Author: LeftOfCenter
Author: LeftOfCenterThe NFT protocol Ordinals based on the Bitcoin network gave Bitcoin the possibility for the first time other than financial use cases. There is no doubt that issuing their own NFT on Bitcoin has become the desire of many creators to try it out, and collectors seeking new narratives will not give up this investment opportunity.It shows that since the release of the Ordinals protocol, the cumulative number of minted NFTs has exceeded 200,000.
image descriptionThe creator of the strongest IP in the NFT fieldYuga Labs will also enter the Bitcoin blockchain
, will launch the Bitcoin NFT series TwelveFold
The other side of the coin is that there is a lack of corresponding NFT infrastructure in the Bitcoin ecosystem. Whether it is for creators who want to try to issue NFT in the Bitcoin network or investors who want to buy and trade, the Bitcoin network is at least cannot meet their needs in the short term.Tim ShelBackbone by Loot CoreIainand Zora engineers
The birth of the experimental NFT project Chainspace launched provides us with another solution, which is to store NFT in the Bitcoin network, and create a corresponding mirrored NFT on the Ethereum chain for initial issuance, so that holders do not need to own Bitcoin wallet can get a Bitcoin NFT. In addition, the mirrored NFT on Ethereum is compatible with EVM, so it can solve the problem that Bitcoin NFT cannot be traded and circulated due to lack of infrastructure.
In this way, not only can the threshold for casting be lowered to achieve a smooth initial project start, but at the same time, it can also make full use of the rich infrastructure such as the NFT secondary market and market-making platform in the Ethereum ecosystem to provide liquidity and price for NFT projects. Discovery creates the underlying conditions. The 800 application ontology of the Chainspace project will always be stored in the Bitcoin network, accessible even without Ethereum, and will exist forever.
The initial 780 NFTs issued by Chainspace were sold out within one minute, and the transaction volume has exceeded 600 ETH since its issuance 10 days ago. For an experimental Bitcoin NFT project, Chainspace can be said to be a success. Chainspace plans to The contract code of this double-chain structure is open sourced and used by more creators, which means that ordinary creators can easily issue their own NFT projects on NFT through a simple fork without a dedicated development team. And this is the larger purpose behind this project - to introduce more new users to the new bitcoin ecosystem.
As an experimental project, the exploration of Chainspace is of great significance.
It is the first dual-chain project, spanning Ethereum and Bitcoin. In Tim Shel's words, it is a 200% pure on-chain project.
In addition to the narrative, Chainspace is actually a compromise solution to solve practical problems under the circumstances that the current Bitcoin ecological infrastructure is generally lacking and the demand for NFT use cases is strong, that is, the core elements are permanently stored in the BTC network and run independently (even without ETH can also be accessed), and at the same time make full use of the available Ethereum ecological resources to improve user experience and solve subsequent liquidity problems through the mirror NFT on Ethereum.
The following will give a brief project introduction to Chainspace, and understand its usage scenarios, future plans and narrative potential through an exclusive interview with founder Tim Shel.
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What is Chainspace?
Chainspace is an NFT project based on the Bitcoin network protocol Ordinals, including 800 video rendering applications stored in the Bitcoin network. You can use it to take selfies, use preset filters that represent the aesthetic styles of different encryption communities, and generate Selfie version of gm emoji for identity expression and community interaction.
However, it is not entirely accurate to say that it is an NFT project of the Bitcoin network. In fact, Chainspace exists on the Ethereum network at the same time. Specifically, 800 Chainspace entrances (Portal) are inscribed in the Bitcoin network, starting from Inscription 10, 004, and then map from BTC to ETH through tokenURI. AWS, IPFS and Arweave are not involved, in the words of developer Tim Shel, this is a 200% pure on-chain project, which spans the Ethereum and Bitcoin networks, and can be transferred in the Ethereum and Bitcoin networks.
The reason why I chose to create a mirrored NFT on Ethereum is entirely based on the consideration of the collector's experience. On February 17th, Chainspace was initially issued on Ethereum, and 780 Chainspaces were sold out in less than a minute, and the remaining 20 NFTs called X-Portals will be auctioned in the future ( 18 will be auctioned) and giveaways (2 will be given as a gift to Loot promoter Dom) for distribution.As the first NFT with a dual-chain structure, Chainspace is special in that it makes full use of the available resources and infrastructure at the current stage, and has achieved good results in initial issuance and transaction growth. It first started on Ethereum, and gained early growth through the rich NFT infrastructure on Ethereum, and will continue to grow throughAnd automated tools guide collectors to host NFTs into Bitcoin wallets. Tim Shel said that this move is a strategic consideration, the purpose is to explore how to maximize the use of available resources when the early NFT infrastructure of the Bitcoin network is not perfect.
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A digital chain space specially designed for encrypted natives
Openofficial website, select (tune to) to enter any encrypted community channel, and then enter the corresponding community portal (Portal).
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A list of filter FM from various crypto communities in Chainspace
Each entry corresponds to a specific encrypted community-style filter, usually composed of characters, emoji symbols, etc., belonging to the old-school style ASCII art style. Selecting one of these communities is equivalent to selecting a community-style rendering filter, you can use this specific filter to render selfie pictures, use it to do whatever you want, such as contributing to the community you belong to in this way Send gm to say hello.
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GM from the toadz community
If you are an encryption user, you will certainly not understand what gm means. The full name of gm is good morning. It is a common meme symbol in the encryption community, and it is also a way of greeting that belongs to the encryption community. When you say gm (fam) to the encryption community, it is similar to a programmer outputting hello wolrd.
