XCP FairMinter
Last updated
Last updated
FairMinter is a decentralized minting mechanism allowing users to create tokens without directly benefiting the deployer on . Inspired by Counterparty's Proof-of-Burn and adapted by token standards like BRC-20 and SRC-20, FairMinter enables "fair minting," where users pay only a miner fee to mint tokens. This ensures a transparent distribution of tokens without enrichment of the minting system creator. Please check more on
To maintain consistency with Bitcoin protocols like BRC20 and SRC20, OpenStamp currently only supports FairMinter that meet all of the following conditions:
Named Asset
On Open state
Not require XCP commission
Since minting operations currently only credit tokens to the source address, to simplify the user experience and improve minting efficiency, allowing users to submit multiple mints in a single order, we will issue a single Transfer transaction after all mint transactions are confirmed to transfer the minted assets to the user in one batch. Therefore, you will see the following status on the order history page:
Pending: Mint transaction on processing
Confirming: Mint transaction pending confirmation
Confirmed: Mint transaction confirmed (Note: since tokens may be minted out, confirmation does not guarantee mint success)
Transferring: Transfer transaction has been sent
Finished: Order completed
Note: Since the transfer to the userβs address occurs only after all mint transactions are confirmed, please be patient. If there is a sudden increase in network fee rates causing delays in transaction confirmation, you can use our Accelerator to speed up the mint transactions.
Additionally, while mint transactions will be sent to the Bitcoin network as long as tokens have not been minted out, this does not guarantee mint success. The final outcome depends on when the mint transactions are included in a block. Please use the mint function with caution if you are unable to accept this potential loss.
To ensure the security of assets for both buyers and sellers, we currently follow the same trading model as SRC20 and Image Stamps.
Recently, the Counterparty protocol introduced an upgrade with UTXO binding, which will greatly benefit the entire Counterparty asset trading model. However, considering that this UTXO binding feature has only recently been deployed on the mainnet, to ensure user asset safety, we have chosen not to support UTXO-based trading at this time.
We are currently reviewing the relevant Counterparty source code to ensure the UTXO model operates as expected, and we will provide UTXO model trading as soon as possible. Please stay tuned.