Bitcoin Trust Network Demonstration With Rare Pepe
Updated: Nov 28, 2020
The Bitcoin Trust Network (BTN) enables any person or company to be able to create digital, immutable, transparent trust networks on Bitcoin.
The Bitcoin Trust Network has 3 main components:
Counterparty & Counterparty Assets
The Alphanumericals Algo
Bitcoin is where the trust networks data is stored and secured.
Counterparty assets are the packets of human readable data that is stored on Bitcoin.
Counterparty is the protocol that issues and reads these assets on Bitcoin.
The Alphanumericals Algo is the algorithm that outputs the Bitcoin burn wallet address or otherwise known as the immutable database for the specific alphanumeric combination.
In this demonstration, I will create an immutable trust network on Bitcoin for Rare Pepe Series 1 cards.
If you visit http://rarepepedirectory.com/?cat=6, you will see the Rare Pepe Series 1 cards, 20 cards in total.
By using the Bitcoin Trust Network, I will create a forever record of Rare Pepe Series 1 cards. No matter what happens to the Rare Pepe Directory, Bitcoin will forever store the data of Rare Pepe Series 1 cards.
In order to identify what cards are Rare Pepe Series 1, I have created a NFT Counterparty subasset called XPRX.RAREPEPESERIES1.
Now I go to www.bitcointrustnetwork.com and enter the names of each Rare Pepe Series 1 card to get the burn address predetermined by the Alphanumericals Algo.
(Lordek Rare Pepe Series 1 Card Burn Address Below)
The Alphanumericals Algo has a predetermined Bitcoin burn address for every alphanumeric combination possible. Meaning, every word, letter, number combination has a specific database location on Bitcoin that can never be muted, revoked, or modified.
Since the Alpahnumericals Algo cannot be reverse engineered, all data sent to the Bitcoin burn address will forever remain as the data is inaccessible unless you have the specific Bitcoin burn wallet private key.
After gathering all burn addresses generated by Alpahnumericals Algo, I open my Counterparty Wallet and do a multi-send to all 20 burn addresses that represent each Rare Pepe Series 1 cards.
I then lock the Counterparty subasset so no more XPRX.RAREPEPESERIES1 cards can be issued.
The XPRX.RAREPEPESERIES1 subasset is now locked forever and the 20 burn addresses that each represent a Rare Pepe Series 1 card have this subasset token.
This data can never be modified and Rare Pepe Series 1 cards can forever be identified by the Bitcoin Trust Network.
Simply type in any Rare Pepe Series 1 card name at www.bitcointrustnetwork.com and it will pull up the burn address and show the identifying asset (XPRX.RAREPEPESERIES1) in the wallet.
Since Counterparty and Alphanumericals is open source, no matter what happens, as long as Bitcoin is operational, these two pieces of software can just be plugged in to pull up this data. Unlike conventional databases that can be deleted, this data will remain forever.
Bitcoin Trust Networks are only as truthful as the creator of the trust network. Anyone can create trust networks, but the specific trust network only has value if the creator of the trust network is trusted.