What is Turtsat? All You Need To Know About TURT

What is Turtsat?

Image Source: Turtsat’s Website

Turtsat is an open-source, community-driven project that allows users to donate to an Ordinal project, contribute to its development and receive tokens while saving gas fees. The Ordinals technology is a relatively new addition to Bitcoin’s ecosystem that allows users to inscribe data directly on the blockchain.

Turtsat aims to become the Gitcoin of the Ordinals space by supporting the open-source development of solutions. Tursat also has the goal of funding early-stage builders championing projects in the Ordinals and inscription space.

The project infrastructure includes the Donation Protocol, the PSBT Protocol, and the Indexing service for developers. It uses the Turtsat Beta platform as the main interface for members of the communities to contribute and benefit from the development of the Ordinals ecosystem.

History of the Turtsat Project

The history of Turtsat starts with the introduction of Ordinals to Bitcoin’s blockchain by Casey Rodarmor. This facilitated the creation of millions of inscriptions and BRC-20 tokens.

The birth of Ordinals and inscription tokens brought the problem of liquidity gaps, inadequately connected ecosystems, and fledgling infrastructures to utilize ordinals and inscriptions fully. So, Turtsat was created to enhance collaboration and incentivize contributions within the Ordinals ecosystem.

Currently, there is little knowledge about the project’s developers or founders. The Turtsat project prioritizes open-source development, so the main contributors are members of the Ordinals community with varying backgrounds in design and development.

In the near future, Turtsat aims to foster a vibrant hub of connected developers, creators, and visionaries to share resources and knowledge to shape Bitcoin’s Ordinal revolution.

How Does Turtsat Work? Donation Protocol, PSBT Protocol, and Indexing Service

Image Source: Turtsat’s Website

Donation Protocol

The Turtsat project allows users to donate to an Ordinal project, contributing to its development and receiving tokens without paying high gas fees. This is accomplished through the Donation Protocol, a new issuance protocol for BRC-20 tokens.

Similar to the general BRC-20 mint functions, the donation protocol reduces the congestion of the Blockchain while reducing the gas fees by bundling up transactions. The reduced gas fees saved in each transaction are converted to revenue for the issuer of the BRC-20 token as a source of funds for the project’s development.

The donation protocol is divided into segments such as the dynamic breakout UTXO, auto inscribe, and PSBT exchange. Little is known about the dynamic breakout UTXO design as it is currently exclusive to the Turtsat project. Notably, it allows users to donate a portion of their assets by breaking up the UTXO of transactions into smaller UTXOs, which would be auto-inscribed and outputted as BRC-20 tokens. These smaller UTXOs would be sent to their respective receiving addresses.

The donation protocol is designed as a form of security that guards against front-running activities, leading to a fair, decentralized launch of BRC-20 inscription tokens.

PSBT Protocol

The Partially Signed Bitcoin Transaction (PSBT) Protocol in the Turtsat project allows the developer to bundle multiple transactions into one, saving gas fees. The saved gas fees are sent to the issuer for project development.

The PSBT is a data format that wallets and blockchain developers use to exchange information about a Bitcoin transaction while getting the needed signatures to complete the current transaction. The PSBT framework uses the metadata within Ordinals as input and output, combining these data to create a ready-to-broadcast transaction.

The PSBT Protocol uses the metadata alongside valid signatures to ensure the security and validity of the transaction, which facilitates the creation and distribution of BRC-20 tokens to the verified parties involved.

Indexing Service

To promote the development of ordinals and BRC-20 tokens, indexing services are required to provide critical information regarding the participants in the Ordinal ecosystem.

The ordinal ecosystem currently uses Unisat to provide such critical indexing services in the short term. Still, Turtsat aims to develop multiple indexing services that would cross-check each other, follow a uniform set of indexing rules, and resolve conflicting information to facilitate the development of a healthy ecosystem for Ordinals and BRC-20 inscription tokens.

Features of The Turtsat Ecosystem: Turtsat Beta and Ordinals Open Source Tool Platform

Turtsat Beta

The beta platform for the Turtsat project is the primary interface for builders and users who want to build, donate, and impact the Bitcoin and Ordinal ecosystem.

The platform allows developers to apply for initial funding assistance by pitching their innovative projects with their impact on the space. They can also request technical assistance and expertise to build a long-term relationship with a developer or designer within the general Ordinal community for the long-term sustainability of their Project.

Users of the platform could get involved in the decentralized Bitcoin ecosystem, allowing them to make decisions relating to the processes and endorsement enjoyed by the proposed projects and the operations of Turtsat.

