After the explosion of cryptocurrencys memes in the network of Bitcoin (BTC)which even congested the blockchaina new technology is being proposed by OKXone of the largest brokerages in market derivatives. The so-called BRC-30 standard could enable staking, or passive incomeinside Bitcoin.
The “memecoins” of the Bitcoin network are called BRC-20in reference to the Fungible Tokens standard Ethereum (ETH), the ERC-20. The pattern allows the creation of markup in a satoshithe smallest unit of measurement for Bitcoin. From this marking, it is possible to differentiate it from the others.
It would then be like making a unique drawing on a R$ 1 bill. In this case, the marking would not detract from the value that the R$ 1 note has within the national economy. However, it could enhance the intrinsic value of the banknote in the view of a collector.
understand how it works
Thus, two paths were created. First, there was the creation of Ordinalswhich are the NFTs, or digital arts on the Bitcoin network. Then, the BRC-20 standard was created, which are fungible tokens.
For Lugui Tillier, CCO of Lumx Studios, a startup specialized in applications and interactions with NFTs, the proposal is something extremely positive for the development of the market and the dissemination of technology of cryptocurrency.
“A lot of people comment that it is a loss of focus on the real purpose of Bitcoin. But I had never seen such rapid development and interest in the network, even more so in a bearish market. In February, when Ordinals started to be talked about, there were people doing trades in excel spreadsheets, and with intermediaries, precisely because of the lack of structure. In May, there were already fungible tokens, and today there is talk of stakes for these fungibles within Bitcoin”, he recalls.
For Tillier, this movement is good, as it attracts an audience mainstreamgenerating narrative and drawing attention to cryptocurrency technology. According to him, the ability to create interest is essential for the evolution of technology. “In 2021, it was not financial education that brought attention to Ethereum, were the NFTs. It was the games to win cryptocurrencies”, he says.
BRC-30 and passive income in Bitcoin
With that, the novelty of the moment is the BRC-30, derived from the BRC-20, which will be tokens that seek to allow passive income in Bitcoin. Passive income, in the cryptocurrency market, is the reward generated by a user, or group of users, through the effort of verifying transactions on the network.
Currently, the way to receive passive income on Bitcoin is only by mining. Mining is an activity that has already become almost industrial, and it is no longer anyone who is able to perform it or who has enough strength (energy) to perform the function.
With the BRC-30, the idea is to implement “staking”, the same consensus algorithm used by the Ethereum network. In this method, it is possible for several users to come together in the form of a crowdfunding and place their cryptocurrencies in a “pool” of liquidity.
In this large decentralized pool, users receive rewards in the form of cryptocurrencies. “The BRC-30 is the tip of the tip of something much bigger that is about to happen. It’s another one of those innovations and explorations that are starting to emerge from Bitcoin now derived from a new interest, and a new ‘blood’ entering the king of blockchains”, says Tillier.
However, the expert points out that there may be a lot of opportunism as well. After all, people may appear trying to take advantage of those who do not understand how it works.
“Just like we saw in 2021 on Ethereum. Be careful, it’s a lot of information. It is worth choosing where to dedicate study time and what innovations to pay attention to. It is not possible to embrace the world, but it is certainly a very interesting period that we are seeing and probably unique in the history of Bitcoin”, concludes the CCO of Lumx Studios.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
