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BTNS-420.md

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    Title: BTNS Token Standard (BTNS-420)
    Author: Jeremy Johnson (J-Dog)
    Status: Draft
    Type: Informational
    Created: 2023-05-25

Abstract

Extend BTNS to establish a token standard.

Motivation

Establish a standardized ruleset for additional BTNS token experimentation.

Rationale

BTNS-420 builds on the token framework in the Broadcast Token Naming System and establishes a standard set of features and rules by which to operate.

This spec defines the core ACTION commands that can be used to perform various functions within the BTNS.

BTNS-420 can be extended in the future to allow for additional ACTION and PARAM options.

This spec is a work in progress, and additional rules and notes will be added as spec is more clearly defined.

BTNS-420 ACTION PARAMS will not be considered finalized until ACTIVATION_BLOCK for the ACTION is reached.

Definitions

  • ACTIVATION_BLOCK - A specific block height when a BTNS ACTION becomes usable
  • ACTION - A specific type of command performed on a token
  • ASSET - A token created via issuance transactions on the counterparty platform
  • SUBASSET - A specific token type on the counterparty platform, which is linked to an ASSET
  • VERSION - A specific ACTION command broadcast format version
  • JSON - A text-based way of representing JavaScript object literals, arrays, and scalar data
  • PARAMS - Parameters specified along with an ACTION command
  • XCP - A specific ASSET on the counterparty platform
  • GAS - A specific token on the BTNS platform
  • broadcast - A general purpose transaction type which allows broadcasting of a message to the counterparty platform
  • counterparty - A token platform on Bitcoin (BTC) which was created in 2014 (counterparty.io)
  • issuance - A transaction type which allows for creation of ASSET and issuing of supply on the Counterparty platform
  • token - A token created in the BTNS via a MINT or ISSUE ACTION broadcast transaction

Specification

Project Prefix

The default BTNS prefix which should be used for BTNS transactions is BTNS and BT. All BTNS actions will begin with btns: or bt: (case insensitive)

Project Versioning

The default BTNS version is 0 when no broadcast value is specified

Format Versioning

Establishing a VERSION as the first field in every ACTION command, allows for easier expansion and parsing of PARAMS in various standardized formats.

The default BTNS format version is 0 when no VERSION is given

ACTION commands and PARAMS

By defining ACTION commands and PARAMS for each command, we standardize a way in which the BTNS token functionality can be extended.

Broadcast Format: bt:ACTION|PARAMS

BTNS ACTION commands

Below is a list of the defined BTNS ACTION commands and the function of each:

ACTION Description
ADDRESS Configures address specific options
AIRDROP Transfer/Distribute token supply to a LIST
BATCH Execute multiple BTNS ACTION commands in a single transaction
CALLBACK Return all token supply to owner address after a set block, in exchange for a different token
DESTROY Destroy token supply forever
DISPENSER Create a dispenser (vending machine) to dispense a token when triggered
DIVIDEND Issue a dividend on a token
ISSUE Create or issue a token and define how the token works
LIST Create a list for use with various BTNS ACTION commands
MINT Create or mint token supply
RUG Perform a rug pull on a token
SEND Transfer or move some token balances between addresses
SLEEP Pause all actions on a token for a certain number of blocks
SWEEP Transfer all token and/or ownerships to a destination address

ACTION ACTIVATION_BLOCK list

BTNS ACTION commands are not to be considered valid until after ACTIVATION_BLOCK for each command has passed.

Below is a list of the BTNS ACTION commands and the ACTIVATION_BLOCK for each:

  • AIRDROP - TBD
  • BATCH - TBD
  • BET - TBD
  • CALLBACK - TBD
  • DESTROY - TBD
  • DISPENSER - TBD
  • DIVIDEND - TBD
  • ISSUE - TBD
  • LIST - TBD
  • MINT - TBD
  • RUG - TBD
  • SEND - TBD
  • SLEEP - TBD
  • SWEEP - TBD

BTNS Name Reservations

  • BTC is reserved (avoids confusion with bitcoin BTC)
  • XCP is reserved (avoids confusion with counterparty XCP)
  • GAS is reserved for future use (anti-spam mechanism)
  • Registered counterparty ASSET names are reserved within the BTNS for use by the ASSET owner

Additional Notes

  • broadcast status must be valid in order for BTNS ACTION to be considered valid
  • BTNS tokens can also be used in combination with other protocols, by specifying the semicolon (;) as a protocol delimiter.
  • Only one BTNS ACTION can be included in a broadcast (use BATCH to use multiple commands in a single transaction)
  • BTNS tokens can be stamped using the STAMP Protocol
  • By allowing combining of protocols, you can do many things in a single transaction, such as:
    • Issue BTNS token with a DESCRIPTION pointing to an external image file
    • Stamp JSON file with meta-data to BTNS token
    • Stamp image data inside a BTNS token
    • Reference an ordinals inscription
    • Reference an IPFS CID

Example 1 bt:ISSUE|JDOG;stamp:base64data The above example issues a JDOG token, and STAMPs file data into the token.

Current BTNS ACTION Functionality

  • AIRDROP
  • BATCH
  • BET
  • CALLBACK
    • Return all token supply to owner address after CALLBACK_BLOCK
    • Compensate token supply holders by giving them CALLBACK_AMOUNT of CALLBACK_TICK token per unit
  • ISSUE
    • Register / Reserve TICK for token usage
    • Associate ICON with your token
    • Adjust MAX_SUPPLY until LOCK_SUPPLY is set to 1
    • Adjust MAX_MINT until LOCK_MINT is set to 1
    • Mint token supply immediately using MINT_SUPPLY (can bypass MAX_MINT)
    • Transfer token ownership via TRANSFER
    • Transfer token supply via TRANSFER_SUPPLY
    • Lock MAX_SUPPLY with LOCK_SUPPLY set to 1
    • Lock MAX_MINT with LOCK_MINT set to 1
    • Lock against RUG command by setting LOCK_RUG to 1
    • Lock against SLEEP command by setting LOCK_SLEEP to 1
    • Lock against CALLBACK command by setting LOCK_CALLBACK to 1
  • DESTROY
    • Permanently destroy some token supply
  • DISPENSER
  • DIVIDEND
  • LIST
    • Create and edit lists of TICKs
    • Create and edit lists of ASSETs
    • Create and edit lists of addresses
  • MINT
    • Mint tokens at rate of MAX_MINT until MAX_SUPPLY is reached ("fair" mint)
    • Transfer minted token supply to TRANSFER address
  • RUG
  • SEND
    • Transfer AMOUNT of token from broadcast address to a DESTINATION address, with an optional memo
    • Send multiple AMOUNT of token to multiple DESTINATION addresses, with optional memos
  • SLEEP
  • SWEEP

Copyright

This document is placed in the public domain.