Overview
The inscription market has been thriving recently, witnessing a surge in innovative protocols. These developments represent attempts at innovation, but they have also revealed certain drawbacks in the current market protocols:
Where Are My Inscriptions Located
Platform-Dependent Trading
Fairness
The value of minted inscriptions is often dictated more by the inscription itself rather than the platform
The POW-20 protocol is one such innovative protocol designed to address these issues.
What is POW-20?
POW-20 is a protocol based on proof of work, where inscriptions and platform tokens are obtained through mining.
Why POW-20?
POW-20 operates on a dual-token reward model, where users receive platform token rewards upon successfully minting and deploying inscriptions on the platform. This model allows users to grow alongside the platform. The inscriptions obtained can be directly loaded into their wallets and traded on NFT platforms. A proof of work is required before minting inscriptions, enhancing the fairness of the minting process.
What is an Inscription in the POW-20 Protocol?
Inscriptions under the POW-20 protocol are preconditions for mining, and the protocol inscribe inscriptions on NFTs based on the ERC-1155 standard. Inscriptions can be found in your wallet and traded on NFT platforms like Opensea.
Why Proof of work?
The precondition of POW (Proof of Work) is set to ensure maximum fairness. Before anyone can mint, they must provide proof of work.
What is dual-token reward model?
We have developed a new model that utilizes the ERC-20 based platform token, POWT, to incentivize users to mint and deploy on the platform. Our aim is to elevate the deployment threshold to minimize the creation of valueless collections, and to ensure that all inscriptions on the POW-20 platform are intrinsically linked to the platform's value. The diagram of the new model is as follows:
For instance, consider User 1 deploying Collection 1 and User 2 deploying Collection 2, with User 3 mining both collections. In this scenario:
For User 1: Once User 3 successfully mines an inscription and meets certain difficulty requirements, they will receive a specific platform reward - POWT.
For User 2: Same with User 1.
For User 3: They will be able to acquire the inscriptions deployed by User 1 and User 2, in addition to earning platform rewards - POWT.
Is Minting Free of Charge?
Minting any inscription on the platform is completely free of charge.
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