If you're involved in the crypto world, you've likely heard of ERC-20 tokens on Ethereum. They've made transactions and digital assets more accessible. But have you heard of BRC-20? It's a new experimental token standard inspired by ERC-20 tokens that aim to improve the fungible token experience. BRC 20 allows developers to build and transact with tokens seamlessly and efficiently using the Ordinals platform.
What makes BRC 20 different is that it stores tokens on the Bitcoin base chain, making it versatile. Using ordinal inscriptions of JSON data, developers can easily deploy, mint, and transfer BRC-20 tokens with the help of Ordinals and Inscriptions.
What Is a BRC 20 Token?
BRC-20 is an experimental token standard on Bitcoin that uses ordinal inscriptions.
Should Bitcoin only be digital gold, or should it support more advanced features? The emergence of ordinal NFTs sparked curiosity in leveraging the Bitcoin network for storing unchangeable data.
An interesting experiment in this realm is the development of BRC-20, which aims to create fungible tokens directly on Bitcoin. BRC-20 tokens offer a clever workaround for Bitcoin's limited programmability by utilizing ordinal inscriptions.
In this article, we will explore BRC 20 tokens, understand how they function, and assess their potential as a token standard on Bitcoin.
Check Out the: Top 5 BRC 20 Tokens on Bitcoin in 2023
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