BRC-201 offers a solution that not only enhances scalability for BRC-20 apps and tokens. But also facilitates interoperability, even across non-Ethereum Virtual Machine (EVM) chains.
Developed by MAP Protocol, a pioneering force in the realm of Bitcoin layer-2 solutions and peer-to-peer omnichain infrastructure. This new token standard leverages the power of Zero-Knowledge (ZK) technology to push the boundaries of BRC-20 tokens.
What is the BRC-201 Token Standard?
BRC-201 serves as an extension protocol specifically designed to address two critical challenges faced by BRC-20 tokens: Scalability and interoperability. While BRC-20 tokens have become the standard for issuing and managing tokens on the Ethereum network, their potential has been limited by scalability concerns.
Seems more people are discovering the Bitcoin L2, implementing zk proofs, which has created the standard BRC-201.
BRC-201 is an extension protocol to the BRC-20 standard, making BRC-20 apps/tokens scalable and interoperable (even with non-EVM chains).
Basically, $MAP enables… pic.twitter.com/zdVsUEg4lw
— Res (@resdegen) December 14, 2023
This new token standard seeks to overcome these limitations and expand the reach of BRC-20 tokens beyond the Ethereum ecosystem.
Key Features of BRC-201 Tokens
- Scalability Enhancement: By providing an extension layer, BRC-201 optimizes the performance of BRC-20 apps and tokens. Allowing them to operate more efficiently and handle a larger volume of transactions.
- Interoperability Across Chains: BRC-201 goes beyond the constraints of the Ethereum network by enabling interoperability with non-EVM chains. This means that BRC-20 tokens utilizing the BRC-201 extension can seamlessly interact with blockchains outside the Ethereum ecosystem. Opening up new possibilities for cross-chain functionality.
- MAP Protocol Integration: MAP Protocol is a Bitcoin layer-2 solution that facilitates DeFi on top of Bitcoin. Unlike traditional wrapped Bitcoin solutions, MAP Protocol relies on Bitcoin’s security without the need for wraps.
- Fully Functional Ecosystem: The BRC-201 extension is not a theoretical concept but a tangible solution with a fully functional ecosystem. Many live projects are already utilizing BRC-201 to overcome the limitations of traditional BRC-20 tokens.
🟣 Level up the BRC-20 tokens market liquidity with BRC-201
– MAP Protocol’s technical community has released the BRC-201 protocol. Through MAP Protocol, a peer-to-peer cross-chain interoperable network, BRC-20 community members can easily trade with other tokens on other chains. pic.twitter.com/1xRUD6KDie— MAP Protocol 🟣 Bitcoin layer-2 (@MapProtocol) November 8, 2023
The development of the BRC-201 inscription, indexing, and messenger service has been completed and has now entered the testing phase. This signifies a crucial step toward the practical implementation of BRC-201. Bringing scalability and interoperability to the forefront of the BRC-20 standard.
Conclusion
BRC-201 emerges as a pivotal advancement in the world of blockchain protocols. Offering a scalable and interoperable solution for BRC-20 tokens. BRC-201 not only addresses the limitations of BRC-20 but also opens up new avenues for decentralized finance on top of Bitcoin.
Disclaimer
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