OrcDAO

🟠🪄 As OIP-10 goes live at block #800010, The ORC-20 standard ushers in a new era of efficiency and security for Bitcoin ordinals tokens, paving the way for exciting new applications.

Ordinals are accelerating Bitcoin All interesting experimentations you need to know banklesspublishing.com/the-c…

🚀 Brace yourself, get ready for OIP-10. We are moving forward with OIP-10, a new proposal to secure and simplify ORC-20 transactions on Bitcoin. The proposal introduces a burn 🔥 mechanism instead of inscribing remaining balances, which will make transactions more secure and cost-effective. With collective efforts @OrcDAO @GeniiData @ordinalsda @Cirus001 🙌 ORC-20 indexers have shared consensus and committed to the long-term development of ORC-20. We will make public knowledge of when OIP-10 will take place. Previous "remaining balances" will still be valid until OIP-10, but DO NOT send them to other parties during transactions. We believe OIP-10 will open a new chapter for ORC-20, making it a more secure and user-friendly token. 🧡🧡🧡

Thanks for educating the community about ORC-20. 🧡 The compatible wallet of ORC-20 must still be Bitcoin taproot address though. However with more experimentation of ORC-20 in L2, ZK, and cross chain, it is possible that one day ORC-20 might be scalable with other chains like Ethereum.

🟠🪄 Introducing the ORC-20 ranking page by @coinranking coinranking.com/coins/orc-20

🚨🚨🚨 Beware of this scammer: impersonating ORC-20 official and rugged people. Victims have already reported to the police. Twitter should suspend this account!

Let's start the great adventure ahead ORC-20. @GeniiData 🚀

🟠🪄 The key objective of ORC-20 is to make ordinals tokens more scalable, efficient, cost saving, and secure for future proof. To achieve this goal, the underlying transaction logic is far more complex than any existing ordinal token standards on Bitcoin. However, we have encountered some inconsistency or misinterpretation of the transactions in the docs.orc20.org between indexers. Here comes OIP-11 (in progress): You must specify the "send amount" in the last step explicitly. In addition, you must define "nonce: -1". If the amount doesn't equal to the remaining balance then this partial transaction will fail, as a result the whole transaction will not complete. Currently, in the final step, you can inscribe the "send remaining balance" to yourself to complete a series of partial transactions. The purpose was to increase the difficulty of "spent attack" - attacker inscribe the balance to the spender. You cannot spending remaining balance by sending the "send remaining balance" to anyone. However, we have encountered that different indexers might have different (mis)interpretations. OIP-11 is pending. We hope all indexers should come to a consensus. Meanwhile we encourage you never transfer "send remaining balance" in a transaction. 🫡 to early builders. Let's keep going.

🟠🪄 Here is a brief overview about ORC-20 and How #ORC20 can improve some of the popular ordinal token standards on #Bitcoin? trustwallet.com/blog/orc-20-… by @TrustWallet 🫡

Decentralize the index data and reduce the single point of failure is the next step for all ordinal token standard including #ORC20 and #BRC20. The paint point of current ordinal token data is that inscriptions are stored on chain however, the balance data are stored offchain. What if we move the index proof/validation process entirely on chain? The whole process could have an incentive economy around it.

Recursive ordinal is a game changer. It allows you to recursively point one ordinals to other ordinals, like building a complex system using "lego bricks". 🟠🪄 On docs.orc20.org, there was a similar concept of ORC-20 which allows an additional field called "url" to point to any external resources as well as other ordinals. This enables "hyperlink" purely onchain within Bitcoin network but capture massive internet data without occupying additional block space.

Updates on geniidata.com/orc20 The ORC-20 indexer supports OIP-6 with a detailed view of upgrade history of an ORC-20 token. For instance, there was one upgrade for $ORC to stop "upgrade" permanently. This is irreversible and showing on the indexer. The indexer is now open for public access. Keep building #ORC20! @GeniiData

🟠🪄 Security and block space saving have been our No 1 concern since the creation of ORC-20. We have added the OIP-10 to docs.orc20.org/oip-orc-impro…

GM 🫡 The latest mints were NOT due to an increase of max supply or data accuracy issue. It appeared to be the remaining of the fractional supply - the Max Supply 21,000,000 - Total Supply 20,999,242 In addition, there was never any upgrades and the upgrade function for $ORC has been switched off permanently. Thank you @GeniiData Full thread: xitter.cf/GeniiData/status…

To further enhance the security of ORC-20, we are going ahead with OIP-6 🟠🪄 The upgrade now requires a 2-step process: Step 1. Deployer inscribes "upgrade inscription" to deployer's address Step 2. Deployer needs to send the "upgrade inscription" to the designated validation address ⬇️ bc1pgha2vs4m4d70aw82qzrhmg98yea4fuxtnf7lpguez3z9cjtukpssrhakhl

Great News 📢 @TheBinanceNFT is now supporting #Bitcoin #Ordinals Would you support ORC-20 soon?

🚨 One of our communities have discovered the data accuracy issue on GeniiData ORC-20 index. The $ORC was fully minted out on May 04 with a total supply of 21M. There has never been any upgrades. But the indexer is showing additional inscriptions on May 31. We have contacted @GeniiData team and we expect them to fix the issue promptly.

Thank you @ForesightNewsEN 🧡 for spreading the love from ORC-20 and Bitcoin ordinals community en.foresightnews.pro/geniida…