In a time when most people are stepping back and taking things slow, Benny The Dev is doing the opposite. Despite battling COVID-19, he has rolled out an essential update for PIPE, a new token protocol built on Bitcoin’s blockchain.
PIPE aims to revolutionize the Bitcoin token landscape by amalgamating the best features of existing technologies like RUNES and BRC-20. At its core, the protocol has three essential functions: Deploy, Mint, and Transfer. To break it down: deploying is about creating a new token, minting lets you issue the token based on preset rules, and transferring sends the tokens where they need to go. But PIPE doesn’t stop there.
If you’re wondering how it works, think of each PIPE transaction having two main parts. The first goes to the intended receiver, and the second is an OP_RETURN output, a Bitcoin feature that enables the inclusion of small amounts of data in transactions. This output contains coded information, allowing the blockchain to understand what kind of PIPE action is taking place. Confused? Don’t be. All you need to know is that this is the magic making each PIPE function possible.
And if you’re keen on diving into PIPE, there’s some good news. While there’s no specific wallet yet for handling these tokens, a simple JavaScript file is available for the tech-savvy to download and explore. You can deploy, mint, and transfer tokens right in your browser, learning the ropes firsthand.
But before you jump in, be aware of some ground rules. For example, tokens left after a transfer get “burned” if there’s no change address. “Burning” means these tokens are effectively taken out of circulation and can’t be recovered. So be sure you understand how to specify a change address to prevent unintentional burning.
Now, what sets PIPE apart is its flexibility to even accommodate non-fungible tokens or NFTs. Dubbed PIPE Art, this extension lets you add unique characteristics to tokens, making them irreplaceable and adding another layer of functionality. Whether it’s a digital collectible or a piece of digital art, PIPE Art can handle it.
There are also some technicalities you must adhere to, like not using leading zeros in numerical values and sticking to one decimal point. Failure to comply with these rules will have your transactions rejected.
In short, PIPE is not just another Bitcoin token protocol. Its ability to merge the best aspects of existing token systems positions it as an emerging leader in this space. So, whether you’re a coder diving into the how-tos or an investor scouting for the next big thing, PIPE is something you can’t afford to ignore.
And to think, all of this was made possible even as Benny The Dev continues his battle with COVID-19. If this isn’t commitment to innovation, what is? So, keep your eyes on PIPE; it’s laying down the tracks for the future of Bitcoin-based tokens.
