OKX Wallet Introduces BRC-30 Proposal: A Game-Changer for Passive Income in the Crypto World

By Tsunami On Jun 1, 2023

OKX Wallet, a prominent player in the cryptocurrency industry, has recently unveiled its latest development: the BRC-30 proposal. This new proposal presents an enhanced version of the BRC-20 protocol, specifically designed to introduce equity operation functions such as deposit, minting, and withdrawal. The primary objective of the BRC-30 protocol is to enable BRC-20 token holders to earn passive income through staking.

The BRC-30 proposal builds upon the success and principles of the BRC-20 token standard, which was originally created for the Bitcoin blockchain. While retaining the core features of BRC-20, this extended version adds functionalities that cater to staking operations. Staking allows users to lock up their BRC-20 tokens or Bitcoin and receive BRC-30 tokens in return, opening up new possibilities for generating passive income without the need to sell their assets.

By offering BRC-30 as an extension of the BRC-20 functionality, OKX Wallet empowers token holders to put their digital assets to work within the Bitcoin network. This introduction of staking within the BRC-20 token ecosystem not only provides an additional means for users to earn income but also strengthens their connection to the underlying blockchain network.

The motivation behind the BRC-30 proposal is to provide BRC-20 token holders with increased opportunities to engage with their digital assets and earn passive income. Through staking, users can benefit from a consistent and reliable income stream, which could incentivize them to hold onto their assets rather than selling them. This reduction in selling pressure has the potential to contribute to a more stable token ecosystem overall.

The BRC-30 protocol opens up new avenues for both project teams and individual users. Project teams can issue their own BRC-30 tokens by creating staking pools, attracting initial users and kick-starting their projects. Meanwhile, individual users have the flexibility to stake either BTC or BRC-20 tokens and earn other BRC-30 tokens in return, such as the newly issued token “abcd.” This variety of staking options caters to a diverse range of cryptocurrency holders and offers them an alternative means of generating income.

To facilitate seamless interaction within the BRC-30 ecosystem, the proposal outlines the user scenarios and interaction flow. Project teams are responsible for deploying the staking pool, defining attributes such as the staking token, earned token, mining rate, total mining rewards, and permission for coin holders to engage in multi-mining. Users, on the other hand, can carry out staking activities, including depositing, minting (claiming), and withdrawing their staked assets.

To ensure transparency and accuracy in profit calculations, the BRC-30 protocol incorporates server-side mechanisms. These servers perform comprehensive interpretations of the BRC-20 and BRC-30 proposals and provide open-source interfaces for profit calculation. By using both backend and open-source tools, the staking profits for any user are uniformly computed, maintaining consistency and fairness across the platform.

The release of the BRC-30 proposal by OKX Wallet marks a significant development in the world of cryptocurrency staking. By introducing enhanced staking functionalities, OKX Wallet aims to empower BRC-20 token holders and Bitcoin users, offering them new avenues for earning passive income and strengthening their engagement with the blockchain network. As the cryptocurrency industry continues to evolve, initiatives like the BRC-30 proposal contribute to the growth and maturity of the ecosystem as a whole.

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