Bitpie钱包苹果版|brc20

作者: Bitpie钱包苹果版
2024-03-13 06:08:56

BRC-20 Explained: How Bitcoin Tokens Work and the Controversy Around Them

20 Explained: How Bitcoin Tokens Work and the Controversy Around Them

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By Sam ReynoldsShare on FacebookShare on LinkedInShare on XIntermediateOn the weekend of May 6, 2023 the Bitcoin blockchain ground to a temporary halt, when the number of unconfirmed transactions hit a record high. Fees were spiking, and leading crypto exchange Binance had to pause withdrawals – twice.How did that happen?The BRC-20 protocol.BRC-20 ExplainedBRC-20, or Bitcoin Request for Comment 20, is modeled after the Ethereum protocol called ERC-20 (Ethereum Request for Comment 20) and was introduced in March 2023 by an anonymous developer known as Domo. BRC-20s are basically (with some major caveats like a lack of smart contracts) Bitcoin’s version of ERC-20s.That said, there haven't been other “BRC” numbers as Bitcoin changes actually go through a process called BIP, or Bitcoin Improvement Proposals. So there hasn’t been a BRC-1 or BRC-2 and so on.ERC-20 is an Ethereum token standard that enables developers to create tokens that are compatible with the broader Ethereum network and have built-in smart contracts. These tokens can embody a broad spectrum of transferable assets or rights, such as ownership interests, access rights or even different cryptocurrencies – many cryptocurrencies such as Tether and Shibu Inu coin are ERC-20 tokens under the hood.Read More: How Do Ethereum Smart Contracts Work?BRC-20 takes a page out of this book, made possible because of Bitcoin’s November 2021 Taproot upgrade, which enabled ordinal inscriptions, the behind-the-scenes tech plumbing that make BRC-20 tokens work.Ordinals inscribe a serial number onto a satoshi, the smallest currency unit of bitcoin. This serial number, along with the ordinal’s data, are inserted into a part of the bitcoin transaction called the witness signature field. This data verifies the legitimate ownership of the funds being utilized and ensures they are not double spent.BRC-20 tokens use ordinals, but not all ordinals are BRC-20 tokens. This is why there are millions of ordinals but just over 14,000 BRC-20 tokens.BRC-20 tokens employ JSON (JavaScript Object Notation) ordinals inscriptions to initiate token contracts (which are still simplistic as smart contract functionality has yet to be developed), create new tokens and move tokens around.Currently, the BRC-20 protocol has very limited functionality compared to ERC-20. Right now users are limited to only minting, deploying and transferring tokens.It’s also important to note some other differences from ERC-20. Unlike ERC-20, BRC-20 is not an approved standard but still in the proposal phase, and unlike ERC-20 tokens, BRC-20 tokens are not easily traded on exchanges at this time.Why are BRC-20 tokens impacting Bitcoin fees and transactions?Compared to simple peer-to-peer transactions, creating and transferring BRC-20 tokens is complex and requires more space on the blockchain. A conventional bitcoin transaction might be measured in kilobytes, while an ordinal inscription – on which a BRC-20 token is layered – can be up to 4MB in size.One of the reasons an ordinal inscription is different from traditional non-fungible tokens (NFTs) on Ethereum or other blockchains is that with ordinals, all the data is stored directly on-chain, so whatever picture or token instructions are added to the inscription is part of the transaction. With traditional NFTs, the token usually just contains a link or data that points to an external service where the art is stored.Read More: Bitcoin NFTs: What Are Ordinal NFTs and How Do You Mint One?All of this escalates competition for block space and potentially leads to higher transaction fees for users seeking faster confirmation times. All the while, the mempool (short