🪙Token Claim - Tech
OGLONG introduces a pioneering approach to launching and minting BRC20 tokens, and now also extends this innovation to the Runes token standard within the Bitcoin ecosystem. Latest token standards like CAT20 and Fractal Bitcoin will also be included. By leveraging the unique capabilities of Bitcoin ordinals and the innovative concepts of inscriptions and UTXO-based token management, OGLONG facilitates a secure and decentralized platform for token distribution.
Ordinal Eligibility Verification At the core of OGLONG's technical infrastructure is the eligibility verification process, which meticulously checks users' ordinal inscriptions against blockchain data to ensure only qualified holders can claim the OGLG token. This process integrates directly with the Bitcoin blockchain, retrieving real-time inscription data to validate user ownership and determine eligibility based on predefined criteria.
Token and Runes Claiming Mechanism OGLONG employs sophisticated internal logic to calculate the exact amount of OGLG tokens and Runes each eligible user can claim, considering their specific ordinal collections and their significance within the broader ecosystem. During the Token Generation Event (TGE), users connect their wallets—such as Unisat or Xverse—to verify their eligibility and proceed to claim their allocated tokens.
Gas Fee and Inscription Transfer The claiming process begins with the user transferring BTC to cover gas fees, necessary for inscribing the token transfer on the blockchain. This step is essential for initiating the transfer process, ensuring that the network fees are adequately covered.
UTXO Management for Token Transfer Upon receiving the gas fee, OGLONG creates smaller UTXOs (Unspent Transaction Outputs) valued at 546 sats, designated for storing the OGLG tokens and Runes to be transferred. This UTXO management is crucial for optimizing the token transfer process on the Bitcoin blockchain, enabling efficient and secure distribution.
Finalizing the Token Transfer With the UTXOs prepared, OGLONG inscribes the OGLG tokens and Runes onto these UTXOs and broadcasts the transaction to the user's wallet. This final step completes the token claiming process, with users receiving their tokens directly in their wallets.
This integrated approach to both BRC20 and Runes tokens not only streamlines the claiming process but also highlights OGLONG's capability to handle multiple token standards efficiently, enhancing user experience and security on the Bitcoin blockchain.
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