What is BRC-30? A New Way to Earn Passive Income with Bitcoin and BRC-20 Tokens

Bitcoin is the most popular and valuable cryptocurrency in the world, but it also has some limitations. One of them is that it does not support smart contracts, which are self-executing agreements that can enable various decentralized applications (DApps) and protocols on the blockchain. Another one is that it does not offer any incentive for users to hold or stake their coins, which means that they have to either trade them actively or store them in a wallet without earning any interest.

However, thanks to the innovation and creativity of the crypto community, there are some solutions that aim to overcome these challenges and enhance the functionality and utility of Bitcoin. One of them is the BRC-20 token standard. The BRC-20 standard allows developers to create tokens on the Bitcoin blockchain that can interact with smart contracts and DApps on other blockchains, such as Ethereum, Binance Smart Chain, Polygon and more. This way, users can enjoy the benefits of both worlds: the security and liquidity of Bitcoin and the diversity and scalability of other platforms.

However, the BRC-20 standard still has some room for improvement. For instance, it does not provide any mechanism for users to stake their tokens and earn passive income on their digital assets. This is where the BRC-30 protocol comes in. The BRC-30 protocol is a new, open-source proposal that was recently introduced by OKX in 2023. The main goal of the BRC-30 protocol is to enable staking of BRC-20 tokens and Bitcoin in order to earn BRC-30 tokens. The BRC-30 protocol builds upon the success and principles of the BRC-20 standard, but adds some new features and functionalities that make it more attractive and rewarding for users.

How does BRC-30 work?

The BRC-30 protocol works by allowing users to deposit their BRC-20 tokens or Bitcoin into a staking pool and receive corresponding BRC-30 tokens as a reward. The BRC-30 tokens are minted according to a predefined algorithm that determines the supply and the distribution of the tokens. The BRC-30 tokens can then be used for various purposes, such as trading, governance, or accessing other services and products on the OKX platform.

The BRC-30 protocol also introduces some novel concepts and mechanisms that make it more flexible and efficient than other staking solutions. For example, the protocol allows users to choose between different staking pools that offer different rewards and risks. Some pools may offer higher returns but also higher volatility, while others may offer lower returns but also lower volatility. Users can also switch between different pools without incurring any fees or penalties, which gives them more freedom and control over their assets.

Another feature of the BRC-30 protocol is that it supports multi-chain staking, which means that users can stake their tokens on multiple blockchains and earn rewards from multiple sources. For example, users can stake their Bitcoin on the Bitcoin blockchain and earn BRC-30 tokens on the OKX blockchain, or they can stake their BRC-20 tokens on the Ethereum blockchain and earn BRC-30 tokens on the OKX blockchain. This way, users can diversify their portfolio and maximize their earning potential.

What are the benefits of BRC-30?

The BRC-30 protocol offers several benefits for users who want to participate in the Bitcoin ecosystem and earn passive income. Some of these benefits are:

• Security: The BRC-30 protocol leverages the security and reliability of the Bitcoin blockchain, which is the most robust and resilient network in the crypto space. Users can rest assured that their funds are safe and protected from any malicious attacks or hacks.
• Liquidity: The BRC-30 protocol enhances the liquidity and accessibility of Bitcoin and BRC-20 tokens, which are already among the most popular and widely traded assets in the crypto market. Users can easily exchange their tokens for other cryptocurrencies or fiat currencies on the OKX platform or other platforms that support the BRC-30 standard.
• Scalability: The BRC-30 protocol enables users to access the scalability and diversity of other blockchains, such as Ethereum, Binance Smart Chain, Polygon and more. Users can interact with various DApps and protocols that offer different services and products, such as lending, borrowing, gaming, NFTs and more.
• Passive income: The BRC-30 protocol allows users to earn passive income by staking their tokens and receiving BRC-30 tokens as a reward. Users can also benefit from the appreciation of the BRC-30 tokens, which may increase in value over time due to the limited supply and the growing demand.

How to get started with BRC-30?

To get started with BRC-30, users need to have a OKX Wallet account, which is a multi-chain wallet that supports BRC-20 trading, Bitcoin ordinals, NFT marketplace, DEX and Web3 Earn. Users can download the OKX Wallet app from the official website or the app store and create an account.

Once users have an account, they can follow these steps to start staking their tokens and earning BRC-30 tokens:

1. Transfer their BRC-20 tokens or Bitcoin to their OKX Wallet address.
2. Go to the Web3 Earn section of the app and select the BRC-30 option.
3. Choose a staking pool that suits their preferences and risk appetite.
4. Deposit their tokens into the staking pool and confirm the transaction.
5. Receive their corresponding BRC-30 tokens in their wallet.
6. Enjoy their passive income and other benefits of the BRC-30 protocol.

Conclusion

The BRC-30 protocol is a game-changer for passive income in the crypto world. It enables users to stake their BRC-20 tokens and Bitcoin and earn BRC-30 tokens, which can be used for various purposes on the OKX platform or other platforms that support the BRC-30 standard. The BRC-30 protocol also offers users security, liquidity, scalability and flexibility, which are some of the most important factors in the crypto space. The BRC-30 protocol is open-source and available for all developers to build upon, which means that it can evolve and improve over time with the feedback and contribution of the community.

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