Taking A Deep Dive Into The World of BRC20 token developmentPosted by Antier Solutions on May 16th, 2023 BRC20 tokens or Bitcoin Request for Comment tokens have become an instant hit after the much-awaited launch on the Bitcoin blockchain on March 8, 2023. It’s the brainchild of a pseudonymous developer, Demo, and facilitates transfers of fungible tokens using the Bitcoin network. ORDI is the first token to obey the BRC20 token standard. It was initiated as a meme and its current market cap has touched 0 million. There are more BRC20 tokens, such as PEPEBRC, MEME, VMPX, and PEPEBRC that are listed on the Gate.io crypto exchange that supports the BRC20 token standard. Currently, when we compare the BRC20 token with ERC20, the offspring of Ethereum, the first thing we need to understand is that BRC20 uses Ordinals, a different protocol, to engrave data on the smallest unit of Bitcoin, satoshis. Unlike ERC20, the fees for transfers of BRC20 are usually higher due to the increased demand for Bitcoin transactions that leads to network congestion. However, both ERC20 and BRC20 are fungible tokens and exchangeable with other tokens of the same type. BRC20 token development is a new experiment that provides more power in the hands of developers to create and send fungible tokens, along with meme coins, through Bitcoin’s ordinals protocol. Minting and transferring of tokens involves the deployment of token contracts based on Ordinal inscriptions of JSON data. While some Bitcoin maximalists are a bit reluctant to accept this new chapter of the Ordinals saga, it has brought a wave of excitement among the token creators and collectors who take it as an opportunity to use the analog of the ERC20 token standard. Current State of BRC20According to ORDSPACE, a total of 18266 tokens based on BRC20 token standards have been minted so far, and the market cap was $ 573,009,828.386 on May 11, 2023. The current status can be seen here: Comparing BRC20 with ERC20There are some striking dissimilarities between BRC20 and ERC20. Let’s understand:
Common Terms Associated With BRC-20 EcosystemHere are the most commonly used terms related to BRC20:
Is BRC20 a Game Changer for Bitcoin?Although BRC-20 is still in its evolutionary phase, it has tremendous potential to bring a change in the crypto world. Here’s how:
Benefits of BRC20 Token DevelopmentHere are some of the most common benefits of developing BRC20 tokens:
Usage of BRC20 TokensHere are some common use cases of BRC20 tokens:
ConclusionThe rising popularity of BRC20 token development is a matter of curiosity for crypto enthusiasts. They want to understand the benefits of BRC20, before investing in their creation. Antier can help solve the mystery and also help in utilizing the best benefits of BRC20 tokens. Connect today! Like it? Share it!More by this author |