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    Title: Broadcast Token Naming System (BTNS)
    Author: Jeremy Johnson (J-Dog)
    Status: Accepted
    Type: Informational
    Created: 2023-05-14

Abstract

Establish new token naming system via Broadcasts

Motivation

Allow experimentation with an alternate token naming system

Rationale

Counterparty has established a beautiful asset naming system which allows for registration of unique assets and subassets, but it requires the use of XCP as an anti-spam mechanism. One of the criticizms of Counterparty has been that it requires XCP in order to use the platform. This is untrue, as you can use Counterparty and issue a numeric asset using only BTC. However, it is clear that some people see this "anti-spam" mechanism as unnecessary, and there is a desire for possible alternate naming systems to be explored.

This proposal establishes a new token naming system which will allow additional experimentation with "tokens" on Bitcoin via the Counterparty broadcast system.

By establishing 3 pre-defined broadcast formats, users can DEPLOY, MINT, and TRANSFER tokens. With these 3 functions we can create tokens, allow users to mint them in a decentralized "fair" way, and allow for the moving of these new tokens between addresses.

This spec can be extended in the future to allow for additional options and formats.

This spec was inspired in part by BRC-20 and SRC-20 and seeing the desire to experiment with new token naming systems.

Additional BTNS specs, indexers, and development tools are available at the official BTNS repo at: https://github.com/jdogresorg/Broadcast-Token-Naming-System

Definitions

  • token - A virtual token which was created via a DEPLOY or MINT format broadcast transaction
  • broadcast - A general purpose transaction type which allows broadcasting of a message to the Counterparty platform
  • DEPLOY - A specially formatted broadcast which registers a token name for usage
  • MINT - A specially formatted broadcast which allows for creation/minting of token supply
  • TRANSFER - A specially formatted broadcast which can move a token between users

Specification

This spec defines 3 formats DEPLOY, MINT, and TRANSFER which will allow for creation of tokens, supply, and sending between users

Project Prefix

In order for different projects to experiment with features in the Broadcast Token Naming System (BTNS) and not collide with one another, each project should establish a unique prefix for their project to use in their broadcasts.

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

Blockchain development moves fast, and quite often there is a need to change specs and switch to a new version immediately. The BTNS has a novel way of handling versioning, by using the broadcast value field to indicate what version of a spec a BTNS broadcast is using.

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

To specify a specific version of a BTNS spec, you can specify the version number in the broadcast value field

DEPLOY format

This format allows one to create a token and specify the following information about it

  • TICK - 1 to 5 characters in length (see rules below ) (required)
  • MAX_SUPPLY - Maximum token supply (max: 18,446,744,073,709,551,615 - commas not allowed)
  • MAX_MINT - Maximum amount of supply a MINT transaction can issue
  • DECIMALS - Number of decimal places token should have (max: 18, default: 0)
  • ICON - URL to a an icon to use for this token (48x48 standard size)
  • MINT_SUPPLY - Amount of token supply to mint in immediately (default:0)
  • TRANSFER - Address to transfer ownership of the token to (owner can perform future actions on token)
  • TRANSFER_SUPPLY - Address to transfer MINT_SUPPLY to (mint initial supply and transfer to address)

Broadcast Format: bt:DEPLOY|TICK|MAX_SUPPLY|MAX_MINT|DECIMALS|ICON|MINT_SUPPLY|TRANSFER|TRANSFER_SUPPLY

Example 1: bt:DEPLOY|JDOG|1000|1|0 The above example issues a JDOG token with a max supply of 1000, and a maximum mint of 1 JDOG per MINT

Example 2: bt:DEPLOY|JDOG|1000|1|0|http://j-dog.net/images/JDOG_icon.png The above example issues a JDOG token with a max supply of 1000, and a maximum mint of 1 JDOG per MINT and associates an ICON with the token

Example 3: bt:DEPLOY|BRRR|10000000000000000000|10000000000000|0|https://j-dog.net/images/BRRR_icon.png|100 The above example issues a BRRR token with a max supply of 1 Quandrillion supply and a maximum mint of 1 Trillion BRRR per MINT, associates an ICON with the token, and immediately mints 100 BRRR to the broadcasting address.

