Original | Odaily Planet Daily
Author | Liao
As the "digital gold," the value storage attribute of Bitcoin is widely recognized by the market, but its market application scenarios have not been expanded. More projects are still being developed on blockchains such as Ethereum and Solana, and pushed to the market.
Although the runes last year and the runes that emerged after the halving this year have attracted some attention to the issuance of assets on the Bitcoin chain, it is limited to meme culture. The current asset protocol in the Bitcoin ecosystem is difficult to meet the more complex functions and needs proposed by developers and creators, which is also the core reason why the Bitcoin on-chain ecosystem has not exploded on a large scale.
Giants Protocol has emerged, bringing more possibilities to the Bitcoin ecosystem. Giants Protocol is a protocol for creating Bitcoin assets using UTXO developed by Giants Planet, creating, upgrading, and managing digital and physical assets through a flexible, scalable, and customizable Bitcoin system framework.
"Giants Protocol represents a major leap forward and is a pioneer in the entire Bitcoin and Web3 ecosystem. By rebuilding the foundation of Bitcoin using UTXO, Giants Protocol unleashes the potential of various digital assets on Bitcoin, not only limited to games, but also including the creation of artificial intelligence and real-world assets (RWA)." In the white paper, Giants Planet has unlimited imagination for the future of Web3.
I. Technological Innovation, Giants Protocol Promotes BTC from Value Storage to Diversified Applications
Since its birth, Bitcoin has undergone more than ten years of development and has long been a globally renowned "digital gold." Its decentralized and tamper-resistant characteristics have won wide recognition in the global financial market, especially in terms of resisting inflation and asset preservation, Bitcoin has shown unparalleled advantages.
Although Bitcoin is far ahead in terms of trading depth and capital pursuit, it is mainly regarded as a commodity for value storage, and the market application value of Bitcoin has not been fully explored. Whether it is native crypto projects or traditional chain upgrade projects, the preferred public chain solution in the Web3 world is still Ethereum and Solana, which support more complex applications.
However, in reality, Bitcoin's market value and market visibility far exceed other blockchain networks. Especially with the advent of Bitcoin spot ETFs, more and more traditional financial institutions are starting to increase their holdings of Bitcoin, bringing more funds and higher market attention to it. Moreover, the acceptance of Bitcoin network is higher for many assets in the Web2 world. Therefore, it is more urgent to expand the application value of the Bitcoin network.
However, the native limitations of the Bitcoin network are difficult to meet the market demand. When Satoshi Nakamoto founded the Bitcoin network, in order to consider the stability of the network, the smart contract properties of the Bitcoin network were weakened. The emergence of the Taproot upgrade has allowed the market to discover new value of Bitcoin. This upgrade aims to improve the privacy, scalability, and smart contract functions of Bitcoin. Specifically, Taproot introduces Schnorr signatures and Merkelized Abstract Syntax Tree (MAST) technology, making the processing of transaction data more efficient and allowing for significant improvements in transaction privacy for more complex transaction scripts. The advantages of the Taproot upgrade are:
● Enhanced privacy: Making complex transactions appear no different from ordinary transactions, thereby enhancing transaction privacy.
● Improved scalability: Reducing data load on the blockchain through more efficient data processing mechanisms.
● Smart contract functionality: Supporting more complex transaction and contract logic, expanding the application scenarios of Bitcoin.
The introduction of Taproot has brought new possibilities to the Bitcoin network. The subsequent introduction of Ordinals and BRC-20 standards has made it possible to create digital assets on Bitcoin, but it has also brought challenges. Especially in the management of runic assets, it has led to a large number of inefficient and redundant UTXOs (unspent transaction outputs), raising concerns about the practicality of creating digital assets on Bitcoin. Subsequent Runes, although using a simpler and more efficient method, that is, creating digital assets using UTXO, still cannot meet the needs of diverse assets.
As the attention to the Bitcoin ecosystem increases, the market's demand for new asset protocols becomes more urgent. Giants Protocol has learned from the previous industry development and launched a digital asset creation protocol based on UTXO. The UTXO model can better be compatible with the Bitcoin mainnet and inherit the security of the mainnet.
By providing a powerful framework for creating and managing digital and physical assets on Bitcoin, Giants Protocol addresses the challenges of managing Satoshis (SAT), runes, and UTXOs, supporting the creation, management, and upgrade of digital and physical assets.
More importantly, Giants Planet has received support from the Singapore sovereign wealth fund, which is one of the few projects in the crypto industry to receive strong endorsement from a sovereign fund. With the support of the Singapore sovereign wealth fund, Giants Planet will unleash the potential of various digital assets, creating a new digital economic environment in Asia and establishing Asia as the center of the global economy.
II. Giants Protocol Pioneers in Providing Scalable and Customizable Asset Management System
Giants Planet is at the forefront of the Bitcoin ecosystem, creating assets and gamifying real-world assets (RWA) through a full set of Bitcoin infrastructure. Giants Planet uses its innovative Giants Protocol to provide a scalable and customizable asset management system, supporting the creation and gamification of physical and digital assets. This approach not only enhances user participation through reward activities, but also ensures excellent convenience and security for enterprises entering the decentralized field.
By utilizing metadata and Meta Protocol, Giants Protocol has opened the first dynamic user experience in history and expanded the innovative possibilities of various applications in the entire Web3 ecosystem. With the innovative Bitcoin indexer search engine of Giants Protocol, it provides scalability for asset creators and users by simplifying asset management and exploration.
