CLOAK Initiates Deployment of "privacy" Token on ORC-20 Protocol
Dear Cloak Community,
It's been quite some time since our last communication. Team CLOAK is not only alive and kicking, but we remain as motivated as ever, just as we were on day one. Today, we are very excited to share with you our newest venture!
You may have noticed that BRC-20 tokens are currently creating quite a buzz in the crypto market, resulting in an explosion of prices and user numbers.
To explain a little, BRC-20 tokens are a type of token that operates on the Bitcoin blockchain. They are fundamentally based on inscriptions of code on the Bitcoin blockchain, something made feasible through the introduction of Ordinals. With Ordinals, inscriptions that require a larger amount of storage can be implemented on the BTC blockchain. This paves the way for storing various types of content like images, audios, videos, and of course, lines of code on the blockchain. This development consequently allows NFTs and tokens to be created and function on the Bitcoin blockchain. BRC-20 is just the beginning and is not yet fully mature, so we decided to operate on a more improved token standard on the Bitcoin blockchain.
We're talking about ORC-20, an upgraded version of BRC-20, you could say it's the 2.0, with several improvements, making it more conducive for future adoption.
We saw this as a golden opportunity to join this rising wave. We're pleased to announce that we have successfully deployed a valid token with the ticker "privacy". Our objective with this move is to finance all the ongoing costs related to development and marketing for the CLOAK project through the sales of this token. We also want to support the ORC20 protocol, which has potential on the Bitcoin blockchain. ORC-20 is still unknown, but attention is growing day by day and the early bird catches the worm. Currently, there is no proper ORC-20 index and no marketplace for trading, but it is being built by several developers.
Every deployed token on the Bitcoin blockchain must initially be minted. The cost for minting is essentially a Bitcoin transaction. Once 100% of all available tokens have been minted, the token can theoretically be traded on a marketplace.
ORC-20 #6896016ticker: "privacy" supply: "21,000,000" mint: "10,000"
The deployed ORC-20 token "privacy" has a supply of 21,000,000 tokens. For each mint, you get 10,000 "privacy" tokens.
Let's run you through a brief guide on how to mint the privacy token.
Setup a Bitcoin UniSat Wallet
- Navigate to: https://unisat.io and install the UniSat Wallet extension for Google Chrome.
- Click on Create new Wallet, generate a robust password, and securely store the seed phrase, then proceed.
- Now, choose the address type. It's crucial to select a Taproot (P2TR) (m/86'/0'/0'/0/0) address.
- Congratulations! You now own a Taproot BTC address!
The subsequent step is to deposit a specific amount of BTC into your personal Taproot BTC address.
Ensure you pay an adequate BTC fee to prevent extended transaction times.
We recommend monitoring the fees at https://mempool.space
As a general rule, it's advisable to pay slightly more than the medium-priority fees.
Once your BTC is deposited into your wallet, navigate to: https://unisat.io/inscribe
At this point, select Text and paste a single text (click on the wheels to copy the text):
Click on Next and configure a customized fee that should be marginally higher than the medium priority.
Next, click on Submit & Pay Invoice, then Pay with UniSat Wallet.Your UniSat wallet will open on the right side and finally click on Sign & Send to execute the mint. After a short period, you can check your UniSat wallet to see your minted tokens. Use the text search feature with "6896016" to review all minted tokens at https://unisat.io/search Max limit: 2,100 inscriptions x 10,000 tokens = 21,000,000 tokens total.
You can repeat this process until the entire supply has been minted out!
Bear in mind that ORC-20 is an experimental project. There's no guarantee that the tokens will have any value or utility in the future. As there is currently no indexer, we can't ensure the validity of every mint. All actions are undertaken at your own risk, and we offer no guarantees, considering the novelty of the system. However, we believe that being one of the first ORC-20 tokens with a top-level token ticker on the Bitcoin blockchain will garner a lot of attention.
We're incredibly excited to embark on this journey with the deployment of our ORC-20 token "privacy".
As always, we appreciate your continued support and look forward to what the future holds for CLOAK.
Stay tuned for more updates, and we deeply appreciate your involvement in this venture!
Peace & Love ❤️
Important links for further reading: