Month: May 2023

Recently, BRC-20 tokens have skyrocketed in turn. In a short period of time, dozens of meme coins have been born, and the ten-fold increase has plunged the market into a carnival of wealth creation myths. In addition, the Ordinals market is not inferior, and the total number of inscriptions has exceeded 3 million. Obviously, Ordinals and BRC-20 have become an unstoppable craze, with huge traffic impacting the Bitcoin ecosystem.
Bitcoin is positioned as a peer-to-peer payment system with limited transaction throughput. Therefore, in order to develop the Bitcoin ecosystem, the first problem to be solved is the scalability of the Bitcoin network—reducing the storage and processing burden of the Bitcoin main chain, and improving the transaction throughput and processing capacity of Bitcoin.

So what are the directions that can enhance the scalability of the Bitcoin network?

Sidechain (Sidechain)
That is, create a separate chain and link it to the Bitcoin main network through a specific cross-chain technology. Among them, the more famous ones are Liquid (BlockStream) and RSK.
It used to be a popular and relatively easy-to-implement Bitcoin scaling solution, mainly because sidechain projects could issue their own tokens, which could arouse community and market interest as their value increased. However, major players in such schemes have had some problems scaling Bitcoin.
Sidechain nodes are not accessible to everyone, and ledger consensus relies on the management of certain centralized institutions, resulting in a low degree of decentralization. This may be the main reason why sidechain expansion solutions have been tried many times but have not yet been adopted on a large scale.

Non-upgradeable Scaling:
No-upgrade expansion means that no changes are made to the existing technical system of Bitcoin, and only the existing characteristics of Bitcoin are used to achieve a specific type of expansion. Representative technologies include RGB and Bitcoin Script. RGB is a scalable and encrypted smart contract system that can run directly on the Lightning Network, but all the data it generates exists outside the Bitcoin transaction (off-chain), which means the security of the entire ledger The security of the Bitcoin mainnet cannot be relied upon.
Ordinal is implemented using Bitcoin Script (Bitcoin Script) to add additional data and assign a unique serial number to each of the smallest units of Bitcoin, Satoshis (Sats). This approach offers only minor improvements to Bitcoin’s scalability. There is currently a wave of hype around Bitcoin NFTs and BRC-20 tokens in the market, but the sustainability of their value remains to be seen.Remove the functions given to Sats by the three parties. From the standpoint of the Bitcoin main network, the data attached to various scripts are meaningless garbled characters, which leads to problems such as waste of Bitcoin block space and transaction congestion, and at the same time stimulates some Bitcoin communities. Members are strongly dissatisfied.
Generally speaking, the non-upgradable expansion technology solution is decentralized, and does not require the overall consensus of the Bitcoin community in terms of implementation difficulty, but at the same time, RGB failed to rely on the consensus security of the Bitcoin main network and the implementation of Bitcoin through scripts. Transaction scalability is very limited.

Upgrade-based Scaling
Upgraded expansion refers to the need to upgrade the technical architecture or technical system of the Bitcoin network. A representative example is BIP-300/301 proposed by the LayerTwo Labs team. Its expansion concept is called Drivechain, which essentially uses Rollup to expand capacity.
Currently, LayerTwo Labs’ approach is to directly hard fork a PoW main chain with BIP-300/301. When the Bitcoin community reaches a consensus and approves this main chain, the Bitcoin main network will be upgraded to BIP300/301.
Overall, LayerTwo Labs’ solution can guarantee the decentralization of Bitcoin and solve the problem of expansion. However, its expansion and upgrade requires the consensus of the Bitcoin community, and under the current overall atmosphere of the community, it is extremely difficult to upgrade the Bitcoin mainnet.