for memory + pool), a collective storage space where unconfirmed transactions are stored before they are processed, grows larger and larger. At the peak in early May, some traders were forced to use a method called replace-by-fee, where they bid to replace one version of an unconfirmed transaction with a new version which pays nodes a higher transaction fee.Binance’s two withdrawal pauses amidst that peak were a result of a mismatch between the transaction fees the exchange usually pays out to facilitate transactions and the transaction fee required to get picked up by the blockchain.These transaction fees go to the nodes on the blockchain, usually miners, to facilitate the transaction. This is a supply-and-demand issue; as nodes are a fixed resource and demand for their time is fluctuating, fees will rise alongside demand. The nodes are essential for keeping Bitcoin’s blockchain running, and they are incentivized by block rewards and transaction fees to do their work.Why are BRC-20s controversial?BRC-20 tokens and ordinals have stirred some controversy for two main reasons: One, for clogging up the network and raising fees. The second objection raised by some is that BRC-20 tokens and ordinals "pollute" the blockchain with data that is not aligned with Satoshi’s mission of a peer-to-peer system of money transfer. For bitcoin maximalists, anything other than this is an inappropriate use of the bitcoin blockchain.As mentioned earlier, unlike NFTs on Ethereum that store files on an outside server, Bitcoin's ordinal NFTs contain the entire data file within the witness signature field of Bitcoin transactions, ensuring all information resides on the blockchain.This means they are more immutable than other NFTs, which enhances the integrity of the asset, but on the other hand it means that they are large. Very large.Bitcoin Core developer, Luke Dashjr, told CoinDesk that ordinals represent an “attack” on Bitcoin because of this congestion from the large file sizes.At the same time, others have pointed out that the miners – facing challenges on multiple fronts stemming from the bear market, including high-profile bankruptcies – have been huge beneficiaries of the BRC-20 boom.“Ordinals = NFTs on Bitcoin. This is good for Bitcoin,” ex-Kraken executive and long time bitcoiner, Dan Held, tweeted.Meanwhile, for the first time since 2017, some Bitcoin miners are earning more from processing transactions on the blockchain than from mining new BTC, with the shift attributed in part to BRC-20 tokens and ordinals.Analysts CoinDesk spoke with say that this development could potentially offset the decreasing profitability of Bitcoin mining due to the designed halving of mining rewards.“What happened with ordinals and NFTs is we crossed this chasm from what was a bearish scenario to a bullish scenario. If I were a miner I would be ecstatic,” MicroStrategy’s Michael Saylor recently said in an interview.Nic Carter, a noted bitcoiner, had a similar view in an op-ed for CoinDesk, writing that he was “heartened” by the new demand for blockspace that ordinals have unlocked. “Miners need to be paid somehow, and as the miner subsidy further decays, fees will have to compensate for the lost revenue.”Read More: If Bitcoin Can’t Handle a Few JPEGs, How Can It Handle the World?Edited by Toby Leah Bochan.This article was originally published on May 15, 2023 at 7:50 p.m. UTCDisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.Sam ReynoldsFollow @thesamreynolds on TwitterLearn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.AboutAboutMastheadCareersCoinDesk NewsStay UpdatedConsensusCoinDesk StudiosNewslettersFollowGet In TouchContact UsAdvertiseAccessibility HelpSitemapThe Fine PrintEthics PolicyPrivacyTerms of UseUpdate My Cookie ConsentDo Not Sell My Personal InformationPlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.©2024 CoinDeskEnglishX iconFacebook iconLinkedin iconRSS L

