BRC-721 Ordinals Collection Protocol

About BRC-721 Ordinals Collection

BRC-721 - Ordinals Collection Protocol is a cutting-edge protocol that enables the creation, ownership, and trading of unique digital assets known as NFTs or Non-Fungible Tokens. NFTs are digital assets that are backed by the security of blockchain technology, making them tamper-proof and secure. Ordinals Collection Protocol utilizes the Binance Smart Chain to ensure fast and efficient transactions with low fees.

Read More Version: 1-draft

Motivation

The Ordinal Theory lacks a prescribed method for combining individual items into collections, resulting in various entities developing their own techniques. Unfortunately, these techniques are centralized and reliant on specific services or wallets, thereby restricting the Ordinal ecosystem and leaving it vulnerable to potential exploitation by malicious actors.

These limitations have significantly curbed the ecosystem's potential, necessitating a decentralized and trustless approach for creating and verifying collections.

Abstract

The BRC-721 Ordinals Collection Protocol brings forth a decentralized and trustless mechanism for creating collections, along with a post-reveal feature akin to Ethereum's ERC-721 standard.

Through the provision of a unified source of authenticity, the protocol intends to simplify the process of collection creation and verification without necessitating upfront payments.

The protocol outlines the data format for collections and their constituent items within the manifest. The verification rules and manifest jointly establish the eligibility of an ordinal inscription for inclusion within a collection.

Issues Addressed

  • Upfront payment on another blockchain
  • No metadata standard and reveal mechanic
  • No shared specification for the collection or its items
  • Trust the collection creator to include your inscription within the collection

CollectionManifest

The CollectionManifest serves as the authoritative source for the collection, containing crucial information such as the collection name and version, which facilitates third-party services in comprehending the specifications. Additionally, it holds various values that aid in verifying the inscriptions. 

{
  type: "collection",
  name: string,
  version: string,
  paymentAddress: string,
  signerPublicKey: string,

  // optional fields
  maxSupply?: number,
  maxPerAddress?: number,
  maxBlockHeight?: number
}

InscriptionManifest

The InscriptionManifest is a type of ordinal inscription that is associated with the CollectionManifest, comparable to how an NFT is linked to an Ethereum blockchain contract. 

{
    type: "inscription",
    manifestTxId: string,
    content: {
        price?: number,
        initialOwnerAddress?: string 
    }
    contentSignature: string
}

RevealManifest

The RevealManifest enables the metadata to be linked to a particular CollectionManifest, providing attributes to the InscriptionManifests. 

{
    type: "reveal",
    metadataURL: string,
    manifestTxId: string
}

Declaration

Each manifest is a JSON string that must be valid against the declared json-schema.org Draft 4 to prevent inconsistency.

Inscription manifest verification

To ensure that an InscriptionManifest is a part of the collection, the underlying conditions must be met:

1️⃣ InscriptionManifest.manifestTxId is equal to CollectionManifest's transaction ID

2️⃣ InscriptionManifest.contentSignature is verifiable with CollectionManifest.signerPublicKey and InscriptionManifest.content

3️⃣ If InscriptionManifest.content.price exists and is greater than 0, the inscription transaction includes a spendable output(s) for CollectionManifest.paymentAddress with a total value more or equal to InscriptionManifest.content.price

4️⃣ If CollectionManifest.maxBlockHeight exists and is greater than 0, then InscriptionManifest's transaction block height is less or equal to the specified value

5️⃣ If CollectionManifest.maxSupply exists and is greater than 0, then InscriptionManifest number is less or equal to the specified value. The order of the transactions in the blocks calculates the InscriptionManifest number.

6️⃣ If InscriptionManifest.content.initialOwnerAddress exists, then InscriptionManifest's first output is spendable by the same address to ensure that initialOwnerAddress is the initial recipient of the inscription

7️⃣ If CollectionManifest.maxPerAddress exists and is greater than 0, then total number of verified InscriptionManifests is less or equal to CollectionManifest.maxPerAddress

Reveal manifest verification

To ensure that a RevealManifest is a part of the collection, the underlying conditions must be met:

1️⃣ The first output spender in CollectionManifest's transaction must be equal to the first output of RevealManifest's transaction spender

2️⃣ RevealManifest.manifestTxId is equal to CollectionManifest's transaction ID

3️⃣ The last RevealManifest inscription if more than one exists to update the metadata

Quick Faqs about BRC-721 Ordinals

BRC-721 - Ordinals Collection Protocol is a blockchain protocol that allows creators to create, own and trade unique digital assets called NFTs. The protocol is built on the Binance Smart Chain and utilizes the unique "Ordinal" system to assign each NFT a number that represents its rarity and value.

An NFT or Non-Fungible Token is a unique digital asset that represents ownership of a digital asset, such as artwork, music, or collectibles. NFTs are backed by blockchain technology, making them tamper-proof and secure.

The Ordinal system assigns each NFT a number that represents its place in a series or collection. This allows creators to sell multiple NFTs with varying degrees of rarity and value, creating an ecosystem of unique and collectible digital assets.

With BRC-721 - Ordinals Collection Protocol, creators can easily design and mint their own NFTs using the protocol's user-friendly tools. Simply create your artwork, upload it to the protocol, and assign it an Ordinal number.

NFTs can be bought and sold on a decentralized marketplace using cryptocurrencies such as Binance Coin (BNB). The marketplace is accessible to anyone with an internet connection and offers fast and efficient transactions with low fees.

BRC-721 - Ordinals Collection Protocol is unique because it allows creators to sell multiple NFTs with varying degrees of rarity and value, creating an ecosystem of unique and collectible digital assets. The protocol is built on the Binance Smart Chain, providing fast and efficient transactions with low fees. It also utilizes the unique Ordinal system, giving each NFT a number that represents its rarity and value.

Yes, BRC-721 - Ordinals Collection Protocol is secure because it is built on the blockchain, which provides a high level of transparency, security, and immutability. Each NFT is tamper-proof and cannot be duplicated or replicated, ensuring that collectors have true ownership of a rare and valuable asset.

BRC-721 - Ordinals Collection Protocol differs from other NFT protocols in several ways, including its use of the Ordinal system to assign a number to each NFT, its integration with the Binance Smart Chain, and its emphasis on creating an ecosystem of unique and collectible digital assets.

There are no significant limitations to creating NFTs using BRC-721 - Ordinals Collection Protocol. Creators can design and mint their own NFTs with relatively low costs, and the protocol offers a wide range of customization options.

To get started with BRC-721 - Ordinals Collection Protocol, you can visit the protocol's website and explore the user-friendly tools and resources available. You can also connect with the community and get support from other users.