One-way Transfer
Bitcoin’s two-way transfer is a commonly used method in cross-chain and side-chain scenarios. Bitcoin’s one-way transfer expansion scheme was proposed by the Hacash community and the Hacash.com team. The principle is to irreversibly transfer Bitcoin to a new chain that is theoretically more decentralized and more mature in technology, and then adopts a multi-layered approach for scalability.
The first layer of Hacash can realize the one-way transfer of Bitcoin, transferring the BTC on the Bitcoin chain to the Hacash chain. During the transfer process, the user’s private key remains unchanged, and the same private key can be used to directly use the Bitcoin on the Hacash chain, and the control of BTC has not been transferred to any other entity.
Based on the Hacash chain, there are Layer 1 and Layer 2 payment networks, and the Hacash.com team also proposed a Layer 3 multi-chain scalability infrastructure. Bitcoin can be used for instant payments at Layer 2 and for application scaling at Layer 3. The essence of Layer 2 is to use state channels for instant payments, and the essence of Layer 3 is to use multi-rollup and multi-rollup’s customizable scalability methods.
Overall, the Hacash chain that accepts BTC one-way transfers still adopts a pure PoW consensus mechanism, and anyone can run a full node, and its degree of decentralization and security is not weaker than that of the original Bitcoin chain.

On top of this, layers 2 and 3 address scalability issues. Anyone can choose to transfer their BTC to the Hacash mainnet, and it’s up to each Bitcoin holder to decide if they need scalability or not. Compared with other solutions, the difficulty of implementation is relatively low, and the options are strong.

Summarize
There are four main approaches to scaling the Bitcoin ecosystem: no-upgrade scaling, sidechains, upgradeable scaling, and one-way transfers. Non-upgradable expansion cannot achieve strong scalability and ledger security at the same time. There is a problem of centralization in the side chain. It is difficult to implement upgraded expansion. One-way transfer is relatively good in the four evaluation dimensions, but it has not received widespread attention from the market.

The above information is compiled by the CITEX content group, which is for learning and exchange purposes only, and does not constitute investment advice. For more information, please pay attention to the follow-up content. As the world’s No. 1 mining exchange, CITEX always puts users’ interests first and is committed to providing safe, transparent, open and efficient digital asset services. In the future, CITEX will continue to be oriented by the market and user needs, with multiple depths and multiple innovations, to launch more high-quality products, and to provide users with more investment opportunities and satisfactory services.

Recently, the explosion of Ordinals NFT has once again pushed the Bitcoin ecosystem into the spotlight. The number of Ordinals inscription transactions has surged, and the number of new Ordinals inscriptions has repeatedly hit a record high. As of May 2, the total number of Ordinals inscriptions has exceeded 3 million. Affected by the surge in Ordinals transactions, the transaction volume on the Bitcoin chain has also been rising. In the 15 years since its inception, Bitcoin has rarely been used for anything other than peer-to-peer transfers and value storage. But with the emergence of the Ordinals protocol, this ancient public chain finally began to glow with new vitality.

However, Ordinals has been controversial since its inception: Many opponents believe that Ordinals will compete with traditional payment transactions by crowding out blocks and driving up transaction fees, harming the payment function of Bitcoin. For example, inscribing files, pictures or audio onto Bitcoin may increase the storage and processing burden of the Bitcoin network, which may affect Bitcoin’s transaction confirmation speed and network security. Many people believe that adding NFT elements to the blockchain goes against Satoshi Nakamoto’s intention to create BTC.

It is precisely because of this that the Bitcoin community has been exploring and developing layer2 solutions, trying to reduce the storage and processing burden of the Bitcoin main chain and improve the transaction throughput and processing capabilities of Bitcoin while ensuring the security of the Bitcoin network. Therefore, many people believe that the release of the Ordinals protocol may promote the construction and development of Bitcoin layer2, which will help solve the scalability and security issues of the Bitcoin network, and allow Bitcoin to gain wider recognition and application.

In fact, what the crypto market lacks the most is not money, but a new story that can attract funds. The Ordinals market is still in its early stages, and the immature market and technology make it impossible to determine whether it will bring about major changes in the industry. We cannot say overwhelmingly that the Ordinals market is a disruptor or a reshaper. But there are no new hotspots in the market at present, and the emergence of Ordinals has filled the BTC ecosystem and established a new application scenario. Among them, both Inscription and BRC-20 are in a completely incremental market. We will wait and see whether the sporadic waves can become monstrous waves and sweep the entire sea area.

