📜Sample OIP-002 for BRC20

An example of what a OIP for BRC20 could look like

OIP: 002 Title: BRC-20: An Experimental Standard for Developing Off-Chain Balance States on the Bitcoin Network using Ordinals Author: Patches (@TMCC_Patches) Discussions-To: Status: Draft Type: Standards Track Created: 2023-06-13 Post-History: Replaces: Superseded-By: Resolution:

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Abstract

BRC-20 is an experimental protocol aimed at developing off-chain balance states on the Bitcoin network using a protocol called Ordinals. This proposal lays out the protocol's key features and functions, and invites improvements and enhancements from the community.

Motivation

The purpose of BRC-20 is to facilitate the creation and management of balances on Bitcoin, and to encourage exploration of alternative designs and optimizations. It provides Deploy, Mint, and Transfer functions and is open to improvements and enhancements from the community.

Specification

Key Features

• Facilitates creation and management of balances on Bitcoin

• Encourages exploration of alternative designs and optimizations

• Provides Deploy, Mint, and Transfer functions

• Open to improvements and enhancements from the community

Functions

Deploy

Initializes the BRC-20 but doesn't affect the state.

{
  "p": "brc-20",
  "op": "deploy",
  "tick": "ordi",
  "max": "21000000",
  "lim": "1000"
}

Mint

Provides the initial balance to the owner of the mint function inscription.

{
  "p": "brc-20",
  "op": "mint",
  "tick": "ordi",
  "amt": "1000"
}

Transfer

Decreases the balance of the sender and increases that of the receiver.

{
  "p": "brc-20",
  "op": "transfer",
  "tick": "ordi",
  "amt": "100"
}

Balance Management

To get a balance, deploy your own or mint from existing deployments. For transferring balances, inscribe the Transfer function to an ordinal compatible wallet, ensuring that the transfer inscription details are valid.

Rationale

The system is limited to a maximum supply that cannot exceed the uint64_max and the number of decimals cannot exceed 18. Minting transfer inscription to oneself first is necessary to prevent others from spending your balance.

Backwards Compatibility

This protocol is open to improvements and design enhancements by anyone. The goal is to keep exploring the potential possibilities of Ordinals and establish a universally accepted standard in the future.

References

• Domo's initial Twitter Thread: Twitter Link

• Domo's Gitbook: Gitbook Link