Giants Protocol has four core functions, which are:
● User-defined asset creation: Designing and defining unique assets with specific attributes using metadata;
● Scalable asset management: Batch deployment through etching to simplify asset creation and eliminate redundant processes;
● Interoperable asset integration: Facilitating seamless connection and integration with various digital and physical assets;
● Flexible asset upgradability: Dynamically managing and upgrading assets with new attributes using delegation IDs.
(1) What is Meta Protocol?
Meta Protocol is a system that helps to more effectively classify and utilize the Bitcoin ecosystem by effectively managing and processing metadata. Giants Planet supports this protocol, ensuring seamless integration and well-organized information. Users can fill in metadata to provide additional context and detailed information about each rune, such as creation date and creator information. Giants Meta Protocol
● Creating in-game or tokenized assets: Builders can customize and store individual rune tokens with specific parameters or attributes.
● Permanent storage: Assets are etched into the Meta Protocol and permanently stored on the Bitcoin blockchain. Developers can verify asset ownership by searching the user's connection address.
- Market Integration: These assets can be listed, sold, or traded in the market. The Meta Protocol supports more scalable Bitcoin assets, allowing for faster and more efficient searching of in-game assets using CBOR or other sources.
(2) Analysis of Giants Protocol Application Scenarios
The flexibility and scalability of Giants Protocol make it have broad application prospects in multiple fields. Here are several specific application scenarios:
In the field of AI, runic assets can be used to manage and verify training data.
AI developers can create dataset runes with metadata such as data sources, creation dates, and labels for training models, and record key steps in the training and validation process to ensure transparency and traceability.
In addition, runic assets can also prove and trade the ownership and usage rights of AI models, protecting the developers' intellectual property. In this way, dataset runes are used to record detailed information, while runic assets are used for model trading and authorization.
In the field of RWA, runic assets can be used to represent actual physical assets, thereby digitizing and circulating assets.
For example, real estate can be recorded with runic assets to show ownership, transaction history, and related legal documents; artwork can be recorded with runic assets to show creation information, ownership, and transaction history; financial assets such as bonds and stocks can be traded and managed on the blockchain using runic assets.
In specific processes, by creating runic records with detailed information representing physical assets, runic assets can be traded and managed in the market, allowing for asset segmentation and combination, providing more investment and management flexibility.
In the gaming field, runic assets can be used to create and manage virtual items and characters in games, enhancing the depth of the gaming experience and economic system.
For example, players can create and customize game characters using runic assets to record their attributes and development; game developers can batch create and manage weapons, equipment, and other items, and distribute and trade them using runic assets.
At the same time, the in-game market built on runic assets allows players to freely trade and manage virtual items, forming an interactive and efficient in-game economic system.
From the perspective of the above use cases, Giants Protocol prioritizes application scenarios, and the team firmly believes that a layer without application scenarios is destined to be "castles in the air."
(3) Giants Protocol Provides Runes Search Engine
The Runes search engine is an innovative tool designed to enhance user experience by providing a powerful and efficient way to query and manage assets within the Giants Protocol framework. It utilizes metadata and Meta Protocol functionality, allowing users to dynamically interact with their digital and physical assets.
Specifically, the search criteria define the parameters and methods for processing objects such as digital assets or smart contracts, and the GP Meta Protocol defines a set of operations or methods that can be used to process objects. These operations are divided into standard operations and scalable operations.
Standard operations include:
- gpp (deployment operation, used to publish or initialize objects);
- gpp (etching operation, used to destroy or remove objects).
Scalable operations include:
- gpp (disassembly operation, used to break down complex objects into multiple parts);
- gpp (assembly operation, used to combine multiple parts into a complex object);
- gpp (enhancement operation, used to upgrade or enhance the attributes or functionality of objects).
In addition, the search dimensions include the name, category, source (platform or organization information represented by hash value), random information (used for generating random attributes or verifying randomness with hash value), and other properties of the objects.
Furthermore, Giants Protocol also applies random data, ensuring unpredictable data generation by specifying public data sources and using multiple hash layers, which can be used for various applications such as digital assets, smart contracts, etc.
III. Giants Protocol is About to Usher in a New Wave of Activity on the Bitcoin Chain
Since the second quarter of 2024, the Giants Planet community beta testing has been ongoing.
According to official sources, Giants Planet will launch its gamified and GPS games in the early third quarter of 2024, aiming to enhance user participation in the Giants Protocol ecosystem by providing rewards for various activities. Users can earn points through activities such as forging and etching, which can be exchanged for loot boxes and participate in weekly lottery events, including runes such as DOG, RSIC, and PUPS.
The current Bitcoin ecosystem needs an asset issuance protocol that truly starts from application scenarios, meeting the demand. Giants Protocol, using the challenging construction method of UTXO, not only meets the user's requirements for security but also fulfills the longing for future games, AI, and RWA.
By providing a multifunctional, scalable, and customizable system, Giants Protocol enables users and developers to create, manage, and upgrade digital assets on the Bitcoin blockchain, driving innovation and development in the Bitcoin and Web3 ecosystems.
In the future, with the participation of more developers and users, Giants Protocol is expected to become an indispensable part of the Bitcoin ecosystem, giving Bitcoin new vitality and broader application prospects.
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