This Space event gathers Serj CEO of IERC20 Protocol, Mark Fouder&CEO of MYX Finance, Crypto insider Nina and Beyond Lee, and Monica from OKXWeb3 Growth Ops, and it is hosted by Lipa.
Click to play recording: https://twitter.com/i/spaces/1YpKkwabqlwKj?s=20
MYX
1. As an EVM, why choose to develop on BRC? What future utility will BMYX have? [16:45]
Mark: MYX represents an innovative step in our operations that goes beyond traditional EVM tools. It offers features like NFT minting and Airdrops, but what sets it apart is the BRC-20 token's ability to enhance community consensus rather than solely benefiting project teams. Given the large asset scale of the BTC network, the BRC-20 token stands out as a leader in the Inscription market. This is why the BMYX inscription services serve as a gateway to access the BTC network.
To determine our next steps, we need to closely monitor the market's performance and gauge user interest, especially considering the demand for transactions within the Bitcoin network. Based on the outcomes of this Inscription, we may consider developing a perpetual Dex on the BTC network. The BMYX inscription will play a vital role in our future operations, including membership NFT creation, sharing fees from trading on our platform, and being closely linked to our airdrops.
If we decide to deploy a project on the Bitcoin network, BMYX will also take into significant consideration the factor of 'early adopters'. This is why we chose to deploy the BRC token, even though we are primarily an EVM project.
2. What is the reason for the cooperation with IERC? [20:42]
Mark: Our collaboration with IERC20 is focused on exploring the potential of inscription assets. We're constantly seeking opportunities to expand our community and attract more users to join and utilize our product. Currently, our product is available on Linea and Arbitrum, and we have also deployed the BRC-20 on the Bitcoin network. Our aim is to increase awareness about our platform and generate interest among users to become members of our community.
The work on our Main-net is crucial as we plan to transition our product from layer 2 back to the main net. This collaboration with IERC20 serves as a step before our product launch and plays a vital role for us. IERC20 is currently quite popular, with a large user base and relatively high trading volume. We are actively seeking a leading project in the EVM inscription field to collaborate with us.
3. What role does BMYX play in the MYX project? [25:20]
Mark: The symbol of the BMYX community consensus holds great significance, as it serves as a vital link between users and communities within the project. Our aspirations go beyond using tokens solely as a means of consensus. We aim to employ innovative inscription methods to attract more users, allowing them to participate in and support the mission and vision of MYX in diverse ways.
IERC 20
1. What are Ethscriptions? How was IERC-20 started, and what are the Key features of IERC-20? [29:20]
Serj: Inscription introduces a fresh approach to creating and sharing digital arts on Ethereum through transaction data. The Inscription protocol provides a cost-effective alternative to traditional smart contracts and centralized Layer 2 solutions. It allows users to share information and perform computations on them at a significantly lower cost compared to Layer 1.
To delve into the IERC-20 protocol and its origins, the IERC 20 project is an Ethereum-based protocol that aims to standardize the inscription protocol. It offers Ethereum users a low-cost asset and system while addressing concerns like high transaction fees and security risks associated with smart contracts. Our project introduced the $ethi inscription in the IERC 20 ecosystem, which is now available for market trading.
The IERC 20 project began as an idea to replace smart contracts with inscriptions, providing general computing ability at a fraction of the cost. The crypto landscape on the Ethereum blockchain is built upon a massive system with numerous participants and billions of dollars, all based on the belief that smart contracts are indispensable. However, we now have the opportunity to challenge and reverse this belief by bringing the Ethereum blockchain back to its core concept of particular sequencing through the utilization of inscriptions.
There are three key features to highlight:
Decentralization ensures transparency by recording crucial transactions on the informational blockchain, allowing everyone to verify invalidated transactions.
Security is a paramount concern, and leveraging the Ethereum mechanism elevates the system's security and trustworthiness to a higher level.
With low cost, we minimize expenses by optimizing interactions within transfer transactions, capitalizing on the inherent structure of Ethereum.
2. How can we provide cheaper and secure Ethereum token transactions / how does IERC-20 reduce Gas consumption? [34:38]
Serj: We cater to the need for cheaper and more secure Ethereum token transactions through our IERC-20 protocol. The concerns surrounding security risks associated with smart contracts, as well as the high fees on exchanges like Uniswap, often discourage newcomers in the crypto space from investing in new project tokens. To address these issues, we provide decentralized security and low costs.
IERC-20 achieves gas consumption optimization by utilizing Ethereum transfer transactions, which also carry the data. Our protocol operates on the premise of minimal administrative gas consumption, setting a limit of twenty-one thousand US gas. By standardizing all operations on this foundation, IERC-20 optimizes gas consumption within its ecosystem. For example, significant gas fees are saved during batch transfers, requiring only a single gas fee for multiple transactions. These contracts are compatible with traditional ERC-20 tokens, making IERC-20 well-positioned to meet user needs in both technical and economic aspects. This approach also helps address Ethereum congestion issues.
3. What does IERC20 mean to individual participants/investors? [38:25]
Beyond Lee: In my opinion, "fairness" is a crucial aspect for individual participants. The inscription ecosystem comprises leading protocols such as BRC-20, ERC-20 inscription, Solana 20, and more. Unlike the Bitcoin inscription ecosystem, the Ethereum inscription system stands out for its high confirmation speed and low gas costs. Participants with programming skills can easily use scripts and quickly mint tokens on all EVM public chains and layer 2 chains.
