What's going on with Move Smart Inscription MRC20?

10 billion $MOVE completed in three days! Is MRC20 “smart inscription” popular in the industry? Does the inscription open a new narrative? How to play Inscription 2.0? Why is the Move ecosystem most suitable for issuing smart inscriptions? How will Inscription develop when it becomes composable and more playable? What is the difference between the Move ecosystem and the issuance of inscriptions on Bitcoin and Ethereum?

Spinach lets talk about the recently popular MRC20 smart inscription $MOVE.

The most iconic hot spot in the Crypto circle this year is the inscription craze triggered by the Bitcoin ecosystem, which created a "retail investor carnival". Spinach also became a "Tianji Old Man" and successfully missed this inscription craze. This It is also necessary to reflect on the fact that we only saw the attributes of "reversing technology" and "new gambling" from a technical perspective at the beginning, while ignoring the narrative of fair sales behind it, and narrative is an important factor in determining price

As the market's popularity for inscriptions has generally cooled down recently, the smart inscription MRC20 $MOVE in the Move ecosystem suddenly became popular. The first inscription $MOVE of MRC20 was released on January 1, 2024. , all 10 billion $MOVE were sold within three days, and the lock-up amount reached 1 million+SUI, accounting for almost 1/200 of the TVL of the entire SUI blockchain, with nearly 50,000 casting addresses. Why can Move smart inscriptions succeed? ?

Spinach believes that it has the following advantages:

1. Low transaction costs and fast processing speed

The popularity of Bitcoin Inscription has led to the congestion of the Bitcoin network and high handling fees, making the friction cost of inscription and transaction inscription extremely high and the waiting time long, which has also become a At present, Bitcoin inscription is a point that affects the user experience

And inscription on the Move ecosystem not only has a negligible gas fee, but also has extremely fast transaction confirmation time. It also brings a silky-smooth experience and a better user experience

2. Both have the characteristics of inscription

Bitcoin inscription Essentially, it is to engrave an "NFT" on Satoshi, and then this "NFT" will have a homogeneous amount Amount, which is equivalent to an FT embedded in the NFT; and since Bitcoin does not have a smart contract, it requires an additional An indexing mechanism is used to record the circulation of inscriptions, and the indexing mechanism may also cause some loopholes in the inscriptions, such as the indexing rule loopholes that appeared in OKX some time ago

The structure of FT embedded in the NFT of Bitcoin Inscription is actually the same as The SFT semi-fungible token standard of ERC-3525 is exactly the same. This type of structure can naturally be expressed in the smart contract system, and Bitcoin inscriptions can also be sold fairly, and the non-UTXO account system can naturally replace the center. oriented indexing mechanism. So in addition to having the characteristics of inscriptions, what are the advantages of "smart inscriptions"?

3. Smart contracts and asset ownership decoupling

In the Ethereum system, the relationship between assets and smart contracts is closely integrated. If there is a loophole in the smart contract, the project party suddenly upgrades the contract to do evil, or the project party leaves a backdoor in the contract, it can cause you harm. Asset loss

In the Move ecosystem, smart contracts and asset ownership are decoupled. Even if there is a problem with the smart contract, the user's assets are still in their own hands.

Move smart inscription can be understood as a box. The box contains your locked assets, and the key to the box is in your hand. The checking mechanism of this key is It is guaranteed by the chain, so holders of Move smart inscriptions hardly need to worry about contract security issues

At the wallet level, Move wallets usually have the function of visual operations , you can know the changes in account assets after the transaction, which is more friendly and safe for novices

4. More playability and composability 

In the Move ecosystem, due to Move's special structure mechanism, the Move ecosystem does not need to follow a token standard to issue assets like Ethereum, and has higher flexibility.

Due to the lack of scalability and composability in Bitcoin, the gameplay of inscriptions is too simple. Smart inscriptions give greater room for imagination in the gameplay of inscriptions. With MRC20 Take $MOVE as an example:

The total amount of $MOVE is 10 billion. It takes 21,600 epochs to complete all mints. There is no concept of total sheets, because each sheet contains $MOVE The number is not fixed

Based on the current one minute for each epoch, it will take a total of 15 days to complete, meeting the principles of decentralization and fair launch and distribution.

The specific gameplay is that each address can have 1 inscription per epoch per minute, so you only need to mint once per minute

Each mint needs to lock 0.1SUI into the inscription. If multiple mints are submitted in one minute, the inscription won during this epoch will not change, but the extra 0.1SUI will be locked to the inscription. All locked SUIs within the inscription in the current epoch are within their own inscription and will not be deposited into any third-party account or contract. If you don’t want to hold the inscription, you can get back the SUI locked in the inscription by burning it

And comes with two ways to play Easter eggs:

1. Violent acceleration mode : If the number of participating addresses in each epoch reaches 500, the acceleration mode is turned on, and a new round of epoch is started every 500 addresses, so the epoch is not necessarily 1 minute, and the total duration will be shortened.

2. Prize-winning mode: The first address entered in each epoch will settle the transaction of the previous epoch, so it will get an additional inscription, and there is no need to lock 0.1 SUI

The total number of cards is not fixed, so the number of $MOVE cards obtained each time an inscription is divided equally according to the number of addresses participating in each epoch may be different. , it may be more advantageous for early participating users. This mechanism can also be designed to randomly allocate amounts within a range of values. Scratching lottery tickets is more in line with people's gambling habits

The method of locking the SUI allows users to Destroy the inscriptions to get back your principal, and the funds are not controlled by any third party or contract. They are truly owned by the user's wallet. Users can regret their actions at any time, making users more flexible

The Easter egg gameplay also brings more room for imagination to smart inscriptions, which can derive various game models, empowering inscriptions, combine with full-chain games or other LEGO gameplay, and the room for imagination is unlimited

Spinach personally believes that players participating in Bitcoin Inscription are actually playing a "fair offering". To put it bluntly, everyone desires a "fair casino", and the issuance of Inscription is It is a way to achieve a "fair casino". In addition, there is also a lot of controversy over Bitcoin Inscription. Some Bitcoin developers believe that Inscription is actually a dust attack and a BUG. The attitude towards Bitcoin Inscription has begun to become polarized< /p>

Move smart inscription itself is a native asset on the chain, and its impact on the activity of Move ecology may be positive. If everyone just hopes to have a fair casino, then a lower threshold and lower cost will be achieved. Wouldn’t a fair casino with better user experience and richer gameplay be a better potential choice?

Note: The author does not hold any negative attitude towards Bitcoin Inscription. If there are any misunderstandings, please point them out