NiftyPass
December 22, 2023

Building on Bitcoin

Read about how NiftySats is bringing consumer engagement tools to Bitcoin with ordinals.

Building on Bitcoin

BUILDING ON BITCOIN

When we began building in Web3 way back in 2019, our original design relied upon smart contracts and tokens to function. Over the years, we've observed many of the perils associated therein, and sought ways for our ecosystem to adapt in an ever shifting landscape where fungible tokens are concerned. But with each passing day, it becomes more clear that whether we use a different base chain altogether, or expand interoperability across chains, we'd still face many concerns.

It's evident that alt-coins come laden with regulatory uncertainty and user skepticism, and have been stigmatized by insufferable amounts of fraud. Additionally, the fees necessary, and the experience required to safely interact with multiple smart contracts &/or networks, is not conducive to global adoption by the commonplace user.

Bitcoin however, has the broadest reach and technical support of any network in existence, and is even accepted and integrated by sovereign countries on a national level. Bitcoin is the obvious choice for storing value. But until now, the technology to build on top of Bitcoin was primarily limited to the Lightning Network and was confined by its capabilities and restrictions.

But recently, Ordinal Theory was introduced to the Bitcoin Network via the Taproot update, opening a massive door for our evolutionary process. This new method of inscribing data to individual Sats, creates the ingredients needed for a full migration of our existing platform, to the Bitcoin network. These Ordinals make it so that Sats can replace tokens by storing particular bits of data right in the asset itself.

Migrating the ecosystem to Bitcoin can immediately address some of our primary concerns around fungible tokens, namely:  

  1. US Regulators opposing development.
  2. Stigmatization of alt-coins.
  3. Smart Contract network fees.
  4. Lack of singularity between blockchains.
SEC vs Crypto

END GAME

Ordinal Theory presents the opportunity to transfer the value generation of this protocol directly to the Bitcoin Network and its participants, making the choice to migrate obvious. BTC remains to be the one sure-footed step for those blazing new trails in this space. So we've redesigned our platform to facilitate the transition in a way that protects those who have held and supported PORT til now:

Our goal has always been to proliferate Bitcoin among the populace, and provide value to those who join us. We believe that incentivized consumer engagement tools will be widely used by marketing and retention teams for products of all types, and hope to bring these services to market, however, the challenges listed above, and the isolation of siloed Layer1s, threatened our growth potential and longterm success. So migrating the ecosystem to the trusted and secure Bitcoin Network is a prudent and obvious next step.

We've always held strong convictions that Bitcoin will become in effect, digital gold, and transform the financial landscape. The value of a distributed network with a public and immutable monetary policy will inevitably be appreciated and sought after world-wide. We believed this from the beginning, however as previously mentioned, the tools to build on Bitcoin didn't exist then. But they exist now!

What to Expect

In light of ongoing regulatory threats and pressure from U.S. agencies, PackagePortal ended Staking & Rewards services in March, 2023. $PORT now serves as a par-value entry ticket into the new ecosystem of BRC-20 tokens.

What to Do

Token holders are the autonomous controllers of their digital property, that’s what makes blockchain technology so powerful. Crypto enables financial sovereignty and independence; as such, we do not intend to sway, convince, or otherwise lead users to act against their own intuition or investment strategy. 

By staking PORT, users were putting their tokens to use in order to increase their overall balance. As this service comes to a close, there remains four options for what to do next with your holdings:

  • Burn PORT to claim BRC-20s:
    Burn 500 $PORT or more to Whitelist your Ordinal wallet to claim an 1:1 airdrop of $PERQ. These BRCs can be minted by Whitelisted wallets after the burn window is closed. Follow instructions coming soon to this this blogpost.
  • Swap PORT on a DEX
    Users can trade PORT on existing decentralized exchanges . However, illiquid marketplaces alongside the new deflationary supply metrics, suggest that trading is likely to incur slippage/loss on an asset that could effectively be bridged to Bitcoin, guaranteeing that those holdings remain liquid.

Summary

Users who believed in the PackagePortal platform (now NiftySats) benefit most by burning their tokens for BRC-20's.This represents a 1:1 migration of your tokens from the lesser known Zilliqa network, to the deep security and liquidity of the Bitcoin Network. By converting your ZRC PORT to our BRC-20 tokens, you'll maintain access to the NiftySats ecosystem & all its future developments. Once the migration window is closed, $PORT can no longer be burned to claim BRCs, and the corresponding BRC supply will be minted by the general public, leaving $PORT tokens with no inherent utility other than trading on ZIL dexes.

PORT - PROCESS OF RETIRING TOKENS

HOW THE EVOLUTIONARY PROCESS OF PORT WILL UNFOLD.
  • 5M PORT tokens representing 50% of PORT's original max supply was burned in April, 2023.
  • The new 5M supply of PORT is equivalent to the total supply of $PERQ BRC-20's
  • PORT holders broadcasted burn transactions of PORT to receive a 1:1 Whitelist of $PERQ.
  • Over 1.86M PORT were burned, reserving the same amount of PERQ for those users.
  • Select Ordinal communities will also be whitelisted to mint $PERQ.
  • Any Bitcoin user can freely mint $NIFT by simply paying the network transaction fee.

LEARN MORE

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