What is GBRC721?
The full name of the protocol is Generative BRC-721 and its creator is Jerry (Twitter handle @0xJerry543). Jerry also founded the Bitcoin NFT project DogePunks.
The GBRC72 standard is a way to optimize the use of block space in the Bitcoin ecosystem, allowing more producers to participate and encouraging innovation. The standard uses a “deploy” procedure to establish a GBRC72 collection with unique qualities that are kept on-chain. The attributes of the implementation process are then referenced by a “mint” operation, which yields non-fungible ordinal numbers.
This method reduces block space usage by 50% to 90%. The effect of the proposed standard was illustrated in a case study using a GBRC72 collection called “OrdiBots”, which showed a 55% reduction in block area. Front-ends must adapt to produce and display images based on the coin debossed text data. This proposed standard sets the framework for efficient, decentralized Bitcoin blockchain innovation.
With increased popularity and availability for other platforms, the front-end interface of the GBRC721 protocol shows real images created by the cast inscriptions instead of text data. This is now possible by scanning the “gen-brc-721” entry from the user text entry. The image can then be rebuilt using on-chain data and stored in the system architecture in the same way as is common today.
The total number of minted subscriptions on the Bitcoin NFT protocol Ordinals reached 11,360,287 pieces, according to Dune stats, and the cumulative fee revenue reached 1,688,1928 BTC, worth $44,705,391. In less than two months after software programmer Casey Rodarmor created the NFT protocol “Ordinals” on Jan. 30 and formally deployed it on the Bitcoin mainnet, the number of inscriptions produced on the Bitcoin chain has surpassed 1 million. It can be shown that the ecological growth based on the Ordinals protocol is growing rapidly and in magnitude.
The implementation process of GBRC721
The implementation and enrollment procedures of this protocol are similar to those of BRC-20 tokens. The procedure consists of three main operations:
- Create and produce a BRC721 collection using the deployment process. The deployment procedure aims to create a JSON/Text entry that contains the general information and composition of the collection. The Base64-encoded data of the attribute collection. It is also possible to create multiple implementation inscriptions for the same collection, each storing a unique set of attributes.
- Create an irreplaceable serial number using JSON or text inscriptions.
- Convert irregular ordinal numbers to regular serial number inscriptions.
The difference is that each of its collections is different, but cannot be reviewed until the block is confirmed, resulting in a collection that can be burned by a large number of individuals, forcing users to incur costs but get nothing.
Based on this, Jerry said he is considering whitelisting the chain to better improve the community experience and ensure fair distribution. This requires adding a new key to the deployment inscription that points to a second inscription containing the whitelist information for claiming NFTs. This provides a more auditable and equitable distribution approach to GBRC721 direct debits, reducing inequity due to technical and other factors.
Adopting the GBRC72 standard will improve the efficiency with which Bitcoin block space is used. Since the photos for the unique properties are only included once in the betting transaction, the assets consist of a text file that lists these properties. The image can then be recreated using the on-chain deploy inscription and the results verified using the SHA256 output.
Example of a mint operation inscription Ordi.io:
{
"p":"gen-brc-721",
"op":"mint",
"s":"ordibots",
"t_ins":[
"b7205d40f3b1b1486567f0d6e53ff2812983db4c03ad7d3606812cd150c64802i0"
],
"h":"aa0d33b748e0177528a910a56a61c47bee2ba9b69749228d6520049c0fea3f4f",
"id":"554",
"a":[
[0,"bitcoin-orange"],
[0,"rainbow"],
[0,"black-and-white-triangular"],
[0,"square"],
[0,"happy"]
]
}
According to Dune stats, the GBRC721 ecosystem currently has more than 22,000 transactions with a total of 3.24 BTC, and the ecosystem initiatives are evolving one after the other. The following paragraphs present the most common initiatives in its environment.
OrdiBots
Jerry built a demo Generative BRC-721 collection called OrdiBots to demonstrate the application of this proposed standard. The new standard resulted in a 55% reduction in block size for this collection of 1,000 ordinal numbers consisting of 26 separate qualities. This discovery suggests the possibility of even better efficiency with increasingly complicated property sets.
The cumulative size of the 1,000 photos is approximately 663 KB. Given the current network cost of about 30 sats/vB, the total cost to enroll the collection is about 0.293 BTC ($7,850 at the current price). Jerry can reduce the size of the entire collection to 294 kb (10 kb + 284 kb) by applying the GBRC72 standard, resulting in an overall expected block space savings of approximately 55%. Since OrdiBots is already a fairly light collection, this can be considered a lower barrier, and Jerry can expect higher efficiency with a collection created with more complicated functions.
OrdiBots was registered on May 22-23 because, as the first initiative under the GBRC721 innovation criteria, it received sufficient attention and support from the start.
At the time, OrdiBots was priced at around $3. With the market’s constant attention, the bottom price grew to a high of 0.12 BTC, which is comparable to $3,200 today, a 1,000-fold increase. According to ordinalswallet’s market stats, the maximum selling price of its gold bundle is 0.175 BTC.
Still, it remains to be seen whether OrdiBots based on the new standard will be able to take the development area to the next level.
Plus, it’s not hard to find that OrdiBots can achieve such a big multi-fold increase for its innovation-based criteria apart from the strong consensus of its community members. It has gained a lot of attention by auctioning gold equipment every day and donating the proceeds to the community. At the same time, community members have built tools themselves such as rarity research and position assessment and actively participated in the platform and other projects in the ecosystem.
Conclusion
GBRC721 has received a lot of attention because of its first ecological project, OrdiBots, which has a very high growth factor. Nevertheless, the existing ecological infrastructure needs to be steadily improved.
If this standard is adopted by a large number of collections and authors, front-end interfaces will have to be modified to show the actual image created by the coin debossment rather than the text data.
Of course, there are many users in the community who are skeptical about running application development projects on Bitcoin, and there are plenty of observers who are dismissive of the current scenario. Nevertheless, the current Web3 circle or money circle is still in the idea and storytelling phase. During the previous cycle, the market mainly reported news about DeFi, DAO, GameFi and other EVM chain ecosystem players. The Ordinals Agreement has opened a new way for the existing market constraints.
DISCLAIMER: The information on this website is intended as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.