In March of this year, Bitcoin got its very own token standard, BRC-20 to rival Ethereum’s ERC-20, which allows for fungible tokens to be created on the Bitcoin network. This opens up a vast array of possibilities for Bitcoin beyond just being the world’s leading cryptocurrency, allowing it to directly compete with the likes of Ethereum in the decentralized application market.
NiFTiesLab Corp has now launched a BRC-20 token called HSAC traded on the OKX Ordinals marketplace. A token built to be used as a reward for user engagement, HSAC is being promoted as the premier attention token on the Bitcoin network. The token is now being put to its first use case through a collaboration with Web3 racing sim platform Icon.X World.
The collaboration will see HSAC and Icon.X World co-host video game racing challenges at major Web3 conferences in Asia from now until the end of November—including the heavily attended Tokyo2049 in Singapore, which happens to coincide with the island state’s own Formula One Grand Prix weekend, an event that draws over 300 thousand people.
Racers will be rewarded with HSAC tokens for their participation: 1 million HSAC tokens will be divvied among the top 30 racers from each conference, with the top 10 drivers from the entire Asia leg of HSAC and Icon.X World’s Grand Prix Tour taking home an additional 10 percent of the prize pool as a bonus reward.
A NiFTiesLab representative confirmed that this partnership represents the token’s first use case. Racers will get to experience what it is like to race real F1 cars, thanks to Icon.X World’s other high-profile partnerships with F1 racing teams Aston Martin, Alpine and Mirage lending authenticity to their game.
NiFTiesLab has embraced the new Bitcoin network BRC-20 token standard for a number of reasons. As opposed to Ethereum’s ERC-20 token standard—which is used by a vast array of tokens that currently make up for half of the value on the Ethereum network—BRC-20 is based on Bitcoin’s proof-of-work security infrastructure which has been proven to have a number of advantages.
BRC-20 is inherently more secure and offers more opportunities for integration with Bitcoin-centric services and applications. With Bitcoin representing around half of the entire crypto market, there is enormous potential for Bitcoin to overtake Ethereum as the world’s top DApp network.
BRC-20 is also more cost-efficient and has a more optimal transaction velocity. While ERC-20 tokens are often stymied by high network congestion and exorbitant gas fees of around $6, BRC-20 tokens like HSAC are capable of average transaction costs as low as 15₵ while still achieving acceptable transaction speeds.
The HSAC Advantage
HSAC offers the superior benefits of BRC-20 together with the promise of bringing token holders into the massive, vibrant and already well-established Bitcoin community. For companies, HSAC can be implemented on almost any kind of app or platform as a reward token to incentivize users’ participation and brand loyalty.
HSAC also utilizes recursive ordinal inscriptions that make it possible to create complex data structures such as NFTs on the Bitcoin blockchain. This opens up a whole new realm of possibilities for content creators to build on the Bitcoin network.
HSAC will be co-hosting Icon.X World races at the following conferences this year: Coinfest Asia, Korea Blockchain Week, Token2049, Bitcoin Ordinals Summit, Philippine Blockchain Week, Tokyo Game Show and ETH Vietnam.
Conference-goers who want to test their skill in the Icon.X World driver’s seat to try and win HSAC tokens can sign up for the competition at this link. To receive the latest updates about HSAC, visit the project’s official website and follow them on social media.