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Top BRC-20 Tokens by Market Capitalization | CoinMarketCap

BRC-20 Tokens by Market Capitalization | CoinMarketCapCryptos: 2.2M+Exchanges: 724Market Cap: $2.68T1.70%24h Vol: $163.62B4.65%Dominance: BTC: 52.0% ETH: 17.7% ETH Gas: 57 Gwei Fear & Greed: 92/100CryptocurrenciesCryptocurrenciesRankingCategoriesGlobal ChartsHistorical SnapshotsBitcoin ETFsLeaderboardsTrendingRecently AddedGainers & LosersMost VisitedNFTOverall NFT StatsTop CollectionsUpcoming SalesOn Chain DataDex PairsChain RankingHot DEX PairsExchangesSpotDerivativesDEXCommunityFeedsTopicsLivesArticlesProductsPRODUCTSConverterCMC LabsTelegram BotAdvertiseCrypto APISite WidgetsCAMPAIGNSAirdropsDiamond RewardsLearn & EarnCALENDARSICO CalendarEvents CalendarLearnNewsAcademyResearchVideosGlossaryHalving: 35DWatchlistPortfolioSearch/Top BRC-20 Tokens by Market CapitalizationListed below are the top crypto coins and tokens used for BRC-20. They are listed in size by market capitalization. To reorder the list, simply click on one of the options - such as 24h or 7d - to see the sector from a different perspective.Market Cap$3,463,566,3986.62%Trading Volume$1,460,383,679119.04% Cryptocurrencies Categories Memes Solana Ecosystem Gaming AIShow rows100#NamePrice1h %24h %7d %Market CapVolume(24h)Circulating SupplyLast 7 Days68ORDIORDI$81.480.21%7.26%9.52%$1.71B$1,711,157,039$794,815,4329,754,291 ORDI21,000,000 ORDI80SATS1000SATS$0.00067110.12%6.79%8.12%$1.41B$1,409,286,092$214,759,818320,017,079,155 1000SATS2,100,000,000,000 1000SATS425MultibitMUBI$0.14062.00%0.21%3.72%$133.57M$133,572,553$32,371,103230,231,038 MUBI950,000,000 MUBI490trac (Ordinals)TRAC$4.500.59%5.23%3.83%$94.58M$94,579,635$988,302219,438 TRAC21,000,000 TRAC506LeverFiLEVER$0.0029890.22%4.59%33.46%$86.45M$86,453,627$60,783,08220,333,671,772 LEVER28,921,200,164 LEVER1108OrangeORNJ$0.42711.38%9.05%33.67%$10.14M$10,142,541$5,726,25713,408,731 ORNJ23,750,000 ORNJ1344OXBT (Ordinals)OXBT$0.022261.13%5.14%36.27%$4.45M$4,452,629$89,8174,034,328 OXBT200,000,000 OXBT2371SATS (Ordinals)SATS$0.0...066920.40%6.58%8.20%$1.41B$1,405,358,474$149,079,775222,767,026,303,956 SATS2,100,000,000,000,000 SATS2375rats (Ordinals)rats$0.00041140.64%3.95%3.46%$411.4M$411,401,049$81,246,199197,486,612,008 RATS1,000,000,000,000 rats2395Bitcoin Cats1CAT$0.010641.37%1.29%25.65%$53.2M$53,199,875$20,209,1091,899,356,841 1CAT5,000,000,000 1CATOrdiswapORDS$0.20Mice (Ordinals)MICE$0.03BVMBVM$3.78BRC20.com.COM$1.65MMSS (Ordinals)MMSS$0.47TurtSatTURT$0.02BitStableBSSB$1.88Pioneering Decentralized UTXO-Based NFT Social ProtocolHXXH$0.01BTCs (Ordinals)BTCS$1.99Dovi(Ordinals)Dovi$0.56BNSx (Ordinals)BNSx$0.32VMPX (Ordinals)VMPX$0.05csas (Ordinals)CSAS$0.01Orders.ExchangeRDEX$0.17NALS (Ordinals)NALS$0.23BRC AppBRCT$0.03PIZA (Ordinals)PIZA$0.26Tonka FinanceTOKA$0.00BISOSwapBISO$0.01meme (Ordinals)MEME$44.77PEPE (Ordinals)PEPEBRC$0.16LFGLFG$0.02biis (Ordinals)BIIS$0.02Bear (Ordinals)Bear$0.11cats (Ordinals)cats$0.01BANK (Ordinals)BANK$0.02Grumpy (Ordinals)GRUM$0.00Drac (Ordinals)DRAC$0.01OrdBridgeBRGE$0.03NOOT (Ordinals)NOOT$0.00roup (Ordinals)ROUP$0.01$BSV (Ordinals)$BSV$0.05Satoshi Nakamoto TokenSNMT$0.00Ghosty CashGHSY$0.41SoBitSOBB$0.00ordinexORD$0.00Deed (Ordinals)DEED$0.01PEClandPECL$0.00Sats HuntersSHNT$0.15KoiPondKOI$0.01The Ordinals CouncilCNCL$65.81Sqts (Ordinals)SQTS$0.00OrdiZKOZK$0.00zbitZBIT$0.30WHEE (Ordinals)WHEE$0.02tbci (Ordinals)TBCI$0.00SZABSZAB$--OHMS (Ordinals)OHMS$--ORPOORPO$--ALEX $B20$B20$--$DOG (Ordinals)$DOG$--MOON (Ordinals)MOON$--Xups (Ordinals)XUPS$--Unigraph Protocol (BRC-20)GRPH$--ToshipadTSHX$--Showing 1 - 65 out of 65Show rows100 Stay on top of crypto.

