Giants Protocol: A UTXO-based BTC asset issuance protocol to expand Web3 application scenarios

Original｜Odaily Planet Daily

Author｜LiaoLiao

As digital gold, Bitcoins value storage attribute is widely recognized by the market, but its market application scenarios have never been expanded. More projects are still being developed on a large scale on blockchains such as Ethereum and Solana and launched into the market.

Although last years inscriptions and the runes that emerged after the halving this year have brought some attention to the issuance of assets on the Bitcoin chain, it is limited to meme culture. The current asset protocol of the Bitcoin ecosystem is difficult to meet the more complex functions and requirements proposed by developers and creators, which is also the core reason why the Bitcoin chain ecosystem has not exploded on a large scale.

Giants Protocol came into being and is bringing more possibilities to the Bitcoin ecosystem. Giants Protocol is a Bitcoin asset creation protocol developed by Giants Planet that uses UTXO to create, upgrade and manage digital and physical assets through a flexible, scalable and customizable Bitcoin system framework.

Giants Protocol represents a major leap forward and is a pioneer for the entire Bitcoin and Web3 ecosystem. Rebuilding the foundation of Bitcoin using UTXO, Giants Protocol unlocks the potential of a variety of digital assets on Bitcoin, not just limited to games, but also including artificial intelligence and real-world asset (RWA) creation. In the white paper, Giants Planet has unlimited visions for the future of Web3.

1. Technological innovation: Giants Protocol promotes BTC from value storage to diversified applications

Since its birth, Bitcoin has gone through more than ten years of development and has long become the worlds digital gold. Its decentralized and tamper-proof characteristics have won it wide recognition in the global financial market, especially in terms of anti-inflation and asset preservation, Bitcoin has shown unparalleled advantages.

Although Bitcoin is far ahead in terms of transaction depth and capital pursuit, it is mainly regarded as a commodity for value storage, and the market application value of Bitcoin has never been fully explored. For a long time, whether it is a crypto-native project or a traditional chain reform project, the first choice in the Web3 world is Ethereum and Solana and other public chain solutions that support more complex applications.

But in fact, Bitcoin is far ahead of other blockchain networks in terms of market value and market popularity. Especially with the advent of Bitcoin spot ETFs, more and more traditional financial institutions have begun to increase their holdings of Bitcoin, which has also brought more funds and higher market attention. And for many assets in the Web2 world, the Bitcoin network is more acceptable. Therefore, it is more urgent to expand the application value of the Bitcoin network.

However, the native limitations of the Bitcoin network are unable to meet market demand. When Satoshi Nakamoto founded the Bitcoin network, he weakened the smart contract attributes of the Bitcoin network in order to consider the stability of the network. The emergence of the Taproot upgrade has allowed the market to discover new value in Bitcoin. This upgrade aims to improve Bitcoins privacy, scalability, and smart contract capabilities. Specifically, Taproot makes the processing of transaction data more efficient by introducing Schnorr signatures and Merkelized Abstract Syntax Tree (MAST) technology, and allows more complex transaction scripts to be significantly improved in privacy. The advantages of the Taproot upgrade are:

● Enhanced privacy: Makes complex transactions look the same as ordinary transactions, thereby improving transaction privacy.

● Improved scalability: Reduce the data load on the blockchain through more efficient data processing mechanisms.

● Smart contract function: supports more complex transactions and contract logic, and expands the application scenarios of Bitcoin.

The introduction of Taproot brought new possibilities to the Bitcoin network. The subsequent introduction of Ordinals and BRC-20 standards made it possible to create digital assets on Bitcoin, but it also brought challenges. In particular, when managing inscribed assets, a large number of inefficient and redundant UTXOs (unspent transaction outputs) were generated, raising concerns about the practical feasibility of creating digital assets on Bitcoin. Although the subsequent Runes adopted a simpler and more efficient method of creating digital assets with UTXO, it still could not meet the needs of diverse assets.

As the attention to the Bitcoin ecosystem increases, the market demand for new asset protocols becomes more urgent. Giants Protocol has learned from the experience of previous industry development and launched a digital asset creation protocol based on UTXO. The UTXO model can be better compatible with the Bitcoin mainnet and inherit the security of the mainnet.

By providing a powerful framework for creating and managing digital and physical assets on Bitcoin, Giants Protocol solves the challenges of managing Satoshis (SAT), inscriptions, and UTXOs, supporting the creation, management, and upgrade of digital and physical assets.

More importantly, Giants Planet has received support from the Singapore Sovereign Wealth Fund, which is one of the few projects in the crypto industry that has been strongly endorsed by a sovereign fund. With the support of the Singapore Sovereign Wealth Fund, Giants Planet will unleash the potential of various digital assets, create a new Asian digital economic environment, and establish Asia as the center of the global economy.

2. Giants Protocol pioneers a scalable and customizable asset management system

Giants Planet is at the forefront of the Bitcoin ecosystem, creating assets and gamified real-world asset (RWA) experiences through a full suite of Bitcoin infrastructure. Giants Planet uses its innovative Giants Protocol to provide a scalable, customizable asset management system that supports the creation and gamification of physical and digital assets. This approach not only enhances user engagement through reward activities, but also ensures excellent convenience and security for businesses entering the decentralized space.

By leveraging metadata and Meta Protocol, Giants Protocol opens up the first ever dynamic user experience and expands the innovative possibilities of various applications across the Web3 ecosystem. With Giants Protocols innovative Bitcoin Indexer search engine, it provides scalability for asset creators and users by simplifying asset management and exploration.

