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.

Author: Ivan Tsang (@ivantkf)

Created: 2023-03-21

Requires: Ordinals, BRC-1155 Standard

Introduction - Ordinal Theory Handbook

BRC-1155 StandardBRC-1155

Idea

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.

Introduction

This is demonstrating what operations we can do {deploy, mint, transfer} by using the BRC-4907 standard,

Lender	Borrower
Deploy	Mint
Transfer	Transfer

Operations

SHA256 Online

A secret code should be set by using SHA-256 algorithm for safety and transperancy during the verification

1.　Deploy

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),

{
 "p": "brc-4907",
 "op": "deploy",
 "url": "inscription xxxxxx",
 "from": "xxxxxxxx.sats",
 "to": "xxxxxxxxxxxxxxxxxxx",
 "expire": "dd mmm yyyy",
 "vfy": "xxxxx"
}

The secret code should be told by the lenders for inscribing with the verification.

Key	Must?	Description
p	✅	Protocol: To identify and process BRC-4907 events
op	✅	Operation: Type of events {deploy, mint, transfer}
url	✅	The original document of the inscription for image location
from	✅	Identifier of the lenders with {.sats} domain
to	✅	To Address: States the borrowers address
expire	✅	Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy	✅	Verify: Encrypted code by SHA-256 Algorithm for a further action

2.　Inscribe (Mint)

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),

{
 "p": "brc-4907",
 "op": "mint",
 "url": "inscription xxxxxx",
 "from": "xxxxxxxx.sats",
 "to": "xxxxxxxxxxxxxxxxxxx",
 "expire": "dd mmm yyyy",
 "vfy": "xxxxx"
}

The secret code should be asked by the borrowers for inscribing with the verification.

Key	Must?	Description
p	✅	Protocol: To identify and process BRC-4907 events
op	✅	Operation: Type of events {deploy, mint, transfer}
url	✅	The original document of the inscription for image location
from	✅	Identifier of the lenders with {.sats} domain
to	✅	To Address: States the borrowers address
expire	✅	Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy	✅	Verify: Encrypted code by SHA-256 Algorithm for a further action

3.　Transfer

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),

{
 "p": "brc-4907",
 "op": "transfer",
 "url": "inscription xxxxxx",
 "from": "xxxxxxxx.sats",
 "to": "xxxxxxxxxxxxxxxxxxx",
 "expire": "dd mmm yyyy",
 "vfy": "xxxxx"
}

If the receiving address (bc1p...) is missing or incorrect, you might lose your inscriptions.

Key	Must?	Description
p	✅	Protocol: To identify and process BRC-4907 events
op	✅	Operation: Type of events {deploy, mint, transfer}
url	✅	The original document of the inscription for image location
from	✅	Identifier of the lenders with {.sats} domain
to	✅	To Address: States the borrowers address
expire	✅	Set the deadline (e.g. 21 MAR 2023), the valid time default to "23:59 UTC"
vfy	✅	Verify: Encrypted code by SHA-256 Algorithm for a further action

Suggestions

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.

Ending

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.

Extention of Supporting Standard

BRC-721A Standard: Inscribing multi-tokens in the pre-mint ticket systemBRC-721A

BRC-5058 Standard: Locking Capability of BRC-721 / BRC-1155

Coming Soon