Deep Dive into NRC-20: Understanding the New Token Standard
What is NRC-20?
NRC-20 is a new token standard inspired by Bitcoin’s BRC-20, with NEAT being the first NEAR inscribed homogenized token utilizing this standard. The core of NRC-20 lies in inscribing transaction information in NEAR’s FuncCall arg parameter.
Implementing NRC-20 on NEAR
To work with NRC-20, the process involves encoding operational details into JSON objects adhering to the NRC-20 standard. For example, a minting operation would be represented as {“p”: “nrc-20”, “op”: “mint”, “tick”: “neat”, “amt”: “10000”}. This JSON object is then transmitted to the inscription.near address. The blockchain’s role here is limited to recording this transaction without impacting the contract’s state.
Comparing NRC-20 and BRC-20
The distinction between NRC-20 and BRC-20 lies in their foundational aspects and operational methodologies:
- Blockchain Base: NRC-20 is built for the NEAR blockchain, whereas BRC-20 is designed for the Bitcoin blockchain.
- Inscription Methods: NEAT, under NRC-20, uses function calls on the NEAR blockchain to inscribe information. In contrast, BRC-20 leverages the Ordinals protocol on Bitcoin to identify each satoshi (Bitcoin’s smallest unit) by altering its content in the storage file.
Impact of NRC-20 on NEAR
NRC-20’s introduction has several implications for the NEAR ecosystem:
- Reduced Storage Fee: NRC-20 significantly lowers NEAR’s storage fees, reducing costs for 100kb of on-chain storage from about 1 NEAR to potentially less than one percent of that.
- NEAR Eco-Inscription Standards: NRC-20 establishes a framework for NEAR’s eco-inscription standards, paving the way for future homogenized and non-homogenized inscription products.
- Cost-Efficient Token Utilization: By optimizing storage fee requirements, NRC-20 could save NEAR users millions in large-scale token usage scenarios.
- Increasing User Base and Transaction Volume: The popularity of NRC-20 inscriptions has attracted many new users to NEAR, boosting transaction volumes and demonstrating the blockchain’s robust performance.
Minting NEAT Inscriptions
There are multiple ways to mint NEAT inscriptions:
- Visit NEAR’s official widget at https://near.org/inscribe.near/widget/NEAT or https://near.social/inscribe.near/widget/NEAT
- Visit Sender Wallet’s batch minting script at https://www.mintneat.org/
