BTC

$59877.334

-5.03%

ETH

$2964.162

-6.65%

BNB

$574.351

-2.92%

XRP

$0.501

-2.87%

News

Is UniSat’s brc20-swap Truly Decentralized? OKX CEO Questions Its Function

July 17, 2023 - Around 2 mins mins to read

Key Points:

  • UniSat Wallet announced the launch of brc20-swap, a native swap on the Bitcoin mainnet utilizing the brc20 protocol.
  • The swap is designed to be simple to understand and permissionless to join, with source code, APIs, and docs available for developers.
  • UniSat encourages community feedback and will invite individuals to participate in experimental testing, using metrics like UniSat Points to determine eligibility.
UniSat Wallet launches brc20-swap, the first-ever native swap on Bitcoin mainnet utilizing brc20 protocol. UniSat encourages community feedback and participation in testing.
Is UniSat's brc20-swap Truly Decentralized? OKX CEO Questions Its Function

UniSat Wallet recently announced the launch of brc20-swap, which they claim to be the first-ever Ordinals native swap that runs on the Bitcoin mainnet and utilizes the brc20 protocol. However, some have questioned whether this function is a centralized swap, as the current Bitcoin network does not support smart contracts, making it difficult to achieve a fully decentralized DEX Swap.

UniSat has been receiving proposals from various teams and individuals who are eager to extend the capabilities of brc20. They are enthusiastic about supporting these innovations and aim to make the UniSat brc20 indexer highly competitive in this space. Supporting these ideas aligns with their commitment to pushing the boundaries of brc20 itself and showcasing its full flexibility and extensibility.

brc20-swap is designed to be simple to understand and permissionless to join. Anyone should be able to deploy a new trading pair and then add liquidity to a given swap, just like deploying and minting a classic brc20. While there may be some complexities involved, it’s designed to be convenient for developers to deploy a service instance of brc20-swap independently. UniSat will provide source code, APIs, and docs to help users build swaps based on this one.

OKX CEO Star Xu questioned whether this function is a centralized swap. Since the current Bitcoin network does not support smart contracts, achieving a fully decentralized DEX Swap isn’t easy.

UniSat encourages people to reply to their tweets and values their input. They plan to send inviting inscriptions to individuals for participation in the experimental testing phase of brc20-swap soon.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

BRC20

brc20-swap

UniSat

UniSat Marketplace

UniSat Wallet

Avatar of Thana

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Is UniSat’s brc20-swap Truly Decentralized? OKX CEO Questions Its Function

Key Points:

  • UniSat Wallet announced the launch of brc20-swap, a native swap on the Bitcoin mainnet utilizing the brc20 protocol.
  • The swap is designed to be simple to understand and permissionless to join, with source code, APIs, and docs available for developers.
  • UniSat encourages community feedback and will invite individuals to participate in experimental testing, using metrics like UniSat Points to determine eligibility.
UniSat Wallet launches brc20-swap, the first-ever native swap on Bitcoin mainnet utilizing brc20 protocol. UniSat encourages community feedback and participation in testing.
Is UniSat's brc20-swap Truly Decentralized? OKX CEO Questions Its Function

UniSat Wallet recently announced the launch of brc20-swap, which they claim to be the first-ever Ordinals native swap that runs on the Bitcoin mainnet and utilizes the brc20 protocol. However, some have questioned whether this function is a centralized swap, as the current Bitcoin network does not support smart contracts, making it difficult to achieve a fully decentralized DEX Swap.

UniSat has been receiving proposals from various teams and individuals who are eager to extend the capabilities of brc20. They are enthusiastic about supporting these innovations and aim to make the UniSat brc20 indexer highly competitive in this space. Supporting these ideas aligns with their commitment to pushing the boundaries of brc20 itself and showcasing its full flexibility and extensibility.

brc20-swap is designed to be simple to understand and permissionless to join. Anyone should be able to deploy a new trading pair and then add liquidity to a given swap, just like deploying and minting a classic brc20. While there may be some complexities involved, it’s designed to be convenient for developers to deploy a service instance of brc20-swap independently. UniSat will provide source code, APIs, and docs to help users build swaps based on this one.

OKX CEO Star Xu questioned whether this function is a centralized swap. Since the current Bitcoin network does not support smart contracts, achieving a fully decentralized DEX Swap isn’t easy.

UniSat encourages people to reply to their tweets and values their input. They plan to send inviting inscriptions to individuals for participation in the experimental testing phase of brc20-swap soon.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Visited 111 times, 1 visit(s) today