Example 4: bt:DEPLOY|TEST|100|1|0||1|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev The above example issues a TEST token with a max supply of 100, and a maximum mint of 1 TEST per MINT. This also mints 1 TEST token, and transfers ownership AND initial token supply to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev

Rules

  • broadcast status must be valid
  • First TICK DEPLOY will be considered as valid.
  • Additional TICK DEPLOY transactions after first valid TICK DEPLOY, will be considered invalid and ignored, unless broadcast from token owners address
  • If TICK contains any unicode characters, then TICK should be base64 encoded
  • Allowed characters in TICK:
    • Any word character (alphanumeric characters and underscores)
    • Special characters: ~!@#$%^&*()_+-={}[]\:<>.?/
    • Most printable emojis in U+1F300 to U+1F5FF
  • Special characters pipe | and semicolon ; are NOT to be used in TICK names

MINT format

This format allows one to mint token supply

  • TICK - token name registered with DEPLOY format (required)
  • AMOUNT - Amount of tokens to mint (required)
  • DESTINATION - Address to transfer tokens to

Broadcast Format: bt:MINT|TICK|AMOUNT|DESTINATION

Example 1: bt:MINT|JDOG|1 The above example mints 1 JDOG token to the broadcasting address

Example 2: bt:MINT|BRRR|10000000000000|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev The above example mints 10,000,000,000,000 BRRR tokens and transfers them to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev

Rules

  • broadcast status must be valid
  • token supply may be minted until MAX_SUPPLY is reached.
  • Transactions that attempt to mint supply beyond MAX_SUPPLY shall be considered invalid and ignored.

TRANSFER format

This format allows one to transfer or send a token between addresses

  • TICK - token name registered with DEPLOY format (required)
  • AMOUNT - Amount of tokens to send (required)
  • DESTINATION - Address to transfer tokens to (required)

This format also allows for repeating AMOUNT and DESTINATION to enable multiple transfers in a single transaction

Broadcast Format: bt:TRANSFER|TICK|AMOUNT|DESTINATION

Broadcast Format2: bt:TRANSFER|TICK|AMOUNT|DESTINATION|AMOUNT|DESTINATION

Broadcast Format3: bt:TRANSFER|TICK|AMOUNT|DESTINATION|TICK|AMOUNT|DESTINATION

Example 1: bt:TRANSFER|JDOG|1|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev The above example sends 1 JDOG token to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev

Example 2: bt:TRANSFER|BRRR|5|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev The above example sends 5 BRRR tokens to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev

Example 3: bt:TRANSFER|BRRR|5|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev|1|1BoogrfDADPLQpq8LMASmWQUVYDp4t2hF9 The above example sends 5 BRRR tokens to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev and 1 BRRR token to 1BoogrfDADPLQpq8LMASmWQUVYDp4t2hF9

Example 4: bt:TRANSFER|BRRR|5|1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev|TEST|1|1BoogrfDADPLQpq8LMASmWQUVYDp4t2hF9 The above example sends 5 BRRR tokens to 1JDogZS6tQcSxwfxhv6XKKjcyicYA4Feev and 1 TEST token to 1BoogrfDADPLQpq8LMASmWQUVYDp4t2hF9

Rules

  • broadcast status must be valid
  • A token transfer shall only be considered valid if the broacasting address has balances of the token to cover the transfer AMOUNT
  • A token transfer that does not have AMOUNT in the broadcasting address shall be considered invalid and ignored.
  • A valid token transfer will deduct the token AMOUNT from the broadcasting addresses balances
  • A valid token tranfer will credit the token AMOUNT to the DESTINATION address or addresses

Copyright

This document is placed in the public domain.