Since the birth of Ordinals and Inscriptions, Bitcoin’s growth has been on a tear. And, there’s no sign of stopping. Many new Bitcoin protocols are launching soon.
These could potentially attract more users to Bitcoin’s ecosystem. What are these protocols? Let’s find out now.
1) CBRC-20
The first new Bitcoin protocol on the list is CBRC-20. In a nutshell, the C before BRC-20 stands for Cy[bord]. For now, it’s a proposal for a more efficient standard than BRC-20. With new Ordinals technology, it hopes to reduce inscription costs. On top of that, CBRC-20 can simplify the indexing process as well.
THE CBRC-20 INDEXER/API IS BACK IN ACTION AND WORKING FOR ALL METAOPS!https://t.co/6Am1VGnAZ9
– DEPLOY
– MINT
– TRANSFER
– PURCHASE
– BULK MINT/TRANSFER/PURCHASE
– CURSED DEPLOY/MINT/TRANSFER/PURCHASE
+ ANYTHING ELSE YOU COULD WANT TO DO WITH CBRC-20!Thank you so much to the… pic.twitter.com/0D77o5dGuw
— CyBORg (@CyBORg_BTC) December 28, 2023
To add on, CBRC-20 bests the BRC-20 standard in the following ways:
- Improving token use cases and innovation with better-supporting features.
- Improving token standard development by using the latest Ordinal standard.
- Enabling more unique types of token interactions.
Indeed, CBRC-20 looks to take the Bitcoin ecosystem by storm. Next, let’s look at Protocol #2, which could do the same.
2) BRC-100
The second new Bitcoin protocol that we’ll discuss is BRC-100. In short, it’s an ordinals-based decentralized computing protocol. With decentralized computing, we can build more applications on Bitcoin. Apart from NFTs, DeFi can flourish as well.
Welcome BRC-100: An Extensible Decentralized Computing Protocol based on Ordinals Theory#BRC100 protocol is designed for decentralized application based on #Ordinals and #Bitcoinhttps://t.co/1IjJNoagc6
— Mikael.btc | BRC-100 (@MikaelBTC) September 2, 2023
BRC-100 has clear guiding principles. Although it’s ambitious, it sticks to these to protect and benefit Bitcoin’s users. These are:
- Security. Both user assets and BRC-100 must be secure.
- Extension. BRC-100 must support current live applications.
- Consistency. This allows indexers to compute any consistent state.
3) ARC-20
The third new Bitcoin protocol to look at is ARC-20. ARC-20 was devised by Atomicals protocol. With the ARC-20 token standard, fungible tokens are backed by 1 Satoshi (Sat). Or 100 millionth of 1 $BTC. This adds a “digital gold” element to each ARC-20 token. Moreover, it ensures that ARC-20 tokens never fall below 1 Sat in value.
Atomicals have had a great start to 2024! 🥳
With the highest protocol percentage comparison vs Ordinals in Querys 👀
Above 50%!
The #Atomicals ecosystem is growing stronger everyday#ARC20 pic.twitter.com/99ged2kYsQ
— Wizz Wallet 🧙 (@wizzwallet) January 1, 2024
With the Atomicals protocol, users can easily mint and transfer ARC-20 tokens too. Hence, these tokens are gaining popularity within the Bitcoin ecosystem.
4) BRC-420
The number four new Bitcoin protocol is BRC-420. To elaborate, this token standard focuses on gaming and the metaverse. It’s a protocol enabling users to tokenize game assets on Ordinals. In turn, this allows games and metaverses to come into the Bitcoin ecosystem.
What is BRC420?
It's a protocol on Ordinals by @rcsvio to tokenise game assets (inscriptions) – empowering creators and cutting game development costs!! Enabling true ownership with interoperability across different games/metaverses!!Let's dive into https://t.co/XDbCPFl2R7!! pic.twitter.com/Wj0Gq5p8Lq
— Skelly Uni (@SkellyUni) November 30, 2023
Aside from the above, BRC-420 gives creators power. Power to manage and monetize their creations on Ordinals. Moreover, with BRC-420, games and metaverses can interoperate with each other. Now that’s pretty neat.
5) PIPE Protocol
The fifth new Bitcoin protocol on our radar is the PIPE protocol. PIPE is a token and art protocol that uses Bitcoin to transfer tokens and art. With PIPE, there is a consistent method for:
- Transferring tokens.
- Minting tokens.
- Deploying tokens.
Diving into PIPE protocol
1/ What is @PipeBtc ?
PIPE is a token and art protocol for Bitcoin that utilizes the UTXO-model to transfer tokens and art. To understand pipe we need to first understand what UTXO is and how it works. @trac_btc https://t.co/K6LxyqtqjP pic.twitter.com/mc5OUh1Qmr— TheOrdinalGuy🧙🏻♂️ (@investor_degen) November 18, 2023
By defining this method, PIPE helps to expand the capabilities for tokens on Bitcoin.
6) Taproot Assets Protocol
The Taproot assets protocol is the last of the new Bitcoin protocols in the list. Taproot assets could play a significant role for stablecoins on the Bitcoin network. Coupled with the Lightning Network, Taproot assets enable Bitcoin to:
- Become multi-chain. Taproot assets will allow other tokens on the Bitcoin network. This could spur on migration of projects to the ecosystem.
- Bring in Real World Assets (RWA). Taproot allows data to be integrated into transactions. This opens up RWA possibilities on the Bitcoin network.
The Bitcoin ecosystem is set to escalate in 2024 with the introduction of the new Lightning Network update – Taproot Assets.
This groundbreaking development will reshape your perspective on BTC.
> Bitcoin as a Multichain Network
> Bitcoin's increasing adoption and dominance in… pic.twitter.com/bg9ui8N5QJ
— Stroom (@StroomNetwork) December 13, 2023
Conclusion
That concludes the 6 new Bitcoin protocols in today’s piece. Indeed, all 6 of these look very promising. All of them are contributing towards enhancing Bitcoin’s features. In turn, this is likely to attract more users to the BRC-20 ecosystem.
Note: This article was inspired by this tweet.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