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What Are BRC-20 Tokens? Explaining the Bitcoin Memecoin Hype | CoinMarketCap

Are BRC-20 Tokens? Explaining the Bitcoin Memecoin Hype | CoinMarketCapLearnTopicsCoinMarketCap UpdatesLanguageGlossaryAuthorsEnglishBahasa IndonesiaDeutschEspañolPortuguês BrasilTiếng ViệtTürkçeРусскийУкраїнськаไทยLearnBlogCMC ResearchCrypto BasicsHow-to GuidesTech Deep DivesTrading AnalysisTopicsAltcoinsBitcoinBlockchainDeFiEthereumGameFiMetaverseNFTsTradingCoinMarketCap UpdatesAnnouncementsFeature ExplorerMarketingGlossaryAuthorsEnglishBahasa IndonesiaDeutschEspañolPortuguês BrasilTiếng ViệtTürkçeРусскийУкраїнськаไทยWhat Are BRC-20 Tokens? Explaining the Bitcoin Memecoin HypeTable of ContentsWhat Are BRC-20 Tokens and How Do They Work?How Did BRC-20 Tokens Start?The Effect of BRC-20 on Bitcoin Transaction FeesThe Fallout of BRC-20 Tokens in the Bitcoin CommunityFuture Outlook for BitcoinCrypto BasicsWhat Are BRC-20 Tokens? Explaining the Bitcoin Memecoin HypeBy Ivan Cryptoslav5mCreated 10mo ago, last updated 9mo ago"Memecoins" on Bitcoin is probably not what Satoshi Nakamoto envisioned when he released the Bitcoin whitepaper in 2008, but it just might be the mass adoption Bitcoin deserves.Table of ContentsWhat Are BRC-20 Tokens and How Do They Work?How Did BRC-20 Tokens Start?The Effect of BRC-20 on Bitcoin Transaction FeesThe Fallout of BRC-20 Tokens in the Bitcoin CommunityFuture Outlook for BitcoinTL;DRBitcoin Ordinals utilized the fact that each individual satoshi can be uniquely identified, akin to serial codes on dollar bills, through inscription by the Ordinals protocol.Amid the current memecoin frenzy, BRC-20 tokens emerged as a new "token standard" on Bitcoin, building on the concept of marking single satoshis. While Ordinals tagged individual satoshis as NFTs, BRC-20 tokens involve "minting" satoshis containing information about an entire collection of tokens using JSON data. BRC-20 tokens have already piqued interest of the crypto community, with the market cap of BRC-20 tokens reaching near $1 billion. However, it has caused transaction fees to spike on the network, which did not click well with some Bitcoiners.BRC-20 tokens have caused a legitimate storm in the Bitcoin community and beyond. Let's dive into what exactly are Bitcoin memecoins and the impact on BTC.What Are BRC-20 Tokens and How Do They Work?You may recall Bitcoin Ordinals or "Bitcoin NFTs," which, a few weeks ago, caused a bit of an uproar in the otherwise-reserved Bitcoin community. Let's remember how Bitcoin Ordinals work:As explained here: "Imagine two one-dollar bills. Both are completely fungible but have a serial code, which allows us to identify each dollar bill as unique. But if one bill was signed by Muhammed Ali and George Foreman, it becomes a "dollar NFT" of sorts. You could still spend it as a regular dollar, but the signatures make the bill's value skyrocket.Ordinals work in the same manner. They take advantage of the fact that each individual satoshi can be uniquely identified by its equivalent of a serial code.With the recent memecoin craze, which caused a tsunami of memecoin attention on Crypto Twitter, one thing led to another: someone had the idea to create a new "token standard" on Bitcoin — and BRC-20 tokens were born.BRC-20 tokens build upon the concept of marking single satoshis, as seen in Bitcoin Ordinals. While Ordinals tag individual satoshis to serve as NFTs, BRC-20 tokens involve "minting" satoshis so they hold information about a whole collection of tokens.For example, if you wanted to create a collection of 100 hypothetical $RANDO BRC-20 tokens, you'd mint the collection by inscribing one sat with the relevant JSON data. JSON data can be used to define the token name, symbol, supply and other properties. Users can also use JSON data to mint new tokens or transfer existing tokens to other addresses.Or to use the dollar/sats metaphor again: you mark one dollar bill with information about 20 $RANDO stickers, which are not dollar bills. You always need a dollar bill to transfer stickers. But the bill does not back the stickers themselves, nor can they do anything.If this sounds complicated and not intuitive, that's because it is. Bitcoin was not created for this