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BRC-20 token: What's the buzz about?
Why has it taken the market by storm recently?
Could this be the next big thing in #crypto?
🧵 A thread:
#BRC20 #NFTCommunity
Why has it taken the market by storm recently?
Could this be the next big thing in #crypto?
🧵 A thread:
#BRC20 #NFTCommunity
1/ Have you heard of the BRC-20 token?
It's a new experimental fungible token that's making waves in the crypto world.
Unlike other tokens created on #EVM Blockchain, the #BRC20 standard is quite simple.
It's a new experimental fungible token that's making waves in the crypto world.
Unlike other tokens created on #EVM Blockchain, the #BRC20 standard is quite simple.
2/ The token is built on top of the #Bitcoin #Blockchain network using Ordinals and Inscriptions.
Essentially, it's a JSON file implemented as a token contract, allowing users to create and transfer tokens.
Essentially, it's a JSON file implemented as a token contract, allowing users to create and transfer tokens.
3/ Due to the high cost of creating each token on the Bitcoin network, the BRC-20 standard is simply a script file with a rule that enables token transfers between different wallets.
#BRC20 #Bitcoin #cryptocurrency
#BRC20 #Bitcoin #cryptocurrency
4/ This BRC-20 standard was created on March 8, 2023 by a Twitter user named @domodata.
https://twitter.com/domodata/status/1633828036943704068?s=20
5/ After only 3 months, this ecosystem has appeared a total of 14,079 tokens with a total capitalization of more than 538 million USD. 
6/ This shows the significant growth of BRC-20 tokens. Currently, BRC-20 tokens are dominant in minting assets on Ordinals.
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