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Feature : XRC-20 And AMM protocol #230
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Protocol Design:
XRC-20 Protocol
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AMM(Automated Market Maker) Protocol
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Idea:
To enhance the liquidity and ecological development of XDAG, it is crucial for XDAG to make continuous progress. The community has experienced various losses in the past due to issues with centralized exchanges. While we are aware of the ERC-20 Token protocol on the Ethereum Virtual Machine (EVM), the cryptocurrency field is saturated with numerous EVMs. Unfortunately, the development of EVM has become increasingly complex, with frequent occurrences of hacker attacks and security concerns related to Solidity programs. Therefore, XDAG must pursue an innovative approach that is technically straightforward, secure, practical, and suitable for the community.
To achieve greater decentralization and grant users absolute control over XDAG and their transaction rights, we propose implementing native transaction technology on the XDAG network. We have discovered a promising protocol called BRC-20, currently in development on the Bitcoin (BTC) network. This protocol is rapidly growing, both in terms of security and ecosystem, and we believe it is better suited for XDAG.
(For more information on BRC-20, please refer to: https://domo-2.gitbook.io/brc-20-experiment/)
The following functionalities are compatible with the BRC-20 protocol:
However, we aim for innovation rather than mere compatibility or plagiarism. After extensive discussions among developers, we identified the core capability in the decentralized finance (DeFi) field as swap. We observed that the core automated market maker (AMM) capability of Uniswap is highly effective. Therefore, building upon the BRC-20 protocol, we have introduced an innovative, protocol-level AMM on the XDAG public chain. The following ideas outline our approach:
This implementation may position XDAG as the first public chain to support the AMM native chain protocol. Compared to AMMs implemented using Solidity, XDAG's protocol-level AMM implementation will be groundbreaking and innovative.
Specific implementation method:
Regarding the implementation of the XRC-20 and AMM protocols in XDAGJ:
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