workaround, as many on Crypto Twitter have pointed out:View post on TwitterHow Did BRC-20 Tokens Start?The most likely explanation is "opportunity makes the thief." The taproot upgrade allows for these workarounds to be implemented on Bitcoin. And memecoin season just happened to come around, so... one thing led to another.Eric Wall explained in detail how the idea of BRC20-tokens is an imitation of XEN tokens on Ethereum:View post on TwitterIn other words, the taproot upgrade made it possible to add an amount of data to the blockspace on Bitcoin that allows for "minting tokens," even though those tokens do not have the same properties as ERC-20 tokens on Ethereum:View post on TwitterThis hunger for blockspace surprised the Bitcoin community, and the effect on Bitcoin transaction fees has been significant.The Effect of BRC-20 on Bitcoin Transaction FeesJust when Ordinals were going back to being a niche phenomenon, BRC-20 tokens started rocking the transaction count boat. And rock they did: BRC-20 transactions currently make up a majority of all Bitcoin transactions.Transaction fees surged to previously unthinkable levels:Incredibly, transaction fees made up a higher share of miner revenue than the block subsidy for some blocks:View post on TwitterThis is music to the ears of those who never doubted that adoption would save the Bitcoin security model:View post on TwitterHowever, not everyone was amused by this surprising spike in activity on Bitcoin.The Fallout of BRC-20 Tokens in the Bitcoin CommunityFor one, BRC-20 tokens caused centralized exchanges to launch their trading markets and nifty developers to start liquidity pools for them:View post on TwitterBut it has also caused a new round of infighting between different factions of the Bitcoin community. Eric Wall and Udi Wertheimer both support the second-order effects of the unexpected appetite for Bitcoin blockspace:View post on TwitterThe Lightning Network may have finally stumbled on a source of significant demand. However, the surge in fees doesn't sit well with those who were comfy with low-fee Bitcoin:View post on TwitterThis sentiment was shared by Anita Posch, a Bitcoin educator focused on bringing Bitcoin to financially underdeveloped regions in the world:View post on TwitterBut again: it may not be the adoption Bitcoiners wanted, but it's the one they deserve (or so Ethereum people would argue).Nic Carter outlined in the past that Bitcoin is more akin to Fedwire than to Visa: it isn't meant to be a high-speed settlement layer. But he got quite a bit of flak himself from the community for suggesting Ethereum's burn fee was a smart move and implying Bitcoin may want to consider something else. Cue the reply section:View post on TwitterSome members of the community realize BRC-20 tokens could provide a much-needed impulse for the community to work on the necessary infrastructure improvements:View post on TwitterFuture Outlook for BitcoinAs with Ordinals, the question is whether this is a sustainable new asset class or merely a flash in the pan that will subside when the memecoin train inevitably derails. Regardless, the BRC-20 hype pointed out weaknesses the community will have to address, such as the lack of layer-2 infrastructure and diverging views over how much and what kind of adoption is desirable.Now, who said that Bitcoin is boring?This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.5 people liked this articleIvan CryptoslavIn crypto since 2017.Related ArticlesCrypto BasicsBitcoin Hits New ATH - Here's What's Driving the Massive 2024 RallyBitcoin's price skyrockets in 2024, fueled by a perfect storm of bullish catalysts.By Werner Vermaak4d ago8mCrypto BasicsCMC Hot List: Top 10 Tools for ProsCoinMarketCap has compiled a list of the best tools to help you monitor on-chain signals, analyze investor sentiment, and build decentralized applications with flexibility. By CoinMarketCap2w ago5mCrypto BasicsCMC Hot List: Top 10 Tools for NewbiesEverything from understanding charts to using decentralized exchanges, equipping you to not only manage but excel on your crypto journey.By CoinMarketCap2w ago5mSee all articlesJoin the thousands already learning crypto!Join our free newsletter for daily crypto updates!Subscribe©2024 CoinMarket