However, the blockchain is plagued by numerous robots, which leads to an unhealthy token distribution and is unsuitable for community and economic development. In this context, the IERC-20 team, led by Serj, has developed the IERC protocol, refining the script and providing a fair platform for individual participants to trade and mint tokens. A notable feature of the IERC-20 protocol is its default definition, where a single address can only mint ten times, and one mint is valid within the same block. This protocol grants individual participants the right to trade and mint tokens in inscription ecosystems like ERC-20 and ERC-721 tokens. I believe this is the most prominent feature of IERC-20. Currently, IERC-20 is one of the few protocols that offer these capabilities.
4. Why are there security risks in smart contracts, and how can IERC-20 solve them? [42:28]
Serj: The apprehension surrounding tokens from new projects stems from the security risks inherent in early-stage smart contracts. Smart contracts are lines of code, and like any software, they can contain errors and vulnerabilities. Malicious actors can exploit these weaknesses, leading to potential asset theft or manipulation. Vulnerabilities in smart contracts can allow attackers to tamper with token balances, freeze funds, or carry out other harmful actions. Naturally, these potential risks erode trust among potential token buyers, who fear the loss of their investments.
Having been involved in the DeFi space for a considerable period, and witnessing the negative incidents with various protocols, I have always aspired to build something reliable and secure. Therefore, the IERC protocol is dedicated to establishing a more secure framework. Our team is committed to mitigating the security risks associated with smart contracts and creating a safer transaction environment. By doing so, we aim to instill trust in people and have a positive impact.
5. What are the significant differences between IERC20 and other inscriptions? [48:54]
BeyondLee: The IERC-20 protocol possesses a robust ecosystem and exhibits qualities that make it an ideal protocol, indexer, and promoter of a healthy ecosystem. IERC-20 encompasses all these aspects. Let's begin by discussing its suitability as a protocol. IERC-20 is the first protocol to attempt indexing the zero address, denoted as zero x zero zero zero, and this innovation has proven to be highly effective. In the future, we can collaborate with swap over virtual machine over bridge, stablecoins, and make a concerted effort to cultivate a larger Ethereum market.
Next, let's delve into its merits as a good indexer. IERC-20 stands out as the fairest protocol for individual investors. It not only saves us gas but also provides the best experience for individuals, thereby benefiting the overall ecosystem. IERC-20 engages in collaborations with various projects to foster a healthy ecology, including Sparkle, a Metaverse project, and mmm3 NFT, among others. Consequently, IERC-20 is one of the few inscription protocols equipped with these capabilities to build a strong ecosystem. This allows us to trade and mint tokens just like IERC-20 or ERC-721, all while enjoying the lowest gas fees. This innovation is a tremendous asset to our ecosystem. Therefore, this stands as the most prominent feature of IERC-20 compared to other inscriptions.
6. What does the IERC 20 Future hold? [1:03:52]
Serj: In terms of the future of inscriptions, we strongly believe that it will be a key driver of the bull market. Currently, inscriptions are one of the hottest topics, offering high returns and attracting a growing user base. Our primary objective for the IERC-20 inscription is to establish the most comprehensive inscription system on the EVM, catering to all transitions from contract ecosystems to inscriptions. We are considering involvement in platforms like Opensea, as well as expanding our scope to encompass tokens, NFTs, domains, wallets, and blockchain explorers, which are all part of our implementation plan.
In summary, we have a grand logical blueprint and aim to hold a central position in the inscription ecosystem. This is our core plan, and we are fully committed to advancing our protocol. We are working diligently and striving to implement numerous new features in the near future. Stay tuned to our Twitter and Space events for updates. I'm excited to discuss more about our protocol and inscriptions with you in the coming days!
OKX Wallet
What are the key features and advantages of OKX Wallet in the cryptocurrency wallet market, and how does it aim to enhance user experience and drive the development of the cryptocurrency industry? [1:11:38]
Monica: OKX Wallet is a one-stop decentralized platform that offers a range of products, including a self-custody wallet, decentralized exchange, NFT trading platform, and on-chain staking. Users can easily open and create a wallet within the OKX App. What's great is that OKX Wallet goes beyond just an EOA wallet and also provides MPC and AA wallets, making it user-friendly and perfect for newcomers to the blockchain space.
The market share of OKX Wallet is steadily climbing, currently holding around 70% of the market share in the inscription market. This clearly demonstrates its leading position in the field of cryptocurrency wallets. By continuously improving product performance, organizing engaging activities, and fostering user interaction, OKX Wallet ensures a diverse and rewarding user experience.
OKX Wallet actively collects and values user feedback through various channels, with a dedicated global team providing support around the clock. Looking ahead, OKX Wallet aims to expand its ecosystem, prioritize product and service optimization, enhance user experience, and drive the growth of the cryptocurrency industry through continuous technological innovation.
It's important to note that OKX Wallet serves as a tool, providing an operational platform for decentralized scenarios. The current inscription ecosystem is entirely community-driven, allowing community members and individuals to deploy their own solutions.
As the Space concludes, the Inscription Market holds immense potential for further technological advancements. Through interactions, collaborations, and the sharing of ideas, we contribute to the market's growth and improvement by harnessing collective wisdom, insights, and experiences. This collective effort will foster the development of more innovative and creative projects and protocols, facilitating the practical implementation of sophisticated features.
With a steadfast focus on the ecosystem's consistent growth, the IERC20 market actively seeks partnerships with various ecosystems as a key strategy. We have engaged with multiple stakeholders to explore collaborative opportunities, including cooperative endeavors with different public chains. Our project aims to provide investors and participants with diverse options that empower them to seize opportunities and unlock the boundless possibilities within the market.