Smart Contracts on Bitcoin? Here’s All You Need to Know

Move over Ethereum, Bitcoin is now the new home for dApps! The first smart contract is born on Bitcoin and its name is $GM – a memecoin with groundbreaking potential. Moreover, the birth of BRC-721 tokens surpasses its precursor BRC-20 and delivers cutting edge abilities to the Bitcoin blockchain.

Confused about what all these new words mean? Don’t be, we got you! In this article we highlight the first ever projects/smart contracts on Bitcoin. Here’s all you need to know about Smart Contracts on Bitcoin.

TL;DR:

• BRC-721 is a protocol that brings NFT functionality to Bitcoin, allowing for the creation and trading of unique digital assets on the blockchain.
• $GM is the first BRC-721 token on Bitcoin, serving as the first-ever smart contract on the Bitcoin blockchain.
• $GM and New Bitcoin City offer fair tokenomics, strong community support, and tax-free transactions for seamless trading.

First Things First: What Is BRC-721?

BRC-721 is a protocol for Bitcoin that brings NFT functionality similar to ERC-721 tokens on Ethereum. It allows for the creation of unique digital assets with inscriptions on the Bitcoin blockchain. While Ordinals represent the uniqueness of Bitcoin assets, inscriptions are additional data permanently etched onto the blockchain.

BRC-721 is a protocol that brings NFT functionality to Bitcoin by introducing a standardized JSON file called BRC-721 tokens. It allows for the easy identification and scraping of data from the Bitcoin blockchain. This makes it simpler to create oracles, associate collections, and also curate inscriptions. While it facilitates easier trading, transferring BRC-721 tokens still requires understanding concepts like PSBT (Partially Signed Bitcoin Transactions).

BRC-721 is an attempt to enhance the Ordinals protocol on Bitcoin by incorporating ideas from Ethereum’s ERC-721 tokens and making Bitcoin NFTs more robust. In a nutshell, BRC-721 expands NFT possibilities in Bitcoin.

Artists and collectors can now create and trade unique digital assets on the Bitcoin blockchain, like on Ethereum. It standardizes metadata and file formats, thus making it easier for wallets, tools, and marketplaces to recognize and support Bitcoin NFTs. This improves interoperability and simplifies curating collections.

BRC-721 also enables oracles to track and relay Bitcoin NFT transaction information. However, transferring tokens still requires technical understanding. Despite this, BRC-721 paves the way for wider NFT adoption in the Bitcoin community. This also provides new opportunities for creators and collectors on the Bitcoin blockchain.

$GM By New Bitcoin City: The First Ever Smart Contracts On Bitcoin

$GM is the first BRC-721 on Bitcoin, deployed in March 2023. The token is an exciting memecoin by New Bitcoin City. It is recently making waves in the crypto world with its groundbreaking features and pioneering advancements. Additionally, this innovative token achieves some impressive firsts, solidifying its position as a game-changer in the industry.

$GM holds the distinction of being the 1st BRC-20 token with a smart contract and, perhaps even more notably, the FIRST smart contract on Bitcoin itself. This marks a significant milestone for New Bitcoin City, a revolutionary concept that goes beyond mere currency and offers a fresh perspective on exploring the possibilities of Bitcoin.

New Bitcoin City is an ambitious Layer 1 protocol that allows developers to create smart contracts and also build dApps on Bitcoin. The $GM project has already gained impressive traction. Furthermore, with over 24,000 users and a thriving ecosystem of active dApps, New Bitcoin City is primed to deliver the same growth and potential that Ethereum and smart contracts brought to web3 in the 2015-2016 period. As the trailblazer on this protocol, $GM holds a historical advantage that captivates cryptocurrency enthusiasts and collectors.

Tokenomics

Tokenomics play a crucial role in the success of $GM. With a total supply of 10,000 $GM tokens, its distribution is fair and transparent. Crowdfunds shape the majority (80%) of tokens on the protocol.

This means the project demonstrates strong community support and engagement. Another 10% is reserved for future centralized exchange listings, bridges, and liquidity pools. Meanwhile the remaining 10% is for development purposes. Importantly, the ownership of the contract is renounced. This ensures decentralization and community-driven governance.

One of the most appealing aspects of $GM is its tax-free transaction structure. Unlike many other tokens, $GM does not impose any taxes on transactions, providing holders with a seamless and hassle-free trading experience.

About Trustless Computer

Trustless Computer Protocol empowers developers to write smart contracts on the Bitcoin blockchain. This enables the creation of decentralized applications (dApps) on the renowned cryptocurrency network. $GM proudly holds the distinction of being the first smart contract ever deployed on New Bitcoin City.

Venturing into the diverse world of New Bitcoin City is like entering a web3 wonderland, where every neighborhood has its own distinct charm and purpose. For instance, Generative Village is renowned for its unique crypto art, while DeFi District empowers decentralized finance. Perceptrons Square stands out for its on-chain AI capabilities, and Fantasy Land is an autonomous and self-evolving metaverse. Finally, these neighborhoods form a thriving ecosystem driven by the Trustless Computer protocol.