Introduction - BRC20 User Guide

BRC20 User GuideSearch⌃KGetting StartedIntroductionUniSatTickers/TokensResourcesBRC20- OTC dealsMagic EdenVideo TutorialsFixed Float: Bridge to Bitcoin NetworkHow to Import BTC Seed Phrase into Sparrow WalletTransfer BRC-20 Tokens from one Wallet to another WalletHow to Transfer an Ordinal NFT from One Wallet to Another WalletHow to Import Ordinalswallet into Unisat Wallet using your WIF Private KeyPowered By GitBookIntroductionAn introduction into the brc20 universe. Learn the history and the basics before you jump right in.HOW IT STARTEDIt started with a now infamous tweet. BRC-20 launched as a fun experiment standard for tokens on bitcoin. The goal was to encourage the bitcoin community to play around with and optimize the standard until a general consenses on best practices could be agreed upon, or to decide if the standard was a waste of time. BRC-20 FUNCTIONALITYThese functions together allow for a simple yet effective way for users to deploy, buy, and sell tokens. Create a brc-20 'token' with the deploy functionMint an amount of brc-20's with the mint functionTransfer an amount of brc-20's with the transfer functionWHERE IT'S GOINGNo body really knows where this could take us. The experiment has grown and continues to grow at a rapid speed. The bitcoin memepool is so full and transactions are getting backlogged by the hundreds if not thousands. Developers are building features for the users, and although primitive at the moment becoming far easier to understand and much more intuitive. As developers continue to build and features become easier to use. Who knows what might happen next. NextUniSatLast modified 8mo agoOn this pageHOW IT STARTEDBRC-20 FUNCTIONALITYWHERE IT'S GOING

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Leading infrastructure provider for BRC20 ecosystemHTXBitgetUniswapMEXCUnisatOKX[ Trade ]First all-in one BRC20 solutionSeamless integration of advanced BRC20 focused features: mobile wallet, cross‑chain bridge, multi-mint, marketplace, staking and moreBuilt in discovery tools powered by BRC20.com API for alpha discovery on trending mints and hot tokensBringing DeFi to Bitcoin.COM token powers the BRC20.com ecosystem, being the first BRC20 token to bring true utility to its holdersStake to participate in new BRC20 launches and receive fees from across the BRC20.com product suite[ Buy Now ]HTXBitgetUniswapMEXCUnisatOKXStake to EarnParticipate in the hottest BRC20 launches through the first Bitcoin based Initial Farming Offering (IFO) platformStake your .COM using our gasless staking solution in order to start farming rewards, as well as earning your share of the fees from our other products[ Stake Now ]Roadmap{ Q4 }Dashboard Launch{ Q4 }Stake to Earn Launch{ Q1 }Super App Launch{ Q2 }AMM LaunchAnd more...

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20.ioMenu CloseHomeBitmapScannerInscribeCheck transfer.bitradioDRC20Buy $BXDXConnectMenu Open000Top BRC-20 Coins by Market Cap— BRC-20 is an experimental standard for fungible tokens on the Bitcoin blockchain. — The Taproot and Ordinals protocol made the BRC-20 standard possible. — BRC-20 tokens unlock new capabilities for the Bitcoin network, such as their use in DeFi protocols and blockchain applications.Top BRC-20 Coins by Market Cap— BRC-20 is an experimental standard for fungible tokens on the Bitcoin blockchain. — The Taproot and Ordinals protocol made the BRC-20 standard possible. — BRC-20 tokens unlock new capabilities for the Bitcoin network, such as their use in DeFi protocols and blockchain applications.Total TokensMarket CapTrading VolumeSort By:Price24hMarket CapVolumeNamePrice24hMarket CapVolume(24h)«<>»For Support & Marketing inquiries : mo@bxdx.ioHomeBitmapScannerInscribeCheck transfer.bitra

What Is a BRC-20 Token? | Chainlink

Is a BRC-20 Token? | Chainlink

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Education/Web3What Is a BRC-20 Token?Last Updated Date:November 30, 2023 DefinitionDEFINITIONBRC-20 is an experimental fungible token standard using ordinal inscriptions on Bitcoin.BRC-20 is an experimental fungible token standard using ordinal inscriptions on Bitcoin.Should Bitcoin only be used as digital gold, or should it support more sophisticated functionality? The introduction of ordinal NFTs sparked a new wave of interest in Bitcoin, with the community beginning to experiment with the potential of using the Bitcoin network as a way of storing immutable data.One such novel experiment is an attempt to create fungible tokens natively on Bitcoin through a standard called BRC-20. BRC-20 tokens are a clever way to circumvent the programmability limitations of Bitcoin and create semi-fungible tokens using ordinal inscriptions.In this post, we’ll explore BRC-20 tokens, examine how they work, and consider their viability as a token standard on Bitcoin.

