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This enhancement allows for dynamic adjustments in token supply and issuance, enabling experiments such as replicating the concept of Bitcoin halving or rewarding community members by increasing the quantity of previously minted tokens. The ORC-20 standard empowers token developers to explore innovative tokenomics strategies and adapt their tokens to evolving needs and circumstances. d. UTXO Models A significant and crucial addition in the ORC-20 standard is the introduction of UTXOs (Unspent Transaction Outputs) for token transfers. The UTXO model, employed on the Bitcoin network, differs from Ethereum's account model. Let's understand this with an example: Suppose person A sends $2 to person B, who already has $1. In the account model, B's balance would appear as $3, combining the existing $1 and the newly received $2. However, in the UTXO model, B's balance would consist of two separate UTXOs—one for $1 and another for $2. This means that B's balance is represented by two distinct amounts. Now, if B wants to send $2.5 to person C, the UTXOs for $1 and $2 are combined and split into two new UTXOs—one for $2.5, which goes to C, and another for $0.5, which remains with B. This process ensures that UTXOs can only be used once, effectively preventing double-spending. The key difference that ORC-20 brings compared to BRC-20 is the incorporation of UTXOs for token transfers. This aligns ORC-20 more closely with the UTXO model used in Bitcoin and introduces an added layer of security, making it a notable advancement in token transfer mechanisms. When sending ORC-20 tokens, it is necessary to inscribe the provided text to the Sat, along with an inscription at the end to send the remaining balance back to the sender. This process resembles the UTXO model, where transactions can be canceled if the final inscription is not executed. It is crucial for wallets or marketplaces that have adopted ORC-20 to ensure that the ORC-20 transfer transaction is fully completed. They must verify that both inscription 1 and inscription 2, as shown in the figure above, are performed, as the transaction can be canceled if only the first inscription is seen. Ecosystem and Status : Although ORC-20 is relatively newer compared to BRC-20, it is showing signs of increasing popularity. So far, there have been approximately 260,000 total transactions involving ORC-20, resulting in about 19.5 BTC spent on fees. The community has also initiated some interesting projects related to ORC-20. For instance, bitPunks offers an ORC-20 explorer, providing a way to explore and track ORC-20 transactions. Additionally, OrcDAO utilizes ORC tokens for its operations, showcasing the practical application of ORC-20 in decentralized autonomous organizations. Overall, ORC-20 is gaining momentum, with growing transaction numbers and community-driven projects embracing its potential. In conclusion, if you want to stay updated with the latest AI content, Crypto and Blockchain training, and insightful posts, make sure to 1. follow me Twitter @Coderstechai. 2. Join the vibrant community at Coderstech Academy, where you can access 100% free crypto training classes. 3. Don't miss out on this opportunity and hesitate no more! Subscribe now using the link below and unlock a wealth of benefits: http://AghaonuJohnbosco.Substack.com. Stay informed, learn, and grow with us! I'll be writing about the SRC-20 tokens tomorrow; let's keep learning new things.

ORC-20, SRC-20: THE EXPERIMENT CONTINUES The popularity of BRC-20 made the fees on Bitcoin go up, but now they are going down. But don't worry! There are new token standards called ORC-20 and SRC-20 that are becoming popular. From May 13th to 15th, about 10% of all transactions were with ORC-20 tokens. And now, SRC-20 tokens are also starting to become more popular. So, things are changing, and there are exciting new tokens to explore! ORC-20 : ORC-20 is an upgraded version of the BRC-20 standard that addresses some of its shortcomings. ORC-20 is backward-compatible with BRC-20. Disadvantages of the BRC-20: 1) Limited flexibility in token design: The total supply and maximum number of tokens per mint for BRC-20 tokens are fixed and cannot be changed after deployment. While this may have certain benefits, it restricts the ability to adjust tokenomics according to different needs. 2) Four-character ticker limit: Unlike ERC-20 tokens, which can have names of varying lengths, BRC-20 tokens are limited to ticker names with only four characters. Removing this limitation would allow for a wider range of token names to be created. 3) Dependency on external indexers: The transfer and bookkeeping of BRC-20 tokens rely entirely on external, centralized indexers. Since the inscription process involves writing data to a Sat, there is no mechanism within the Bitcoin network to prevent inscriptions that violate the BRC-20 standard. The determination of valid or invalid inscriptions is left to these external indexers. Exploitations by attackers have occurred, as weaknesses in the UniSat marketplace have been used to carry out double-spend attacks on BRC-20 tokens, resulting in financial losses. Improvements and Examples for ORC-20 a. Identification of Tokens : The ORC-20 standard has made significant advancements over the BRC-20 standard. One major improvement is the inclusion of a unique identifier that can distinguish between specific tokens. Previously, with the BRC-20 standard, if tokens with the same names were released, external indexers had to determine which token was the legitimate one. However, with the ORC-20 standard, tokens with identical names can be differentiated by including the inscription number at the time of deployment in the form of an "id." This enhancement enables better identification and differentiation of tokens within the ORC-20 standard. b. Free Token Names : Another notable improvement in the ORC-20 standard compared to the BRC-20 standard is the flexibility in token naming. While the BRC-20 standard restricted token names (ticks) to only four-letter words, the ORC-20 standard allows for words of any length to be used as ticks. For instance, the first ORC-20 token ever deployed, named ORC, consists of a three-letter word. This expansion in naming possibilities offers greater creativity and freedom when choosing tick names for tokens within the ORC-20 standard. c. Upgradable Another significant improvement brought by the ORC-20 standard is the ability to modify the total supply and maximum number of tokens per mint, even after the initial deployment. This flexibility is indicated by the "ug" key during the launch of an ORC-20 token, which determines if it is upgradeable. While this feature could be potentially exploited, it also opens doors for tokenomics experiments. With ORC-20 tokens, various parameters can be changed by specifying the tick and id and inscribing the upgrade function into the Sat. For instance, the supply can be adjusted from 21,000,000 to 2,100,000, the issuance limit can be revised from 10,000 to 1,000, and "ug" can be set to "false" to prevent future upgrades. Notably, the "v" denotes the version of the ORC-20 token, which automatically increments after each upgrade, eliminating the need for manual input.

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