Introduction
On September 13, 2024, the Fractional Bitcoin network transaction surged to over 4,500 satoshi/byte due to the launch of a new token called FBCAT, Covenant Attested Token Protocol.
The Covenant Attested Token (FBCAT) Protocol introduces a groundbreaking UTXO-based (Unspent Transaction Output) token protocol on the Bitcoin blockchain and has enhanced the Bitcoin ecosystem.
What groundbreaking innovation did the FBCAT token protocol bring to the Bitcoin blockchain, and how will this affect the crypto market and environment? Continue reading to find out.
NOTE: Please note that the full name of CoinEx’s listed currency FBCAT is CAT. FBCAT was used to distinguish it from other coins. Please pay attention to the distinction before trading.
What Is Covenant Attested Token?
FBCAT is a CAT20 meme on Fractal Bitcoin, which is free mint and has been 100% distributed. The FBCAT protocol is a new UTXO-based (Unspent Transaction Output) token protocol enforced by Bitcoin Script on Layer 1. It has characteristics like no need for indexers, modularity, programmable minting, cross-chain interoperability, and SPV compatibility.
Like Runes and Ordinals, the FBCAT protocol aims to improve the Bitcoin ecosystem by enabling fungible tokens (CAT20 standard) and non-fungible tokens (CAT721 standard, which has yet to be released).
FBCAT protocol is validated, which uses smart contracts — specifically covenants — to control token minting and transfer. Unlike previous token systems on Bitcoin, it is completely enforced by the Bitcoin Script at Layer 1.
Furthermore, the FBCAT protocol is adaptable, supporting both fungible tokens under the CAT20 standard and non-fungible tokens using the CAT721 standard. The techniques developed here are general-purpose and can be applied in use cases beyond tokens.
Background and History of Covenant-Attested Token
The FBCAT Protocol originated from OP_CAT, or Operation Concatenate, in the Bitcoin scripting language. Originally proposed by Satoshi Nakamoto, it was disabled in 2010 because of security concerns. However, the Taproot upgrade alleviated these problems. With the advent of the Ordinals and Runes protocols, there is a rising demand to reinstate OP_CAT for more sophisticated transactions.
The FBCAT Protocol, or Covenant Attested Token Protocol, established CAT20 as a token standard that is fully validated by miners and uses smart contracts, specifically recursive covenants.
The FBCAT protocol enables the trustless bridging of assets between blockchains, allowing apps to run across several blockchains. The bridge requires users to trust only the blockchains themselves.
The Price Change of FBCAT Token on CoinEx
The FBCAT token was listed in CoinEx on November 5, 2024. Tradings, deposits, and withdrawals were made available immediately after listing.
While there have not been significant price changes since it was listed in CoinEx on November 5, as can be seen in the picture, the FBCAT token has a huge potential for growth due to the groundbreaking innovation it has brought to the Bitcoin ecosystem.
Among these innovations is the Unspent Transaction Output (UTXO) token protocol on the Bitcoin blockchain, which has not been seen before in the Bitcoin ecosystem.
This groundbreaking innovation, along with other amazing features such as compatibility with smart contracts and validation by miners, will have a huge impact on the price of the FBCAT token both now and in the future.
Overview
- Name: FBCAT
- Official link: https://catprotocol.org/
- Explorer: https://www.fractalexplorer.io/cat/cat20/45ee725c2c5993b3e4d308842d87e973bf1951f5f7a804b21e4dd964ecd12d6b_0
- Total supply: 21 Million
- Contract address: 45ee725c2c5993b3e4d308842d87e973bf1951f5f7a804b21e4dd964ecd12d6b_0
- Supported CEX: CoinEx
- Convenient for users to know in time: https://www.coinex.com/en/info/FBCAT
*This article does not constitute investment advice.
