NFTScan and Merlin Protocol have recently joined forces to introduce the Indexer Oracle service for Bitcoin’s native assets. This collaboration brings together the NFT data infrastructure of NFTScan and the expertise of Merlin Protocol. The service is now live on the NFTScan developer platform, welcoming developers to register and utilize its capabilities.

What Is Merlin Protocol?

Merlin Protocol pioneers the adaptation of valuable Bitcoin assets to the EVM, breaking through the infrastructure limitations of the Bitcoin network. During the development of Merlin Protocol, the team identified fundamental issues regarding the sustainability of the BRC20 ecosystem, with the centralization problem of BRC20 Indexer being one of them. To tackle this problem, Merlin’s development team collaborated with various blockchain infrastructure providers, including Chainlink, NFTScan, and ZAN, to introduce BRC20 Indexer Oracle.

Implementation of Merlin BRC20 Indexer

The implementation of the Merlin BRC20 Indexer involves innovative methods to analyze transaction data on the Bitcoin network and convert it into Ordinals inscriptions. These inscriptions are then accurately matched with Ordinals block explorers to ensure 100% accuracy in transferring Bitcoin data to the Ordinals logic layer. By utilizing the Ordinals open-source standard, transaction source code instructions that comply with the BRC20 standard are extracted. Transaction topology analysis is performed using the libbrc20-indexer open-source algorithm to calculate balances.

Additionally, this data is cross-verified with mainstream Indexer service providers to ensure consistency. Finally, the BRC20 transaction source code is submitted to Chainlink’s decentralized node network for data submission. The balance changes are triggered through EVM smart contract recalculations and distributed by blockchain data service providers such as NFTScan and ZAN. This comprehensive implementation ensures the robustness and reliability of the system.

Merlin Indexer is currently live on BTC API section of NFTScan developer platform, with multiple API interfaces accessible to developers.

Refer to: https://docs.nftscan.com/reference/btc

The importance of the BRC20 Indexer cannot be underestimated, as it plays a critical role in tracking and maintaining balance for global BRC20 assets in the Bitcoin network. Through innovative implementations like the Merlin Indexer, the system ensures data accuracy, and security, and provides a transparent secondary validation mechanism between users and service providers. Understanding the BRC20 Indexer is a crucial step in comprehending token tracking and balance maintenance within the Bitcoin network.

Merlin Protocol: Website | Twitter | Discord

NFTScan is the world’s largest NFT data infrastructure, including a professional NFT explorer and NFT developer platform, supporting the complete amount of NFT data for 20 blockchains including Ethereum, Solana, BNBChain, Arbitrum, Optimism, and other major networks, providing NFT API for developers on various blockchains.

Official Links:

NFTScan: https://nftscan.com

Developer: https://developer.nftscan.com

Twitter: https://twitter.com/nftscan_com

Discord: https://discord.gg/nftscan