OKX Wallet Unveils BRC

June 1, 2023 by Mishal Ali

OKX Wallet, a leading digital asset management platform, has announced the release of the BRC-30 proposal, an advanced version of the popular BRC-20 protocol.

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The new proposal introduces equity operation functionalities such as deposit, minting, and withdrawal, enabling token holders to earn passive income through staking.

The BRC-30 proposal builds upon the foundations of the BRC-20 protocol, which is a fungible token standard designed specifically for the Bitcoin blockchain.

By incorporating BRC-20 design principles, while introducing staking operations such as depositing, minting, and withdrawing, the BRC-30 protocol paves the way for a seamless staking experience within the Bitcoin network.

With the introduction of BRC-30, users can now stake their BRC-20 tokens or bitcoin and receive BRC-30 tokens in return. These new tokens inherit the functionality of BRC-20 tokens but come with an added description of the staking protocol.

This innovative feature empowers BRC-20 token holders to put their digital assets to work and earn passive income without the need to sell them, thereby actively participating in the Bitcoin network and potentially enhancing the value of their tokens.

The motivation behind the introduction of BRC-30 and its staking functionalities is to provide BRC-20 token holders with additional opportunities to engage with their digital assets and earn passive income.

Moreover, the staking mechanism incentivizes users to hold onto their assets, potentially reducing selling pressure on the market and contributing to a more stable token ecosystem.

By implementing the BRC-30 protocol, OKX Wallet envisions a future where BRC-20 token and Bitcoin holders have alternative means of generating income beyond solely buying and selling tokens on exchanges.

This staking mechanism introduces a new dimension to the BRC-20 token ecosystem, fostering greater participation and a stronger connection between token holders and the underlying blockchain network.

The BRC-30 proposal also includes specifications for user scenarios, interaction flows, and the project team responsible for its development.

Project teams can issue their own BRC-30 tokens by creating staking pools and gaining seed users, while individual users can stake BTC or BRC-20 tokens to earn other BRC-30 tokens.

To ensure transparency and consistency, OKX Wallet's servers perform comprehensive interpretations of the BRC-20 and BRC-30 proposal.

The platform provides an open-source interface for profit calculation, ensuring that staking rewards are consistently computed using both the backend and open-source tools.

However, with the launch of the BRC-30 proposal, OKX Wallet is taking a significant step forward in revolutionizing the staking experience for token holders, offering them a novel way to earn passive income and actively engage with the Bitcoin network.

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Filed Under: News, World Tagged With: Bitcoin (BTC), Cryptocurrency, OKX