The above information is compiled by the CITEX content group, which is for learning and exchange purposes only, and does not constitute investment advice. For more information, please pay attention to the follow-up content. As the world’s No. 1 mining exchange, CITEX always puts users’ interests first and is committed to providing safe, transparent, open and efficient digital asset services. In the future, CITEX will continue to be oriented by the market and user needs, with multiple depths and multiple innovations, to launch more high-quality products, and to provide users with more investment opportunities and satisfactory services.

The world-renowned technology company FaceBook transformed the Metaverse and changed its name to Meta, and the famous search engine company Baidu released the Metaverse product Xiran. From the concept of a novel a few years ago to today’s real life, the development of the Metaverse is beyond people’s imagination.

Metaverse is the latest product of blockchain technology. With the continuous breakthrough of digital economy and technology, people find that the probability of future society entering a different dimension is increasing, that is, society will be completely digitalized. Metaverse will become the ultimate carrier and application space of the new economy, and it has an infinitely imaginative future. Therefore, it can be said that whoever masters the core technology of Metaverse as soon as possible will have more business strategic advantages in the future.

BIKING-META is a trading sub-platform based on the metaverse ecology built by the BIKING digital asset trading platform. As an explorer in the metaverse economy, BIKING-META has created a brand new metaverse trading ecological space. While experiencing future financial digital transaction services, users can also feel the transformation of various rich scenes in the shocking digital world , and this experience will become indistinguishable from reality under the blessing of VR technology, and it is difficult to distinguish reality from reality.

About BIKING-META

BIKING-META is created by BIKING, a global innovative digital asset trading platform. It is positioned as a trading platform focusing on various digital asset derivatives under the Metaverse sector. The platform is led by the BIKING Coin King Foundation, and a number of international digital asset investment banks and betting investors, so the platform has a strong background and strong self-owned funds. At the same time, relying on the world-renowned brand effect of the parent platform BIKING Exchange, it has had a very high degree of market attention since the initial stage of project preparation.

The positioning of BIKING-META is to solve the trading problems of various digital asset derivatives in the Metaverse. Through BIKING-META, users can easily realize the free cash transactions of the original NFT assets, and at the same time endow various Metaverse products with stronger market flow Sexuality, attract new users to join, and enhance brand awareness.

In fact, what BIKING-META wants to do is to realize that everyone can enter the metaverse equally, experience and enjoy the dividends of future finance. Intuitively speaking, it is to lower the threshold for users to enter the metaverse world. Through BIKING-META provides Innovative products realize the joint development of multiverse transaction ecology, and ultimately provide safe, convenient and compliant transaction services for global metaverse enthusiasts and related business organizations.

In fact, the current NFT section of the BIKING exchange is the first station created by the BIKING-META technical team. In essence, the core assets in the Metaverse are all carried in the form of NFT. Therefore, the team wants to release the NFT trading system first, so that more Users intuitively experience the unique experience of trading NFT in CEX; at the same time, they can also carry out targeted data collection and processing according to the daily user’s trading frequency and track of NFT assets, and then carry out in-depth optimization of BIKING-META before going online.

Advantages of BIKING-META

As the first sub-platform under the BIKING Coin King Exchange, BIKING-META naturally inherits all the advantages of the BIKING platform, such as a safe trading environment, considerate and warm customer service, and global compliant operation management, no matter which one is common Exchanges are difficult to obtain easily, so BIKING-META has unprecedented natural advantages on the eve of its launch.

In addition, BIKING-META has also independently developed more proprietary technical advantages involving the field of metaverse.

①art digital chip

BIKING-META implants an encrypted digital chip into the creator’s physical artwork. As long as the mobile phone touches the physical artwork, the 3D artwork can be easily displayed in BIKING-META and then the rights management before release can be made through AR and The interaction of real scenes realizes the circulation of real works in the Metaverse and enhances the enthusiasm of creators.