What Are Bitcoin Ordinals?First, a quick primer on ordinals. Ordinals enable data to be inscribed into individual satoshis on Bitcoin. They use a logical ordering system called ordinal theory to give each individual satoshi a unique number. Then, arbitrary data can be inscribed into each individual satoshi.This data inscribed to satoshis can range from images, video, audio, text, and even entire applications such as a simplified version of the video game DOOM. As we’ll see below, BRC-20 tokens are essentially ordinal inscriptions with a specific type of text embedded into them, providing a set of rules and specifications for creating and managing the tokens. While inscribing text has been a popular early use case for Bitcoin NFTs, due to the nascency of the technology, new use cases may emerge over time.While many types of data can be inscribed using ordinals, inscribing text into individual satoshis is a growing use case. SourceOrdinals enabled NFTs to be created that are completely Bitcoin-native, don’t require layer-2 solutions, work without changes to the Bitcoin protocol, and are backward compatible with the network. Ordinal inscriptions quickly caught on as a way to store immutable information on the Bitcoin blockchain.

What Is the BRC-20 Token Standard?Initially launched by anonymous developer domo on March 9, 2023, BRC-20 tokens use an experimental standard to create fungible tokens natively on Bitcoin. Notably, the BRC-20 standard does not use smart contracts like popular token standards on EVM blockchains—it enables users to store a script file on Bitcoin and use that to attribute tokens to individual satoshis. BRC-20 tokens embed JSON data into ordinal inscriptions to enable users to deploy, mint, and transfer tokens.The first BRC-20 tokens created contained the following JSON data defining the token’s name, a limit of 1,000 tokens per mint, and a maximum number of 21 million tokens:{ "p": "brc-20", "op": "deploy", "tick": "ordi", "max": "21000000", "lim": "1000"}Even though BRC-20 tokens are just an experiment to create fungibility even according to their creator, they have sparked considerable interest within the Bitcoin community, and other tinkerers started to play around with creating their own BRC-20 tokens. Meanwhile, ordinals infrastructure providers, such as wallet services and marketplaces, have started to integrate BRC-20 to enable their users to mint and exchange BRC-20 tokens.If nothing else, BRC-20 tokens are a prime example of the power of open-source communities and collaborative development. When a developer introduces a novel concept and makes it open-source, the idea can evolve and take on a life of its own thanks to other enthusiasts continuing to push the limits of the experiment. Such an open, collaborative environment can occasionally stimulate considerable advancements that push the frontier of the underlying technology.

Advantages and Limitations of BRC-20 TokensWhile BRC-20 tokens are considered fungible, it may be more accurate to call them semi-fungible since they can only be exchanged in set increments. To mint BRC-20 tokens, a user must create a mint JSON NFT defining the amount to be minted, then compete with others through a priority gas auction to have the chance to finalize the mint. To exchange a BRC-20 token natively on Bitcoin, the seller must create transfer NFTs to break up their original mint NFT into smaller chunks so that they can sell predefined batches of tokens. If a buyer is looking to purchase a specific amount of BRC-20 tokens, the buyer needs to find a seller looking to sell the exact amount of tokens they are looking to buy.Additionally, to determine the BRC-20 balance of a wallet, users must run or trust an off-chain indexer that is running the ruleset interpreting the inscriptions—having a Bitcoin full node isn’t enough to achieve this task.Here’s what the creator of BRC-20 has to say about the token standard in its documentation:“This is just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions. It by no means should be considered THE standard for fungibility on bitcoin with ordinals, as I believe there are almost certainly better design choices and optimization improvements to be made.”—domo

BRC-20 vs. ERC-20The comparison between BRC-20 and ERC-20 stands in name only. ERC-20 is a fungible token standard on Ethereum using smart contracts, while BRC-20 is a clever way to create semi-fungible tokens using ordinal inscriptions on Bitcoin. BRC-20 is simpler and more constrained than ERC-20 due to the purposely limited programmability of the Bitcoin blockchain.

The Future of Tokens on BitcoinWhile not the first instance of attempting to represent assets on Bitcoin—with early experiments such as Colored Coins and more recent explorations such as Taro—BRC-20 is a novel way to create semi-fungible tokens natively on Bitcoin.While even its own creator seems undecided about the long-term viability of BRC-20 as a token standard, the open-source developer community may seize this concept to evolve it further and push the boundaries of what’s possible with the scripting capabilities of Bitcoin.Share

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