Good Quality Ordinals (GQO) Standard

The Good Quality Ordinals (GQO) Standard is a versatile and scalable token standard built to enable shared ownership of Bitcoin Ordinals. This document provides an overview of the GQO Standard, its role in the Wonderlands metaverse, and its potential applications.

Overview

The GQO Standard ensures the authenticity and verifiability of the relationship between Ordinals and their associated BRC-20 tokens through the simultaneous minting process. It enables fractionalized ownership of digital assets, promoting a more inclusive and democratic system of ownership. The GQO Standard can be applied to various sectors, such as decentralized finance (DeFi), gaming, art, and more.

Dual Minting

All GQO collection owners receive two inscriptions upon purchase:

1. The inscription to the PFP/artwork/metaverse deed Ordinal.
2. The inscription to a BRC-20 token bound to that unique Ordinal.

Because data from the Ordinal inscription is included on the BRC-20 inscription, proving the permanent connection between the two inscriptions, the BRC-20 token issuance always occurs second.

Modified BRC-20 Token

ample of the JSON components with smaller variable names in this modified BRC-20 token:

{
  "id": "1",
  "p": "orc-20",
  "op": "deploy",
  "tick": "ORDINAL1",
  "amt": "1000",
  "ref": "{{ FRACTIONALIZED INSCRIPTION }}",
  "roy": {
    "addr": "ms57n44T...",
    "perc": "5"
  },
  "meta": {
    "title": "Artwork Title",
    "desc": "A brief description of the artwork",
    "tags": ["abstract", "colorful", "modern"]
  },
  "acc": {
    "lvl": "premium",
    "ben": ["exclusive events", "early access"]
  },
  "comp": {
    "type": "ERC-998",
    "assets": ["0x5678efgh..."]
  }
}

There are several new components in the above example that would be critically useful to projects building in the Ordinal ecosystem:

• Reference (ref): This is the reference (ref) to the corresponding Bitcoin Ordinal inscription which is being fractionalized.
• Royalties (roy): Specifies the creator's wallet address (addr) and the percentage (perc) of royalties they receive from secondary sales of the fractionalized tokens.
• Metadata (meta): Includes additional information about the digital asset, such as the title, description (desc), and tags.
• Access (acc): Defines the access level (lvl) and associated benefits (ben) for token holders.
• Composability (comp): This component introduces composability by specifying the type of composable standard (e.g., ERC-998) and a list of associated assets. This allows for the creation of complex digital assets that can own and manage other assets, enabling new forms of interaction and value creation.

Example: FroglyFans

Let's fractionalize Bitcoin Frog 8129 and turn it into a fan club with 100 members:

We would first need to identify the location of this transaction in the mempool: a0d2e7d58c56b548d42ee138e94aa267b0f560e8e6a75f5664334bdad83dcee8

Then we need to update our JSON text with the updated information. In this case let's assume that in addition to just showing that you love this frog, owners of the token would be granted voting rights by the owner as well as early access to something like a derivative/companion ordinal collection "Frog Pizza PFP" (FPPFP) that the owner is working on.

{
  "id": "1",
  "p": "orc-20",
  "op": "deploy",
  "tick": "BTCF8129",
  "amt": "100",
  "ref": "a0d2e7d58c56b548d42ee138e94aa267b0f560e8e6a75f5664334bdad83dcee8",
  "acc": {
    "lvl": "fan club",
    "ben": ["voting rights", "early access to FPPFP"]
  },	
 }

After that, just inscribe that into your Ordinal and that's it! You've created 100 unique BRC-20 tokens which break up the ownership/voting rights to this frog:

Potential Applications

• Community Ownership: Fractionalized ownership of digital assets, such as virtual art galleries/collections, DAOs, or DeFi liquidity pools, is enabled through the Good Quality Ordinal standard. Shared ownership empowers individuals to own, trade, and transfer portions of assets however they see fit.
• Virtual Treasure Hunts: GQOs can be used to create virtual treasure hunts within a metaverse or virtual world. Token holders can participate in these events, searching for hidden tokens or assets that can be redeemed for rewards, such as exclusive digital art, virtual goods, or access to special experiences. This adds an engaging and interactive element to the GQO ecosystem, encouraging community participation and fostering a sense of exploration and discovery.

GQO Standard in the Wonderlands Metaverse

The Wonderlands are the inaugural GQO collection and they are an important collection for the vibrant ōLand community of more than 2 million users. The Ordinals in the collection are deeds to 2,640 unique plots of metaverse land which hover over key locations around the globe.

Adhering to the GQO Standard, Wonderlands issue companion BRC-20 tokens alongside the deeds with transfer, sell, or burn functions. This advances collective asset ownership on Bitcoin's blockchain and allows for a purely on-chain community growth mechanism.

Where Do We Go From Here?

Future plans for the Good Quality Ordinals Standard include:

• Dedicated Marketplace: This is the immediate next step for the GQO because it would A) enable a sorting mechanism to determine which tokens were created first so they don't overlap and B) allow for a search functionality for the various new metadata points added to the Inscriptions.
• (TBD, more to come...):

Conclusion

The GQO Standard sets a new benchmark in the Bitcoin blockchain landscape by enabling shared ownership of digital assets through the minting of fractionalized tokens. Its emphasis on security, adaptability, and flexibility allows for a wide range of applications, from virtual art galleries to decentralized finance and metaverse citizenship. By fostering the growth of Bitcoin-based DAOs and communities, the GQO Standard promotes democratic, decentralized governance and contributes to a more inclusive digital asset ecosystem.