions for deploying, minting, and transferring CBRC-20 tokens are provided, showcasing the practical application of the CBRC-20 standard in various scenarios.

Comparative Analysis: BRC-20 vs. CBRC-20

A direct comparison underscores the advantages of CBRC-20 over BRC-20, emphasizing reduced costs, simplified indexing, and enhanced flexibility and efficiency in token management.

Conclusion

CBRC-20 represents a significant advancement in the creation and management of fungible tokens on the Bitcoin blockchain. By adopting the latest features of the Ordinals protocol and introducing a more efficient metaprotocol standard, CBRC-20 paves the way for innovative and versatile applications, further expanding the capabilities and utility of Bitcoin.