The OKX exchange has proposed extending the BRC-20 Bitcoin standard by implementing a new mechanism called BRC-30.

Under the BRC-30 standard, staking-related features, such as staking pools and rewards, will become available on the Bitcoin network for the first time.

“By introducing BRC-30, users can stake their own BRC-20 tokens or Bitcoin and receive the corresponding BRC-30 tokens in return.”

Bitcoin staking

According to OKX’s proposal, the primary purpose of BRC-30 is to expand the Bitcoin ecosystem’s capabilities by introducing staking-related features and provide additional ways for the community to interact – rewarding BTC and BRC-20 token holders for participating will add a “new dimension” to the Bitcoin network.

“This staking mechanism introduces a new dimension to the BRC-20 token ecosystem, facilitating greater user engagement and establishing a stronger connection between token holders and the Bitcoin blockchain network.”

Underpinning this system is a staking pool and “server” responsible for managing the BRC-20 and BRC-30 accounting, ensuring staking earnings are correct and consistent.

The “project party” deploys operations by defining the properties of the staking pool, such as mining rate and total mining rewards. Finally, users tie up the interaction process by performing the deposits, minting, and transfers out to self-custodial wallets.

Source: okx.com

OKX stated that the “server” operation would be an open-source interface. They also called on developers and “project parties” to contact them via the email link at the bottom of the proposal for collaboration.

BRC-20 controversies

Anonymous developer “Domo” launched the BRC-20 standard in March, taking advantage of changes in the Bitcoin protocol following the Taproot upgrade.

By allowing each of the 100,000,000 satoshis in a Bitcoin to be inscribed with additional metadata, digital artifacts, including text, image, video, and code, could be stored directly on the chain.

However, developer Casey Rodarmor was the first to practically employ inscription technology when he released Ordinals NFT functionality in February.

The rise of Ordinals and BRC-20 tokens has triggered debates among purists who argue that Bitcoin should only be used for monetary transactions.

Proponents of inscriptions argue that the open nature of the Bitcoin network allows them to use it as they see fit without requiring permission from others.

The post OKX proposes new Bitcoin BR-30 standard appeared first on CryptoSlate.

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Filed under: Bitcoin - @ June 2, 2023 10:15 am