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ORC-20 is a standard that was developed as an improvement over the BRC-20 standard, aiming to address certain limitations such as security concerns, enhanced flexibility, and leveraging the UTXO model of Bitcoin. What are the notable features of this upgraded version compared to the old standard?

What is ORC-20?

ORC-20 is a standard for tokens running on the Bitcoin blockchain, represented as JSON (JavaScript Object Notation) files and recorded on the Satoshi using serial numbers, similar to BRC-20.

Developers of ORC-20 introduced this token standard as a solution to some of the limitations of BRC-20 by improving security and increasing flexibility. Additionally, ORC-20 expands on the scope of BRC-20 by supporting more data formats and leveraging the Unspent Transaction Output (UTXO) model of Bitcoin to eliminate the issue of double-spending.

In simple terms, ORC-20 can be seen as a hard fork of BRC-20.

However, it's important to note that ORC-20 is still in the testing phase, and there is no guarantee that tokens created according to this standard will have any specific value or utility. Therefore, users should exercise caution and conduct thorough research before using ORC-20.

For example, migrating an orc (inscription number #2504160) from BRC-20 to ORC-20 in a migration event:

{ "p": "orc-20", "tick": "harambe", "id": "2504160", "op": "deploy", "wp": "true" }

Upon completion, all tokens become ORC-20 tokens.

The improvements of ORC-20 compared to BRC-20 are as follows:

Utilization of Ordinals: ORC-20 is built on Ordinals and the BRC-20 token standard. Therefore, ORC-20 aims to promote the adoption of Ordinals, allowing objects operating on this token standard to carry different types of data from the Bitcoin network. It enables users to deploy new ORC-20 tokens and migrate existing BRC-20 tokens.

Implementation of UTXO Model: ORC-20 also implements the UTXO model to determine the origin and ownership rights of coins/tokens within the blockchain network by verifying the size and number of UTXOs moved on-chain. The UTXO process is similar to cash transactions. If you want to transfer 3 BTC but only have a 10 BTC UTXO in your wallet, you need to transfer the entire UTXO and receive approximately 7 BTC (minus fees) as a new UTXO (with a lower value).

New UTXO balance = Total initial UTXO - Amount sent to another address

Transaction fee for the blockchain

The UTXO model has several advantages, including:

Scalability and strong security.

Verification of the validity of transactions on the blockchain.

Each transaction output is used only once, after which the UTXO becomes an output for the next receiving address.

There are no accounts on the UTXO chain. Instead, coins are stored as a list of UTXOs created by using existing UTXOs and generating new UTXOs at the same position.

Based on the UTXO model, in each transfer, the sender specifies the amount the recipient will receive, and the remaining balance is returned to the sender. A sending transaction can transfer funds to multiple recipients, and the previous balance becomes invalid only when the new transaction is completed.

Guide to minting ORC-20 tokens

Step 1: Access and Connect

Access Unisat by visiting the following link: https://unisat.io/inscribe and click on "Connect" to connect your Unisat wallet to the interface. Choose "Inscribe" and "Text" to select the type of token you want to mint.

Step 2: Insert Code snippet

Select the "Single" button.

Paste the code snippet of your project (as shown in the image) into the empty field.

{ "p": "orc-20", "tick": "harambe", "id": "541992", "op": "mint", "amt": "100000" }

Then, click on "Next" to proceed.

Step 3: Payment and Transaction Completion

After completing Step 2, you need to select the gas fee based on different levels (Economy, Normal, and Custom). Once you have made your selection, click on the "Submit and Pay" button to proceed with the transaction payment.

You need to have a small amount of Bitcoin in your wallet to pay for the gas fees. Approximately $3 to $5 should be sufficient for covering the transaction costs.

Finally, confirm your wallet and complete the process.

#feedfeverchallenge

Cryptocurrencies, blockchain technology, and decentralized finance (DeFi) solutions have emerged as powerful forces that are reshaping various aspects of our daily lives. From financial transactions to data security and beyond, these innovations are bringing forth transformative changes that have the potential to revolutionize traditional systems and empower individuals in unprecedented ways.

Financial Inclusion and Accessibility: Cryptocurrencies and DeFi solutions have the potential to provide financial services to the unbanked and underbanked populations worldwide. With just a smartphone and internet access, individuals can participate in a global financial system, access loans, save money, and engage in cross-border transactions without traditional intermediaries.

Transparent and Secure Transactions: Blockchain technology ensures transparency, immutability, and security in transactions. It eliminates the need for intermediaries, reducing costs and enhancing trust. Cryptocurrencies enable peer-to-peer transactions, offering an alternative to traditional banking systems and reducing reliance on centralized authorities.

