Unielon - Best DRC20 Tools -CoinNav.io

Unielon is an open-source Chrome extension wallet designed for Dogecoin, Cardinals, and DRC-20 tokens. and be able to inscribe/transfer/swap/analyze DRC20

Your Go-To Source for the Latest News and Tools in the Blockchain Sector - Coinnav.io

 

What is DRC-20?

DRC-20 is a standardized protocol for homogeneous tokens based on the Cardinals protocol. Currently, only Dogecoin, in addition to BTC and LTC, can achieve the UTXO model functionality. The protocol was officially launched by the Dogecoin community Dogewow on May 9th. Within Dogecoin, the smallest indivisible unit is defined as an "elon," where 1 Dogecoin equals 100,000,000 elons. Serving as a novel experiment on the Cardinals protocol, DRC-20 aims to explore the potential of asset tokenization on the Dogecoin blockchain. Currently, wallets and protocols play crucial roles as rule-makers and drivers of consensus in this pioneering venture.

 

What is the Cardinals Protocol?

The Cardinals Protocol is a system that assigns sequential numbers to elons, with each elon having a unique serial number that increases in the order of extraction, known as "Cardinals." Cardinals confer a distinctive identity to each elon. Moreover, the act of engraving text, images, audio, video, and other files onto elons is referred to as an "inscription." All files inscribed on elons collectively form Cardinals NFTs, primarily consisting of images and text at present, resembling the Ordinals protocol.

 

What is Unielon?

Unielon stands as an open-source Chrome extension wallet meticulously crafted for Dogecoin, Cardinals, and DRC-20 tokens. This extension wallet strives to deliver a seamless user experience, enabling individuals to effortlessly and securely store as well as transfer their digital assets.

 

Core Advantages of DRC-20

The DRC-20 protocol inherits the technical characteristics of BRC-20 while addressing certain challenges faced by the BRC-20 protocol, achieving a higher degree of decentralization and improving transaction efficiency.

Firstly, the DRC-20 protocol ensures the absolute security of assets by recording the ledger on the blockchain. In contrast, the current inscription ledger for BRC-20 tokens is centrally stored by wallets. It's crucial to note that ledger and transactions are two distinct concepts. BRC-20 transactions occur on the BTC chain, while ledger information is stored in the wallet's database. The wallet formulates the rules for interpreting and indexing the ledger, and if not indexed according to wallet rules, the corresponding inscription information cannot be found. For example, if not indexed according to Unisat's rules, inscription information under Unisat's rules cannot be located.

Regarding the Unisat platform, it functions as a simplified version of a DeFi platform rather than being entirely decentralized. In practice, users authorize BTC to Unisat, which handles inscription operations on their behalf. However, this authorization carries certain risks. While malicious activities won't affect user balances, some risks still exist.

In contrast, the inscription ledger of DRC-20 is placed on the ETHF chain, with transactions occurring on the Dogecoin chain. Even if the wallet is lost, users can still locate the corresponding inscription. This on-chain approach ensures the absolute security of assets.

Secondly, the DRC-20 standard boasts fast transaction speeds and low fees, providing a more favorable environment for application development. To achieve long-term development goals, BRC-20 needs continuous improvement of the DeFi ecosystem, such as introducing stablecoins and oracle functions. However, high gas fees directly limit the participation of new users. Currently, as users mint DRC-20 standard tokens on the Dogecoin chain, daily transaction volumes on the Dogecoin chain skyrocket, continually setting historical records, surpassing Bitcoin and Litecoin at times. The speculative fervor for BRC-20 token standards is gradually spreading to the Dogecoin chain.

Additionally, regarding the UTXO model, only Dogecoin, in addition to BTC and LTC, can implement this functionality. BTC, LTC, and Dogecoin are all cryptocurrencies without smart contract functionality, allowing developers to create various programmable tokens and financial products. However, DRC-20 tokens have a broader user base, and DRC-20 inherently carries "meme" attributes, presenting an opportunity for development.

DRC-20, as one of the current popular protocols, is experiencing rapid ecological development. After the official wallet Unielon was launched, the first decentralized token launch platform on DRC-20 was also announced, providing Launchpad services for projects and users, supporting new project fundraising, and serving as a platform for launching high-quality investment targets for users.