Tim Shel believes that this selfie version of gm is more resonant than a random emoji, more human, and more human imagination. Imagine everyone using selfies to share their feelings, the bookshelf behind them and themselves s face.
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Chainspace had a whitelist mechanism when it first launched. It is worth noting that one of the conditions for obtaining the whitelist is to use the Chainspace app selfie to say hello to the community. The picture above is shared by users of the wave-to-enter channel in Chainspace official discord.
Additionally, maintaining anonymity is another important use case for Chainspace. When crypto users add some kind of old-school style ASCII filter to their faces, it not only achieves self-expression, but also puts an abstract overlay on their faces, which allows crypto users to maintain their own The real identity is not revealed.
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Tim Shell Uses Chainspace to Hold "Anonymous" Community Meetings
So, for a project like Chainspace, what possibilities does it explore? What makes it unique? And what potential exists in the foreseeable future?
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The first cross-chain pure on-chain NFT project
The 800 Chainspace NFTs stored in the Bitcoin network are like digital selfie booths with different filter styles. As a digital artifact that exists in the virtual space, the geographical location of each Chainspace is determined by two The coordinates are determined, one is the transaction hash of Bitcoin, and the other is the tokenURI on Ethereum.
User selfies generated by Chainspace
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Minimum Viable Issue
In addition to the narrative, fundamentally speaking, the double-chain structure NFT contract model invented by Chainspace is the result of considering the experience of collectors. By adopting a Minimum Viable Launch model, it makes full use of the current Ethereum network. The available infrastructure reduces the barriers to the BTC NFT casting experience as low as possible, thereby creating the necessary basic conditions for the growth of the project.
The emergence of the NFT protocol Ordinals in the Bitcoin network allows the Bitcoin network to carry larger chain data than Ethereum as content, which means that this type of art carrier NFT can be burned on a single Bitcoin in the form of inscriptions. On Satoshi in the network, not only the degree of fidelity is much greater than that of Ethereum, but it can also be traded and owned.
Larger data capacity means that the BTC network can be used for secure storage, which brings a huge space for imagination. However, the current Bitcoin NFT infrastructure is not perfect, and there is a lack of corresponding user applications and secondary markets. Considering this, Chainspace chose to issue 800 mirrored NFTs on Ethereum, corresponding to 800 mirrored NFTs stored on the Bitcoin network. After that, the holder can claim the corresponding Chainspace NFT in the BTC network to his own Bitcoin wallet through other operations.Posted by Tim ShellTweet and post an early adopter version of the step by step operation guide
, to guide the holder to replace the ETH version of Chainspace NFT and host it in the Bitcoin wallet. It requires users to provide their own Bitcoin wallet address. It is worth noting that once the operation is replaced, the original ETH version will be destroyed, so you will not be able to use it to trade on Ethereum, however, it can still be displayed in the OpenSea market. Of course you can exchange it back to the Ethereum version with emblem.finance.
This greatly simplifies the threshold for users to own BTC NFT. For NFT collectors who play with Ethereum, they can mint their own Bitcoin NFT without owning a Bitcoin wallet. After casting, the rich second-hand market and various NFT-related applications and tools in the Ethereum ecosystem will also be available. Created conditions for the second-hand market circulation of this NFT.
There is no doubt that Chainspace’s experimental exploration is a success, and the data shows that since the launch on February 17, the total transaction volume of Chainspace is 601 ETH.
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Introduce more new users to the Bitcoin ecosystem
The practical exploration of Chainspace itself has proved that this minimum feasible distribution model is feasible, and next, as developers, Tim Shel and Iain plan to open source the contract code of this dual-chain structure model to allow more creators and developers or use.
Chainspace's contract itself is a superstructure, which includes two chains of Ethereum and Bitcoin, which means that the respective advantages of the two blockchains can be fully utilized, where BTC is used for reliable eternal storage, while ETH can be used for mutual exchange. Interoperability and compatibility with EVM chain applications.
Obviously, Tim Shel is not the only creator who wants to issue NFT on BTC. For more creators who want to try to issue NFT on the BTC network, they can directly use the double-chain structure contract code that Chainspace will open source soon. The release model is now launching its own projects on Ethereum, and in the case of existing available infrastructure, this is an effective way to maximize the use of available resources.
"What Chainspace wants to explore is how to introduce more new users into a brand new BTC world." This is what Tim Shel said about the real purpose behind creating this project.
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As the BTC infrastructure matures, we expect to see more applications emerge. For example, for an application like Chainspace, a very imaginative infrastructure might be a middleware application that bridges Bitcoin and Ethereum NFT, an automated solution that can transfer NFT from Ethereum to Bitcoin.
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Public Goods in the Digital World
One of the arguments surrounding NFTs is that NFTs are only accessible if owned, and usually come with some kind of unique benefit that is only available to the holder. The existence of Chainspace breaks our single imagination of NFT.
Chainspace is 800 video rendering applications stored in the Bitcoin network, which can be used by anyone to take photos without paying, and is available to everyone. It is a public facility. Anyone can use any of the entrances to take pictures, and then use these generated works to do anything, whether it is shared in the community, minted into NFT on the chain, or generated derivative art, etc. Although the right to use is open to everyone, these 800 selfie booth applications have owners in the form of NFT, which is a digital asset at this level.
Why would people want to pay for such a thing, since every portal is free to access, with no special privileges for the owner?
