FAQ
Last updated
Last updated
Over the past year, many protocols have emerged in the Bitcoin ecosystem, but MetaID is the first designed specifically for building Web3 apps on Bitcoin. So, what exactly is MetaID? Here's a simple example to help explain it: Imagine a decentralized version of X.com and Telegram built on Bitcoin using MetaID. With MetaID, these apps could interact seamlessly, allowing you to send a DM from your X account directly to a Telegram user. The best part? Your data is secured by Bitcoin's network, meaning no central authority can ban your account or delete your info. While many people see Bitcoin primarily as digital gold, we believe its potential goes way beyond that. Bitcoin's UTXO architecture and ability to store data on-chain make it the perfect foundation for Web3 apps. In short, we believe that with MetaID's help, a vast and thriving Web3 ecosystem can be built on top of Bitcoin.
So MetaID is a protocol about enabling web3 on Bitcoin
MetaID is quite different from other protocols.
In Bitcoin, there are Ordinals and Atomiclas protocols,and more.Those protocols are great and have inspired MetaID in some ways. However, they often focus more on asset issuance and lack the structuring of on-chain data. So, building true Web3 apps based on these protocols isn't possible.
The biggest difference between MetaID and other protocols is that MetaID organizes scattered on-chain data into tree-like structures, using ‘people' as the classification method. Data from other protocols is like scattered stones and bricks, while MetaID data is like piles of structured building materials classified by ‘people’, making it easy for us to build skyscrapers.
This figure shows the concept:
Plus, MetaID introduces models for declarative modification, deletion, hiding, and privacy handling of data. These data processing capabilities are precisely what other protocols are missing, and they're a must for building large-scale Web3 apps.
MetaID isn't a new protocol created in 2024. That idea came in mind in 2020.
The first version of MetaID was released in April 2020, based on the MetaNet protocol, and has undergone nearly 4 years of development. Before the release of v2, MetaID had already accumulated over 170,000 users and more than 21 million transactions with more than 10 MetaID apps running at its peak. Therefore, MetaID is a protocol that has been proven feasible.
PIN is the core concept of MetaID.
PIN is the smallest data unit and the most core concept in MetaID. Each PIN is like a brick of Lego, different PINs can be combined to create various Web3 applications. Eeach PIN inscribed is an NFT and introduced capabilities such as creator, holder, modification, deletion, hiding, encryption, and a POP value for value assessment. As a result, various complex Web3 applications and DataFi applications can be built using PINs.
I hope this fig can roughly explain how PIN organizes data:
We color and label each satoshi on the Bitcoin network as a piece of on-chain data. Since a satoshi is the smallest unit in the Bitcoin network, it is atomic, indivisible, and can be freely circulated. Therefore, in MetaID, all data is a satoshi and also an NFT.
Therefore, PIN=Sats, it also gains security properties from Bitcoin.
Indeed, Bitcoin cannot solve the problem of congestion and high fees in the foreseeable future. Therefore, MetaID supports cross-chain from the design level. As long as it is a Bitcoin sidechain, Layer-2, or even BCH that is homogeneous with Bitcoin, MetaID can theoretically support it seamlessly. This is the biggest difference between MetaID and other protocols. MetaID introduces the concepts of Unified UTXO Chain and Unified Bitcoin Address, which effectively solves Bitcoin's congestion problem and fully unleashes the potential of Layer 2 networks that are homogeneous with Bitcoin. In terms of cross-chain support, MetaID can be regarded as a Layer 0 protocol for the Bitcoin architecture, enabling interoperability between different blockchains that are homogeneous with Bitcoin and allowing assets to flow between Bitcoin and its Layer 2 networks.
Sunny: Bitcoin is the earliest public chain and pioneered the blockchain industry. Counterintuitively, although Bitcoin was designed the earliest and lacks smart contracts, from an architectural perspective, it is the best carrier for Web3 applications. Let's look at the advantages of Bitcoin as a Web3 application carrier compared to other solutions:
1.It has the highest consensus, decentralization, and security.
2.The UTXO architecture is globally stateless, naturally suitable for high concurrency.
3.On-chain data storage is an inherent capability of Bitcoin, which is simpler and more elegant than other blockchains.
4.The smallest unit of Bitcoin, satoshi, is naturally atomic and indivisible, making it the best carrier for Web3 data.
In hindsight, it seems that the underlying design philosophy of Bitcoin was intended for the future of Web3. Of course, Bitcoin has issues like congestion and previously lacked a dedicated foundational protocol for building Web3, but fortunately, MetaID has now emerged.