Giants Protocol has four core functions, namely:

● User-defined asset creation: Use metadata to design and define unique assets with specific properties;

● Scalable asset management: Bulk deployment via Etch simplifies asset creation and eliminates duplication of processes;

● Interoperable asset integration: Facilitates seamless connectivity and integration with a variety of digital and physical assets;

● Flexible asset upgradeability: Use delegation IDs to dynamically manage and upgrade assets with new properties.

（1）What is Meta Protocol?

The Meta Protocol is a system that helps catalog and utilize the Bitcoin ecosystem more efficiently by effectively managing and processing metadata. Giants Planet supports this protocol, ensuring seamless integration and well-organized information. Users can fill in metadata, providing additional context and details about each rune, such as creation date and creator information. Giants Meta Protocol

● Create in-game or tokenized assets: Builders can customize and store individual Rune Tokens with specific parameters or properties.

● Permanent storage: Assets are etched into the Meta Protocol and permanently stored on the Bitcoin blockchain. Developers can verify asset ownership by searching for the user’s connection address.

● Marketplace Integration: These assets can be listed, sold, or traded on the Marketplace. Meta Protocol supports more scalable Bitcoin assets, making searching for in-game assets faster and more efficient using CBOR or provenance.

(2) Analysis of Giants Protocol application scenarios

The flexibility and scalability of Giants Protocol make it have broad application prospects in many fields. The following are several specific application scenarios:

In the field of AI, Rune assets can be used to manage and validate training data.

AI developers can create dataset runes containing metadata such as data source, creation date, and tags for training models, and record key steps during training and validation to ensure transparency and traceability of the process.

In addition, Rune assets can also prove and trade the ownership and use rights of AI models, protecting the intellectual property rights of developers. In this way, dataset runes are used to record detailed information, and Rune assets are used for model transactions and authorized use.

In the RWA field, Rune assets can be used to represent actual physical assets, thereby realizing the digitization and circulation of assets.

For example, real estate can use Rune Assets to record the ownership, transaction history, and related legal documents of real estate; artworks can use Rune Assets to record creation information, ownership, and transaction history; financial assets such as bonds and stocks can be traded and managed on the blockchain through Rune Assets.

In the specific process, by creating runes that represent physical assets and recording detailed information, the rune assets can be traded and managed on the market, enabling the segmentation and combination of assets and providing more investment and management flexibility.

In the gaming field, rune assets can be used to create and manage virtual items and characters within the game, enhancing the depth of the gaming experience and economic system.

For example, players can create and customize game characters through rune assets, and record their attributes and development; game developers can batch create and manage items such as weapons and equipment, and distribute and trade them through rune assets.

At the same time, the in-game market built based on rune assets enables players to freely trade and manage virtual items, thus forming an in-game economic system with strong interactivity and efficient value circulation.

From the perspective of the above use cases, Giants Protocol puts application scenarios first, and the team also firmly believes that the second layer without application scenarios is destined to be a castle in the air.

(3) Giants Protocol provides a Runes search engine

The Runes search engine is an innovative tool designed to enhance the user experience by providing a powerful and efficient way to query and manage assets within the Giants Protocol framework. It leverages metadata and Meta Protocol functions to allow users to dynamically interact with their digital and physical assets.

Specifically, the search criteria define the parameters and methods for processing objects such as digital assets or smart contracts, and the GP Meta Protocol defines a set of operations or methods that can be used to process objects. These operations are divided into standard operations and extensible operations.

Standard operations include:

● gpp (deployment operation, used to publish or initialize objects);

● gpp (burn operation, used to destroy or remove objects).

Extensible operations include:

● gpp (disassembly operation, used to break down complex objects into their parts)

● gpp (assembly operation, used to combine multiple parts into a complex object)

● gpp (enhancement operation, used to upgrade or enhance the properties or functions of an object).

In addition, the search dimensions include the object’s name, category, origin (platform or organization information represented by hash values), random information (hash values used to generate random attributes or verify randomness), and other attributes.

In addition, Giants Protocol also has applications for random data, which ensures unpredictable data generation by specifying public data sources and using multiple hash layers. This data can be used in various applications such as digital assets, smart contracts, etc.

3. Giants Protocol is about to set off a new trend of Bitcoin on-chain activities

The Giants Planet community beta test has been ongoing since Q2 2024.

According to official news, Giants Planet will launch its gamification and GPS games in early Q3 2024, aiming to enhance user participation in the Giants Protocol ecosystem by providing rewards for various activities. Users can earn points through activities such as casting and etching, which can be redeemed for prizes such as loot boxes and participate in weekly draws, which include runes such as DOG, RSIC and PUPS.

Todays Bitcoin ecosystem requires an asset issuance protocol that is truly based on application scenarios. Starting from the demand, Giants Protocol uses the difficult construction method of UTXO to not only meet users requirements for security, but also meet their aspirations for subsequent games, AI, RWA and other highly imaginative possibilities.

By providing a versatile, scalable and customizable system, Giants Protocol enables users and developers to create, manage and upgrade digital assets on the Bitcoin blockchain, driving innovation and development in the Bitcoin and Web3 ecosystem.

In the future, with the participation of more developers and users, Giants Protocol is expected to become an indispensable part of the Bitcoin ecosystem, giving Bitcoin new vitality and broader application prospects.

This article is sourced from the internet: Giants Protocol: A UTXO-based BTC asset issuance protocol to expand Web3 application scenarios

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