June 10, 2023

BRC-721 Punks

The protocol introduces both a decentralized and trustless approach to creating collections and enabling a post-reveal mechanism, similar to the ERC-721 standard on the Ethereum blockchain.

By providing a single source of truth, it aims to streamline the collection creation and verification process without requiring upfront payments.

The protocol specifies the data structure for collections and their items in the manifest. The manifest and verification rules determine whether an ordinal inscription belongs within a collection.

Therefore, this collection is unique.

The Ordinal Theory does not specify a way to combine items into collections. As a result, different entities have tried to implement their methods. However, these methods are centralized and depend on the particular service or wallet being used, which limits the Ordinal ecosystem and opens up many opportunities for bad actors.

These issues have severely limited the potential of the ecosystem. Therefore, there is a need for a decentralized and trustless method of collection creation and verification.

This is just a new proposal to improve the flaws of BTC NFT. Easier: NFT deployers can deploy the collection to the inscription at once. Lower cost: Previously users who wanted to have NFT needed to burn the entire image onto the chain, now they only need a section of text and image ipfs to host it, saving more money and making the market for NFT broader. More decentralized: This proposal uses the ipfs protocol, which allows resolution service providers to resolve NFT's RANK and trait types faster. As such, this is a very dynamic experiment and I encourage the Bitcoin community to tinker with standard designs and optimizations until there is a general consensus on best practices.

Let's look at a simple example:
When someone deposits (creates) the token is issued, as if he takes a pack of 1000 pieces of dollar bills (Satoshi) and writes in pencil on each "This is 1 $PRIMER token". And determines that he will give a maximum of 100 bills in one hand (to 1 address).
next, someone who found out about this token wants to have time to get it for himself (got a WL on it or mint goes for anyone). He mints (gets) himself 50 dollar bills with a pencil signature "This is 1 $PRIMER tokens".
Now he has 50 dollar bills that will be accepted on the market as 50 $PRIMER tokens, because the depositor wrote on them with a pencil…
When all 1000 bills with a pencil signature are over, the entire issue enters the market. And they can be sold or sent to someone else at another address.
When there is a purchase/ transfer, the bill with the signature just gets to another address. That's it.
In this case, the "bill with a pencil signature" is the Satoshi in the BItcoin network, which were labeled as the BRC-20 token $PRIMER.
In addition to the meme token, approx