It also allows users to earn passive rewards from early-stage projects and possible workflow assignments as project members. The platform combines the PSBT protocol, indexing service, auto inscription, and BRC-20 to enhance the Ordinal experience for users.

Ordinals Open Source Tool Platform

The project aims to create a community for believers of ordinals. This includes both the financial endorsement and support from non-developers and the open source tools for developers, which include explorers, indexes, and other comprehensive toolkits for working with Ordinal on the Bitcoins blockchain.

The entry barrier for developers looking to work with ordinals and inscription protocols is high. The Turtsat project aims to reduce that entry barrier with the aid of its open-source tool platform. The platform is a move to gather more developers into the Ordinal space. This would create a chain reaction of development and innovation within the Turtsat community, creating products that would push global Ordinal adoption.

What is the TURT Token?

Image Source: Turtsat’s Website

The TURT token is a BRC-20 meme token created as an experiment to provide a unique utility. The token was created to empower users and encourage them to return to the Bitcoin blockchain by uniting BTC with Ordinals consensus. The token was designed to help individuals to comprehend Ordinals and engage in its development.

There is a total supply cap of 1 billion TURT tokens, which is also the total supply in circulation. Holders of the TURT token get governance rights, allowing them to donate and empower Ordinal projects while choosing and voting towards future developments in the Ordinal space.

Is TURT Token a Good Investment?

The TURT token is a Meme token, which makes it volatile and unsuitable for some investors. On the other hand, the token is attached to the Turtsat project which is pioneering the development of the Ordinal space on Bitcoin.

This places the project and the token in an opportune position to grow alongside the development of Ordinals. The token can be used to empower projects and staked to earn “eggs.”

The utility attached to the token and the future appeal of joining a project in its infancy to gain massively in the future makes the project attractive to long-term investors.

Advantages

The Turtsat project is designed to foster collaborations and contributions within the Ordinals space, providing a community, platform, and tools for developers to connect, share knowledge, and develop BRC-20 inscription tokens and Ordinals.

These features allow the users and developers to access funding and tokens easily at reduced gas fees. It also reduces the barrier of entry for interested parties, attracting a wide range of talents and innovations to the ecosystem.

Finally, the project prioritizes open-source, decentralized development, while its token gives its holders governance rights, giving every participant, regardless of expertise, a say in the project’s future.

Disadvantages

The early stage of the project is a significant disadvantage as there is limited information on the core developers and the long-term roadmap of the project.

While the project aims to simplify access to Ordinals, the technology is still complicated, and the infrastructure needs to be fully developed. This would hinder adoption as users cannot fully utilize the project’s benefits.

Challenges

As a new project under development, it would have some difficulties maintaining an active community, achieving consensus efficiently, and building the trust required to attract the right talent.

The volatility of the project’s meme token while facing competition from other platforms and initiatives attempting to achieve the same utility can be challenging.

Competitive Product Analysis

At the time of writing, Turtsat is the first to provide decentralized financing (DeFi) for projects on Bitcoin’s blockchain. Most DeFi projects are built on Ethereum’s blockchain.

Turtsat combines Unisat’s indexing ambitions with the Ordinals Protocol forum’s collaboration ambitions. While both projects are focused on collaboration and indexing Ordinals for easy accessibility and development, Tursat takes it a step further to provide funding opportunities for the Ordinals community. This creates a space for project collaboration between developers and potential investors.

How Can You Own TURT?

To own TURT tokens and become a part of the Turtsat ecosystem, users can follow a simple process:

Setup a Wallet

One way to own TURT tokens is to purchase them through an exchange. For this, the user must create a Gate.io account, complete the KYC process, and add funds to the account to buy the token.

Utilize the TURT Tokens

Once users have acquired TURT tokens, they can explore the wide range of functionalities in the Turtsat ecosystem, such as staking to earn eggs, governance, and donating to Projects.

Useful References

For the latest updates about Turtsat, visit:

• Official Website
• Twitter
• Discord

Take action on Turtsat

Users can trade the TURT token here.

_

References

https://turtsat.io/

https://www.coincarp.com/currencies/turtsat/

@Turtsat"">https://medium.com/@Turtsat

@Turtsat/the-first-ordinals-open-platform-turtsat-core-features-explained-9cc75e2a4859"">https://medium.com/@Turtsat/the-first-ordinals-open-platform-turtsat-core-features-explained-9cc75e2a4859

https://bitcoinops.org/en/topics/psbt/

https://bitcoinmagazine.com/technical/bitcoin-core-0170-released-heres-whats-new

Name: Efe Bravo

Date: 24/12/2023

The article is original and has been checked for accuracy. If the article is accepted, the article is copyrighted by Gate.io.