📪Summary

What is a DAPP: A decentralized application – or dapp – is like a digital app found on any smartphone or laptop, with the additional feature of employing blockchain technology to keep users’ data out of the hands of the organizations behind it. Just like cryptocurrency is decentralized money, dapps are decentralized apps. The blockchain stores copies of its expanding stack of data on a large number of participating computers, known as “nodes,” all at once. These computers are owned by users, not by the creators of the dapp.

The core of UTXO is the narrative and meme. So in other words this could be translated to a community. Every project needs a great and strong supportive community! This is the stepping stone of all new great things. Although this is already a great utility. The UTXO project didn’t wanted to stop there. Therefore UTXO is trying to add even more utility to the UTXO project and ecosystem.

The UTXO project is creating an all in one DAO and LAUNCHPAD dapp on top of Bitcoin! The UTXO dapp not only generates a revenue stream and DAO governance, but could also onboard a ton of new projects and teams who are building on top of Bitcoin and support the SRC20 ecosystem via the STAMP protocol! Would you like to know more about UTXO? Please read the entire whitepaper!

What is a DAO?

A decentralized autonomous organization (DAO) is an emerging form of legal structure that has no central governing body and whose members share a common goal to act in the best interest of the entity. Popularized through cryptocurrency enthusiasts and blockchain technology, DAOs are used to make decisions in a bottom-up management approach decentralized by the community.

Wat is a Launchpad?

Crypto launchpads, also known as crypto incubators, are platforms that allow blockchain-based projects to raise capital while giving access to early-stage token sales for their group of investors. Access to early-stage deals means a bargain price for the investors before the public launch on the market. Also, because the cost of launching in a crypto launchpad is low (or insignificant), increasingly more projects are heading towards launchpads for fundraising. In this way UTXO want to create an UTXO ecystem via the launchpad to attract more teams and dapps to build on top of the SRC20 ecosystem and STAMP protocol.

What are inscriptions on Bitcoin?

Creating an inscription starts by wrapping arbitrary data, like a JPEG, for example, into a Taproot script and injecting it into the witness portion of a Bitcoin transaction. Because the data is inscribed between the opcodes in the form of data pushes, and Taproot limits individual data pushes to 520 bytes, inscribing larger data files can necessitate multiple data pushes up to the size of the inscription.

Next, the inscribed sat is broadcasted to the network in two transactions: a commit transaction and a reveal transaction. This two-step process is necessary because spending a Taproot script (think sending a JPEG-inscribed sat) requires having an existing Taproot output in one's wallet. The commit transaction consists of a hash to the Taproot script (a reference to it) and creates a Taproot output whose spending conditions are defined by the script. On the other hand, the reveal transaction spends the input of the commitment transaction by revealing the entire script and creating the output of the sat that will be inscribed.

These transactions are then sent to the mempool, where all pending transactions await miner confirmation. Once the transactions are mined, the inscription becomes a permanent part of the Bitcoin blockchain and is traceable and visible to everyone via custom tools like the Ordinals Explorer. Needless to say, ordinal or inscription collectors and traders leverage tools that abstract away all of these processes, making them much more accessible to the non-technical audience.

Unlike sending regular Bitcoin transactions—or Ethereum NFTs, for that matter—creating, minting, and tracking inscriptions requires running the proprietary "ord" client on top of a fully synchronized full node. The "ord" client works in conjunction with Bitcoin Core, allowing users to inscribe individual sats and track them across the UTXO set. Without this client, a regular Bitcoin wallet cannot distinguish between inscribed and regular sats..

What are Bitcoin STAMPS?

Bitcoin Stamps are digital art generated through the Bitcoin STAMPS protocol. They represent a method for integrating digital art within the Bitcoin blockchain. The protocol encodes data within unspent transaction outputs (UTXOs), ensuring its immutability by permanently including it in the blockchain.

A Bitcoin Stamp is created by turning a piece of digital art into a base64 string. The string is added to a Bitcoin transaction, marked with a "STAMP:" prefix. This data is spread out over several outputs using multi-signature transactions. This approach ensures that digital artwork will be permanently recorded on the Bitcoin blockchain.

Each Bitcoin Stamp gets a special number that's based on when the transaction happened, making it easier to keep them in order. For a Stamp to be officially recognized, it must meet certain rules, like being part of the first transaction that includes a valid "STAMP:base64" string.

What are SRC-20 tokens?

SRC-20. The SRC-20 token standard is built on the open Counterparty protocol. It embeds arbitrary data within spendable data transactions – unlike Ordinals, which places data in the witness section.

What are SRC-721 tokens?

SRC-721. The SRC-721 standard makes it cheaper to create detailed NFTs. It uses the Bitcoin STAMPS protocol to store pictures in layers, cutting down on file size with methods such as indexed color palettes for each layer. The layers can be pulled together into a single NFT, allowing for the creation of high-quality images without incurring high costs.