Author: rehe.eth, Crypto KOL

Editor's Note: In early March, Casey, the founder of Ordinals, released a new protocol called Runes. The project quickly brought the floor price of 11,000 NFT Runestones airdropped to early Ordinals users to around $3,000. Around March 10th, another Bitcoin core developer, Olson, also released an experimental token protocol based on the Runes protocol, BRC-202. What is the background of BRC-202? What are the differences between its beacon NFT Beta Bunnies and Runestone? Why is it said that BTC Beta may be one of the most promising platforms in the Rune track? Crypto KOL rehe.eth has provided a detailed introduction to this, and the full article is reprinted by Chaincatcher as follows:

What is BTC Beta?

According to Olson's description, BTC Beta aims to be a revolutionary platform in the Bitcoin ecosystem, focusing on providing financing and issuance services for early projects and providing a range of data indexing services. BTC Beta addresses the lack of a dedicated IDO platform and limitations in the token engraving and financing process within the Bitcoin ecosystem by releasing the BRC-202 protocol based on the Rune protocol. The BRC-202 protocol is compatible with the protocol messages within Runes and uses UTXOs to represent balances, achieving new functions such as token financing issuance, batch transfers, destruction, and tagging while reducing Rune numbering and Bitcoin storage usage.

BTC Beta's business model deeply integrates its technological innovation and market demand, aiming to build a multi-level income-generating ecosystem.

• First, through its BRC-202 protocol, it provides token issuance services for Bitcoin projects for a fee, empowering projects with financing.
• Furthermore, BTC Beta's decentralized indexing protocol reduces the threshold for accessing Web3 data for AI primary use cases, providing developers with powerful data query and analysis tools. Based on this, BTC Beta allows indexers to participate in the network by staking platform Rune tokens and providing query services, earning fees and inflation rewards, while users pay based on usage, creating a self-sustaining economic model.

What is BRC-202?

The BRC-202 protocol introduces the concept of paid engraving based on the BRC-20, allowing users to engrave tokens by paying a certain fee, greatly facilitating financing and token issuance within the Bitcoin ecosystem. This not only allows project teams to issue BRC-20 tokens for financing through an open, decentralized platform, but also greatly simplifies the issuance process and lowers the entry barrier.

The BRC-202 protocol brings a series of significant advantages to the Bitcoin ecosystem, driving innovation and development of the ecosystem through its original design and functionality:

• High Compatibility: BRC-202 is highly compatible with BRC-20 and Runes protocols, providing developers with a familiar environment and lowering technical barriers.
• Innovative Paid Engraving Concept: By introducing the paid engraving mechanism, BRC-202 provides a flexible and economical financing method for project parties, optimizing the fundraising process and making asset issuance more efficient and simple.
• Decentralized Financing and Issuance: Utilizing decentralized principles and smart contract design concepts ensures the fairness and transparency of financing activities, while the automated token distribution mechanism enhances the efficiency and security of fund flows.
• Enhanced Interoperability: Supporting cross-chain technology and utilizing Layer2 solutions reduces transaction costs and expands market margins.

For a detailed analysis of the BRC-202 code and usage cases, please refer to BTC Beta's Gitbook:

https://btcbetas-organization.gitbook.io/btc-beta-doc/brc-202-protocal/brc-202

What are Beta Bunnies?

According to the official Gitbook introduction, Beta Bunnies are the beacon NFTs of the BTC Beta platform, a collection of NFTs issued on the Bitcoin network. Users holding Beta Bunnies can receive BTC Beta platform Rune token airdrops after the Bitcoin block height reaches 840,000 and the Runes protocol is officially launched, and they have special privileges.

Beta Bunnies are divided into two levels, each with different airdrop weights and community incentive rights:

• Alpha Aurum Bunnies

• Alpha Aurum Bunnies are the top-tier existence in the Beta Bunnies NFT series. They represent the highest level of scarcity and prestige, each Alpha Aurum Bunny is a digital artwork, with its golden decorations and royal features showcasing its prestigious status in the BTC Beta ecosystem. Collectors who own Alpha Aurum Bunnies not only possess a digital asset, but also hold a unique leadership symbol in the digital world.
• Issuance Price: 15 BTC

• Cryptic Carrot Bunnies
  • Cryptic Carrot Bunnies, as a member of the Beta Bunnies NFT series that is more widely available, are designed to be more cute and accessible, attracting participants with bright carrot colors and interesting traits. Each Cryptic Carrot Bunny has its unique charm, representing a vibrant and growing community, reflecting the vibrant and democratic side of the BTC Beta universe.
  • Issuance Price: 0.5 BTC

What is the association or difference between Beta Bunnies and Runestone?

Beta Bunnies and Runestone are both Bitcoin NFTs issued based on the Ordinals protocol, as early NFTs in the Rune track, their differences are as follows:

• Different Acquisition Methods: Runestone is distributed to the community through airdrops, while Beta Bunnies are obtained through paid issuance. (Of course, for users who did not receive Runestone through airdrops, they currently need to purchase the stone in the NFT market for $3,000.)
• Different Circulation Supply: The total circulation of the two types of Beta Bunnies is only 300, while the market circulation of Runestone has exceeded 110,000.

Airdrop rules and future expectations for Beta Bunnies?

According to the official Twitter introduction, users holding Beta Bunnies can receive BTC Beta platform Rune token airdrops after the Bitcoin block reaches 840,000 and the Runes protocol is officially launched. The specific airdrop rules have yet to be announced, but it can be confirmed that BTC Beta will airdrop to holders based on the issuance price of Beta Bunnies, at a very low project valuation ($5 million).

If there are no special accidents, Runes will be the focus of this bull market's coin issuance protocol, just like the position of Ordinals in Bitcoin NFTs. Other protocols more or less have technical flaws or incomplete infrastructure. Backed by Ordinals' users and influence, Runes can quickly complete infrastructure construction. After the BTC Beta platform Rune is launched, it will become the top meme token in the Rune track, second only to Rune. In addition, BTC Beta's IDO function will continue to empower the platform Rune.

Beta Bunnies holders are early builders of the BRC-202 protocol and should be able to receive a large number of Rune token airdrops from the BTC Beta platform. Assuming the popularity of the Rune track rises, BTC Beta's position in the Rune track will be like Sats in the BRC-20 track, and Sats' current market value is $1 billion. Therefore, the potential for Beta Bunnies is huge.

I'm just providing a basic introduction here, and I still hope that readers should do more project and track research on their own (DYOR).

BTC Beta Official Website: https://btcbeta.org/

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