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 referred to 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 deliver 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 deal with key limitations of the BRC-20 commonplace, together with its “lack of programmability,” scalability challenges, and the absence of defi infrastructure.
In keeping with Mikael.btc, the brand new protocol will leverage applied sciences akin to Inscriptions — used so as to add metadata to Bitcoin’s sats — and OP_RETURN — a script that permits knowledge to be saved inside transactions — to reinforce Bitcoin’s performance, enabling customers to entry decentralized finance.
“Every BRC-20 token will be mapped to a BRC-100 token with the same ticker and the same supply. 100% of the new BRC-100 token will be distributed to the holders of the original BRC-20 token, with the exactly same amount as the holdings on BRC-20.”
Mikael.btc
Following the fork, holders of BRC-20 tokens will robotically obtain equal property 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 property.
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 might entice a whole lot of billions of {dollars} in liquidity by means of web3 protocols, implying that Bitcoin’s defi sector might obtain a market share similar to that of Ethereum’s.
