A blockchain developer is about to fork the BRC-20 token commonplace to introduce decentralized finance capabilities to the Bitcoin community.
A blockchain developer underneath the alias Mikael.btc, greatest often known as the creator of the BRC-100 token commonplace, desires to fork BRC-20 in an effort to roll out a brand new protocol designed to convey decentralized finance to the Bitcoin (BTC) community.
In an Aug. 9 publish on X, the developer outlined plans for the fork, emphasizing that the improve would handle key limitations of the BRC-20 commonplace, together with its “lack of programmability,” scalability challenges, and the absence of defi infrastructure.
BRC-20 Fork: BRC-100, Re-Activate BRC-20#Bitcoin wants DeFi infrastructures, #BRC100 and #RSM are each born to resolve this drawback, with comparable ideas however completely different applied sciences: #Inscriptions and OP_RETURN.
Now, BRC-20 group and BRC-100 group are going to fork… pic.twitter.com/Qyi2F4wsqx
— Mikael.btc | BRC-100 & RSM (@MikaelBTC) August 9, 2024
In line with Mikael.btc, the brand new protocol will leverage applied sciences corresponding to Inscriptions — used so as to add metadata to Bitcoin’s sats — and OP_RETURN — a script that permits information to be saved inside transactions — to boost Bitcoin’s performance, enabling customers to entry decentralized finance.
“Each BRC-20 token might be mapped to a BRC-100 token with the identical ticker and the identical provide. 100% of the brand new BRC-100 token might be distributed to the holders of the unique BRC-20 token, with the precisely similar quantity because the holdings on BRC-20.”
Mikael.btc
Following the fork, holders of BRC-20 tokens will robotically obtain equal belongings on the BRC-100 protocol, the developer added. Nonetheless, these with BRC-20 tokens held on centralized exchanges might want to watch for the exchanges to distribute the brand new forked belongings.
The push for defi on the Bitcoin community gained momentum lately after a analysis report from Pantera Capital, a crypto enterprise capital agency, projected that the Bitcoin-based defi ecosystem may appeal to a whole bunch of billions of {dollars} in liquidity via web3 protocols, implying that Bitcoin’s defi sector may obtain a market share corresponding to that of Ethereum’s.
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