PIPE is a Bitcoin-native token protocol inspired by Casey Rodarmor's RUNES and Ordinal's BRC-20 ideas. Since RUNES does not allow for fair mints (an important aspect of BRC-20's) and potentially renders all of its tokens securities (due to centralized distribution), PIPE tries to combine the strengths of both ideas.
Like BRC-20, PIPE consists of 3 "functions":
Deploy - Mint - Transfer
Deploy signals that a new token has been deployed; Mint allows to mint from this token, based on the deployment’s rules; Transfer is being used to send tokens to selected recipients.
PIPE Art is an optional extension for PIPE that allows to store file data,
file references (urls) and collection information alongside regular token deployments.
By tuning supply, limit and decimals, PIPE Art can help to achieve
non-fungibility for deployed tokens.
Deployed PIPE Art tokens behave in the exact same way for mints and transfers like regular tokens. In fact, there is no difference and they can be treated like non-PIPE Art associated tokens.