Introducing RESPECT-20 an Application oriented ecosystem based on Bitcoin Ordinals
Satoshi Nakamoto released a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" on November 1, 2008. Bitcoin has created an unassailable consensus foundation all across the world since its beginnings. Even the Bitcoin community’s insistence on decentralization, rigorous security, and "orthodoxy" is drawn from the Bitcoin community.
However, BTC’s ecological growth lags significantly behind that of ETH and other major public chains. Today, the maximum size of a single BTC block has finally hit 4MB, which provides a new solution for the Bitcoin ecosystem’s expansion and also gives fresh significance to the Bitcoin inscription data.
The number of irretrievable and lost bitcoins on the chain has already surpassed 6 million, according to Timothy Peterson, author of Cane Island Alternative Advisors. Peterson reported in September 2020 that approximately 1,500 bitcoins are lost every day, implying that even if all bitcoins were mined, there would be fewer than 13 million bitcoins in circulation.
Until the Respect-20 protocol, a new value consensus was assigned to these BTC silent addresses.
Respect-20 is an application-oriented ecosystem built on top of the Bitcoin Ordinals network.
The "BTC silent address" is finally discovered through data screening, cleaning, monitoring, storage, and validation of BTC addresses, and "reBTC" is deployed and coined.
The Respect-20 protocol maps its usage rights without surrendering ownership of the original account BTC, effectively resurrecting the BTC silent address and unleashing its circulation value in DeFi.
The Respect-20 protocol will, in the future, establish an independent Respect L2 network, a plethora of applications covering NFT, DeFi, domain names, protocols, and GameFi, fully develop the BTC ecosystem, and realize the goal of Bitcoin Ordinals migrating to a more efficient Respect L2 network.
RespectDAO was developed to better manage the ecological construction and consensus community under the Respect-20 protocol. RespectDAO was founded in Hong Kong, China, with the goal of expanding the use of Bitcoin (BTC) in many scenarios and making the Bitcoin ecosystem more wealthy through constant innovative technology development.
The majority of the crew are early BTC technology core developers and ecological builders.
RespectDAO believes that the encrypted world is a daring game that fosters innovation and development! Previously, BTC was thought to be "Digital Gold," however thanks to the Ordinals protocol, users can now cast inscriptions on the BTC main network, and the original data of these inscriptions will never be changed. will be lost, paving the way for future breakthroughs and possibilities and heralding the rebirth of building culture.
An order is useful not because it places its elements in place, but because it can produce new forces that cannot be produced in other contexts.
We intend to build a distribution order based on BTC ecology and technology as a measure, in order to keep the wealth impact formed by the digital economy and the PoW consensus mechanism stable.
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