Cy[bord] (CBRC-20)Price

(BORD)

Cy[bord], also known as CBRC-20, is an experimental metaprotocol standard designed for issuing fungible digital assets on the Bitcoin blockchain. It operates using the Ordinals protocol and aims to enhance upon the BRC-20 standard. Its primary goals include minimizing the cost of each inscription and simplifying the indexing process, leveraging an updated version of the Ordinals protocol (v0.10.0 or later) for improved efficiency and cost-effectiveness.

CBRC-20 maintains the core programming logic of BRC-20 but introduces significant efficiencies. It uses the metadata field and CBOR (Concise Binary Object Representation) format, instead of JSON, to store token specifications within the Ordinal inscription envelope. This approach leads to lower storage requirements, substantially reduced transaction fees (approximately 40% to 60% less for operations), and a more streamlined indexing process. Unlike BRC-20, these tokens are built to leverage Ordinals version 0.10.0, which BRC-20 tokens cannot directly migrate to.

CBRC-20 addresses the inefficiencies and high costs associated with the BRC-20 standard on the Bitcoin blockchain. It strives to offer a more scalable and lightweight alternative for creating digital assets. This helps mitigate concerns about blockchain bloat and reduces transaction fees for users. By utilizing less block space, it also presents a more appealing compromise for Bitcoin purists concerned with network congestion and resource usage.

CBRC-20 is built upon the Ordinals protocol, which enables the inscription of various content onto individual satoshis – the smallest units of Bitcoin. It specifically leverages the Metaprotocol Field functionality and requires the updated Ordinals protocol version 0.10.0 or later. This particular version introduced crucial capabilities, including the ability to include metadata directly within inscriptions, which is fundamental to CBRC-20's design and efficiency improvements.

CBRC-20 tokens can be bought on various marketplaces that support the standard. For example, LBank was noted as an early marketplace supporting these assets. To purchase CBRC-20 tokens, users typically connect compatible wallets, such as Xverse or Leather, to the marketplace platform. These platforms facilitate the buying and selling of CBRC-20 assets, allowing users to engage with this new token standard on the Bitcoin network.

Key benefits of using CBRC-20 include significantly reduced transaction costs due to its efficient data storage. It offers improved efficiency in both data storage and indexing processes, making it more streamlined than its predecessors. This efficiency also contributes to greater potential scalability compared to the BRC-20 standard. Additionally, CBRC-20 provides features like custom MIME types for inscriptions, opening up new possibilities for diverse token interactions and applications on the Bitcoin blockchain.