Grittoshi on Nostr: 1/ Since designing daily new protocols to issue assets on the top of #Bitcoin seems ...

1/ Since designing daily new protocols to issue assets on the top of #Bitcoin  seems to be the new fad, I hereby propose mine: the MLC-20 standard 😎
A JSON file in the op_return on the Bitcoin main chain with a link to a Liquid Network asset.

2/ No more bogus UTXO on the mainchain thanks to the op_return and its only 2 operations available: “issue” and “burn” with sole purpose to keep track on the timechain of the assets issuance and supply changes
This is now possible thanks to Taproot who broke the 80 bytes limit

3/ The asset lives on the Liquid Network and therefore uses its fast and confidential transactions. It can even be exchanged through PEST (equivalent to Partially Signed Bitcoin Transaction)

https://blockstream.info/liquid/asset/950eb97d7c8d2dad20cd879e13ac0b4a85cc2759c916945b5587b3cde2549b0d

4/ Assets Informations are accessible to any Bitcoin node, easily readable and usable by any compatible indexer (available soonTM 😂 ). For the rest the asset lives on the Liquid Network.

The on chain transaction looks as below (see details)

https://mempool.space/tx/dc4b319a83ed3a3754bcd70f9063defd7a7792bfd1a76195ff43ea9987848a7e

5/ The JSON file is kinda classic except for the “chn” that points to the the Liquid Network and the “id” that refers to the asset it on it.

In short I made a redundant step on chain for an asset off chain… and I added 20 coz everyone is doing so.

6/ Haters will say it is just a troll 😎
Moulers know better...