Empowering Personal Data Control: Blockchain-based solutions provide individuals with more control over their personal data. With decentralized applications (dApps) built on blockchain, users can securely store and manage their data, granting access only when needed. This empowers individuals by shifting the balance of data control from centralized entities to the users themselves.

Streamlining Supply Chain Management: Blockchain technology is transforming supply chain management by providing transparency and traceability. Through immutable records and smart contracts, stakeholders can track products at every stage, ensuring authenticity, fair trade, and ethical practices. This benefits industries such as food, pharmaceuticals, and luxury goods, enhancing consumer trust and safety.

Tokenization of Assets: The tokenization of real-world assets, such as real estate, art, or intellectual property, brings liquidity and accessibility to otherwise illiquid assets. Fractional ownership and trading through blockchain platforms enable broader participation and investment opportunities, democratizing access to traditionally exclusive markets.

Revolutionizing the Job Market: Decentralized job marketplaces powered by blockchain technology are disrupting traditional employment models. Freelancers and gig workers can engage directly with employers, reducing intermediaries and facilitating faster, more secure payments. Smart contracts ensure fair agreements and eliminate payment disputes.

Democratizing Fundraising: Initial coin offerings (ICOs) and token sales have opened up new avenues for fundraising, allowing startups and entrepreneurs to access capital globally. This democratizes investment opportunities, enabling individuals from diverse backgrounds to participate in early-stage investments and support innovative projects.

Conclusion:

Cryptocurrencies, blockchain technology, and decentralized finance solutions have the potential to transform our daily lives across multiple domains. From financial inclusion and data control to supply chain management and job markets, these innovations empower individuals, enhance transparency, and foster trust in a decentralized ecosystem. Embracing and understanding these technologies can unlock their full potential and drive us towards a more inclusive, efficient, and secure future.

#feedfeverchallenge

Making successful cryptocurrency trades while practicing proper risk management is essential to mitigate potential losses and increase the likelihood of profitable trades. Here are some tips to consider:

Educate Yourself: Start by gaining a solid understanding of cryptocurrencies, blockchain technology, and the factors that influence their value. Stay updated on market news, trends, and regulatory developments. This knowledge will help you make informed trading decisions.

Set Clear Goals and Strategies: Define your investment goals, whether they are short-term or long-term. Develop a trading strategy that aligns with your goals and risk tolerance. Consider factors such as entry and exit points, stop-loss orders, and profit targets.

Conduct Thorough Research: Before investing in a specific cryptocurrency, research and analyze its fundamentals, team, technology, adoption, and market trends. Evaluate the potential risks and rewards associated with the investment.

Diversify Your Portfolio: Avoid putting all your funds into a single cryptocurrency. Diversify your portfolio by investing in a variety of cryptocurrencies with different risk profiles. This can help spread the risk and increase the potential for gains.

Start with a Demo Account: If you are new to cryptocurrency trading, consider starting with a demo account or paper trading. This allows you to practice trading strategies without risking real money, gaining experience and confidence before trading with actual funds.

Set Risk Management Measures: Determine your risk tolerance and establish risk management measures. Use stop-loss orders to automatically sell a cryptocurrency if it reaches a predetermined price level. This helps limit potential losses in volatile markets.

Use Technical Analysis: Utilize technical analysis tools and indicators to identify trends, patterns, and potential entry or exit points. However, be aware that technical analysis is not foolproof and should be used in conjunction with other analysis methods.

Be Mindful of Market Volatility: Cryptocurrency markets are highly volatile. Be prepared for price fluctuations and avoid making impulsive decisions based on short-term market movements. Take a long-term perspective and consider the overall market trends.

Practice Discipline and Emotional Control: Emotions can cloud judgment and lead to poor trading decisions. Maintain discipline and stick to your predefined trading strategy. Avoid making impulsive trades based on fear or greed.

Regularly Review and Adjust: Continuously evaluate your trading performance and adjust your strategies accordingly. Learn from your successes and failures, and refine your approach over time.

Remember, trading cryptocurrencies involves risks, and there are no guarantees of profits. It's crucial to only invest what you can afford to lose and seek professional advice if needed.

#feedfeverchallenge

Crypto payments offer several benefits to the ecommerce industry, including:

Faster transactions: Crypto transactions are processed quickly and efficiently without the need for intermediaries such as banks or payment processors. This means that payments can be processed almost instantly, reducing the time it takes for customers to receive their goods and services.

Lower transaction fees: Crypto transactions typically have lower transaction fees than traditional payment methods, which can be particularly beneficial for ecommerce businesses with high transaction volumes.

Increased security: Crypto payments use strong encryption techniques and decentralized blockchain technology, making them highly secure and resistant to fraud. This can help protect ecommerce businesses from fraudulent transactions and chargebacks.

Global accessibility: Cryptocurrencies can be used for transactions across borders without the need for currency exchange, making it easier for ecommerce businesses to expand globally.