② AR

BIKING-META realizes the use of AR to explore a wider world, adding support for real-time augmented reality, scene geometry sensing, face recognition, image recognition, aerial painting, and position anchoring functions. With this technological breakthrough, enhanced motion capture can be achieved , Provide face tracking support function. Allowing users to experience the interactive experience of combining AR and creating collections at home.

③VR

VR devices support the immersive experience of metaverse scenes, making art appreciation and trading more effective and easier. Create a future-oriented VR interactive immersive experience that meets the needs of digital art development.

④Digital Planet Resident Medal

BIKING-META regards the future of the metaverse as a digital earth, and all users created by trading on the platform are original residents. Therefore, in order to encourage more real users to settle in, BIKING-META will reward the first 9999 original residents of trading experience users Medal to pay tribute to its brave pioneering spirit.

The Digital Planet Resident Medal is presented in the form of NFT, which is non-tradable and non-transferable. It will be bound to the user’s DID after the upgrade of BIKING2.0 is complete. Medal NFT has more original rights and interests. In addition to its own scarcity, it will also have priority management rights and interests in the BIKING-META platform DAO community and a white list of various high-quality Metaverse projects.

Editorial

At present, the BIKING-META team has reached in-depth strategic cooperation with dozens of metaverse-related frontier research institutes around the world. With the full support of BIKING Coin King, we will break the plight of asset transactions in the traditional metaverse market, develop a freer and more diverse metaverse asset trading ecology, and allow more people to participate in metaverse finance through BIKING Coin King great vision. 

Edit

On May 5, Opensea released a popular science article on Bitcion Ordinals on Twitter. The content of the article is mainly to introduce Ordinals and related “BTC NFT” situations.

It is true that Opensea’s post is not groundless. The popularity of the Ordinals market is obvious to all these days, and major institutions are entering the market one after another: the top NFT brand Yuga has already settled in, and top IRL brands like Bugatti have also decided to issue NFT series through the Ordinals agreement. Binance also launched the pepe token of the BRC-20 protocol standard. At present, there are no hot spots in the encryption market, and all funds are pouring into the hot spots. Opensea issued a document at this moment, is it going to enter the Bitcoin ecosystem?

As we all know, as the most popular NFT trading market in the encryption industry today, Opensea has established itself in the Ethereum ecosystem. As one of the leading NFT trading platforms, Opensea is almost the only one on Ethereum, thanks to It has a far-sighted choice to survive the crypto winter in 2018 and become the current NFT trading leader on Ethereum. Obviously, Opensea has already sensed the heat of the Bitcoin ecosystem, so posting an article at this moment is not just a simple wait-and-see, it is very likely that they also want to participate in and get a share of the action.

If Opensea really enters the Bitcoin ecosystem, then this will greatly open up the liquidity of the Ordinals market. As one of the largest NFT trading platforms in the current Ethereum ecosystem, Opensea’s entry into the Bitcoin ecosystem is expected to bring new opportunities and vitality to the Bitcoin ecosystem. Not only will the users and ecology of the Ethereum ecosystem shift to Bitcoin, The Bitcoin ecosystem will also have its own natives. In addition, the combination of Opensea and the Bitcoin ecosystem can attract users from different fields and backgrounds into the Bitcoin ecosystem, which will bring more opportunities to the Bitcoin ecosystem. Market opportunities and usage scenarios to expand the user base of the Bitcoin ecosystem.

In short, as a leading NFT trading platform, Opensea has the potential to bring new vitality and development opportunities to the Bitcoin ecosystem if it is extended to the Bitcoin ecosystem. Such a win-win cooperation is naturally a result that the market likes to see. The development of Bitcoin ecology is already a wild horse, and we don’t know where it will go, but it has already started.

The above information is compiled by the CITEX content group, which is for learning and exchange purposes only, and does not constitute investment advice. For more information, please pay attention to the follow-up content. As the world’s No. 1 mining exchange, CITEX always puts users’ interests first and is committed to providing safe, transparent, open and efficient digital asset services. In the future, CITEX will continue to be oriented by the market and user needs, with multiple depths and multiple innovations, to launch more high-quality products, and to provide users with more investment opportunities and satisfactory services.