Token

The Syron US dollar (SYRON) is a stablecoin crafted as a digital fungible token, seamlessly usable on the Bitcoin network, Internet Computer and other platforms.

What is a fungible token?

A fungible token is interchangeable with others of the same type and value. Each unit is identical and can be traded on a one-to-one basis. Fungible tokens are divisible and lack uniqueness, making them uniform and easily exchangeable, like money.

The fungible token infrastructure is a crucial aspect of the stablecoin meta-protocol's core design. It's designed to operate seamlessly on Bitcoin and other blockchain protocols, offering improved scalability and accessibility.

Tyron's Bitcoin-native stablecoins are premined and transferred to a Syron Bitcoin Minter (SBM). The balance of the SBM must not be considered in the circulating supply.

BRC-20

As a Bitcoin-native asset, Syron's first implementation adheres to the BRC-20 standard for holding and transferability, and it can be done using 4- or 5-byte tokens.

This fungible token type is based on the Ordinals protocol and thus requires inscriptions.

When making a BTC deposit into a Safety Deposit ₿ox, an inscribe-transfer UTXO shall be sent to the Syron Minter wallet. When the withdrawal of dollars occurs, this inscribe-transfer UTXO is sent to the user's Bitcoin wallet.

const inscription: InscribeData = await api.createTransfer({
  receiveAddress: syron_minter,
  feeRate,
  satoshis: 546,
  depositAddress: sdb,
  deposit: collateral,
  brc20Ticker: SYRON,
  brc20Amount: amt,
});

await api.sendBitcoin(inscription);

At the time of withdrawal, the Syron Minter uses the above inscribe-transfer UTXO to send the SYRON dollars to the user's wallet.