BRC-4907 Standard: Rental Inscriptions
This idea is about deploying the ERC-4907 standard from Ethereum to Bitcoin Core to extend the future use cases of rental inscriptions and explore more possibilities in Ordinals Inscriptions.
Last updated
This idea is about deploying the ERC-4907 standard from Ethereum to Bitcoin Core to extend the future use cases of rental inscriptions and explore more possibilities in Ordinals Inscriptions.
Last updated
Author: Ivan Tsang (@ivantkf)
Created: 2023-03-21
Requires: Ordinals, BRC-1155 Standard
The concept is inspired by the ERC-4907 standard. The inscriptions with BRC-4907 standard are just another kind of Ordinals inscriptions, they can be traded, collected, and transferred as usual. The inscriptions here will be defined as the BRC-721 / BRC-1155 standard.
This is demonstrating what operations we can do {deploy, mint, transfer} by using the BRC-4907 standard,
Deploy
Mint
Transfer
Transfer
The lenders could create a BRC-4907 standard based on BRC-721 or BRC-1155 collection of their inscriptions to achieve rental function. Here is a basic example below (replace the x),
The secret code should be told by the lenders for inscribing with the verification.
p
β
Protocol: To identify and process BRC-4907 events
op
β
Operation: Type of events {deploy, mint, transfer}
url
β
The original document of the inscription for image location
from
β
Identifier of the lenders with {.sats} domain
to
β
To Address: States the borrowers address
expire
β
Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy
β
Verify: Encrypted code by SHA-256 Algorithm for a further action
If the lenders have deployed the rental function, all users can borrow the Inscriptions using the {mint} code. The pairing of {deploy} and {mint} must be 1 to 1 with a connected verification code. When the deadline is over, that means the rental relationship is terminated automatically. Here is a basic example below (replace the x),
The secret code should be asked by the borrowers for inscribing with the verification.
p
β
Protocol: To identify and process BRC-4907 events
op
β
Operation: Type of events {deploy, mint, transfer}
url
β
The original document of the inscription for image location
from
β
Identifier of the lenders with {.sats} domain
to
β
To Address: States the borrowers address
expire
β
Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy
β
Verify: Encrypted code by SHA-256 Algorithm for a further action
Lenders and borrowers are allowed to transfer the inscriptions to the others for investment or trading purposes. If the lenders / borrowers want to terminate the rental contract before the deadline, they could purchase / sell the rental contract during the period and the final owners have the right to sell it again. Here is a basic example below (replace the x),
If the receiving address (bc1p...) is missing or incorrect, you might lose your inscriptions.
p
β
Protocol: To identify and process BRC-4907 events
op
β
Operation: Type of events {deploy, mint, transfer}
url
β
The original document of the inscription for image location
from
β
Identifier of the lenders with {.sats} domain
to
β
To Address: States the borrowers address
expire
β
Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy
β
Verify: Encrypted code by SHA-256 Algorithm for a further action
It is welcomed to provide recommendations for better improvement upon the structure, designs, rules, or compression issues it poses. For traceability json {} is required, as well as the minimum required information to satisfy one of the functions.
The standard is still updating. Thank you for the time to read the whole passage. You are going to be one of the historical witnesses in Bitcoin development. Please bear in mind that these might be worthless, but the journey should be priceless.
BRC-5058 Standard: Locking Capability of BRC-721 / BRC-1155
Coming Soon
