Relics

Disclaimer: here

Sealing: Reserving a Relic Ticker

Fungible tokens are called “Relics.” Relics share the same format as runes—for example, WE•LOVE•RELICS.

Side note: The creation of a rune is called “Etching,” and each rune’s name is unique. Runes are etched using a commit/reveal scheme to prevent frontrunning: Instead of revealing the name immediately, a user first commits to it several blocks in advance and then reveals it later. This ensures that others cannot copy the name and outbid the original transaction. Once a rune is etched, it can be minted immediately (depending on the mint terms).

The creation of a relic is called “Sealing” and works differently:

1. There is no commit/reveal. Instead, to seal a relic, a fee must be paid in $MBTC. The fee depends on the length of the relic’s name—the shorter it is, the more expensive. The fee is burned only if the sealing is successful.

2. Sealing a relic does not immediately launch it. After sealing, the relic is not directly mintable and remains as an inscription in a wallet.

This mechanism allows frontrunning; however, anyone attempting to frontrun a sealing must have a solid plan for its use, because they must pay the fee. In this way, sealings become collectibles in themselves.

Enshrining: Launching a Relic

To launch a relic, the inscription’s owner must initiate the process. If an inscription is acquired on a secondary marketplace and remains unlaunched, it can be launched even if it was sealed by somebody else.