Decentralized nature: Cryptocurrencies are decentralized, meaning they are not controlled by any central authority or government. This provides greater financial freedom and autonomy for ecommerce businesses and their customers.

Overall, crypto payments offer a range of benefits to the ecommerce industry, including faster transactions, lower fees, increased security, global accessibility, and decentralization. As a result, many ecommerce businesses are starting to adopt crypto payments as an alternative payment method to traditional payment methods.

The ongoing US debt ceiling negotiations are causing investors to sit on the sidelines. JPMorgan Chase CEO Jamie Dimon told Bloomberg on May 11th that concerns over a US government default could create market panic and increase volatility in the stock market.

The next big question that has crypto investors concerned is how Bitcoin will react to such an event. Bloomberg's latest poll indicates that Bitcoin (BTC) could be the third-favorite asset after gold and US Treasury bonds if the US government fails to prevent a default.

Billionaire fund manager Paul Tudor Jones told CNBC that he holds Bitcoin and will always have a portion of his investment portfolio in it.

What are the important support and resistance levels to watch for in the S&P 500 (SPX), Bitcoin, and major altcoins? Let's study the charts to find out.

SPX technical analysis

The S&P 500 (SPX) has been trading near the 20-day EMA at 4,118 for the past few days. This indicates a fierce battle between the bulls and bears for supremacy in the short term.

SPX daily chart | Source: TradingView

The rising 20-day EMA and the relative strength index (RSI) near the mid-point suggest range-bound action in the near term. The index may oscillate between the resistance level at 4,200 and the 50-day simple moving average (SMA) at 4,059 for the next few days.

A breakdown and close below the 50-day SMA could pull the price down to the uptrend line. If this support also breaks down, the index could plummet to 3,800.

On the flip side, the bulls will have to cross the resistance barrier at 4,200. After that, the index could rise to 4,325, where the bears will once again pose a strong challenge. During the correction from this level, if buyers turn 4,200 into support, it will increase the prospects of a rally to 4,325.

Technical Analysis of DXY:

After several failed attempts, the bulls finally managed to push and maintain the US Dollar Index (DXY) above the 20-day EMA (101.88) on May 11.

The bulls continued to buy and broke above the resistance at the 50-day SMA (102.47) on May 12. The 20-day EMA has started to rise, and the RSI jumped into the positive zone, indicating that the bulls have an advantage. The index could rise to 103.50 in the short term, where it is likely to face selling pressure from the bears again.

On the other hand, if the price falls and slides below the 20-day EMA, it indicates that the breakout above the 50-day SMA could be a false breakout. The index could then retest the important support level at 100.82. Breaking and closing below this level would complete a head and shoulders (H&S) bearish pattern and could start moving down to 97.50.

Technical Analysis of BTC

The bulls are attempting to push Bitcoin back into the symmetrical triangle pattern, indicating strong buying pressure at lower levels.

Chart of BTC/USDT on a daily timeframe | Source: TradingView

The relief rally could face stiff selling at the moving averages and again at the resistance line of the triangle. If the price turns down from the resistance, the bears will make another attempt to sink the BTC/USDT pair to $25,250.

This is an important level to watch because if it breaks down, selling could intensify and the pair may drop to $20,000.

On the contrary, the bulls will have to scale the overhead resistance to signal the start of a new uptrend. Firstly, the pair could rise to $31,000 and then attempt to rise above $32,400.

ETH Technical Analysis

Ether (ETH) bounced back from the 50% Fibonacci retracement level at $1,754 on May 12th, and after a few days of consolidation, the bulls pushed the price above the 20-day EMA ($1,854).

Daily chart of ETH/USDT | Source: TradingView

The sellers will try to defend this EMA strongly and turn it into a resistance level. If they succeed, it will indicate that higher levels are attracting selling. The ETH/USDT pair could then retest the nearest support at $1,740. Breaking below and closing below this level could pull the price down to the 61.8% Fibonacci retracement level at $1,663.

If the bulls want to prevent the decline, they will have to push the price above the 50-day SMA ($1,883). After that, this pair could rise to the psychologically important level of $2,000.

Technical analysis of BNB

The bulls have pushed BNB (BNB) to the moving averages, indicating that the $300 level is a strong support level.

On the daily chart of BNB/USDT | Source: TradingView

Breaking out and closing above the moving averages will clear the way for a potential increase to resistance at $338. This level may be a strong barrier, but if the bulls break through it, the BNB/USDT pair could rise to $350.

Alternatively, if the price falls from the moving averages, it shows that the bears are still not giving up. They will then try to push the price down below $300. If they do so, this cryptocurrency pair could slide down to the next support level at $280.

#SPX #DXY #BTC #ETH #BNB