đ„ OVERVIEW OF BRC-20 SYSTEM (PART 1)đ„
đBRC-20 is a token standard created in March 2023 by an anonymous user named âDomoâ (@domodata on Twitter). Most of us are familiar with the ERC-20 token standard on the Ethereum network or BEP-20 on the BNB chain... However, recently, the market has witnessed the explosive growth of meme coins. anonymous like PEPE coin, PUNK.. What these coins have in common is that they are created extremely quickly thanks to the common use of the BRC-20 standard. So what is this standard? Will the BRC-2 token be the next trend in the near future? Please join us to learn more about these issues in the articles below.
đ What is BRC-20 token?
First, BRC-20 is an experimental token standard inspired by the Ethereum network's own ERC-20 standard. It was born in March 2023 by an anonymous user named Domo. With BRC-20, developers can easily create and trade fungible tokens using the Ordinals platform. The BRC-20 token is a token that complies with the BRC-20 standard. They are stored on the Bitcoin base chain and built with the help of serial numbers and inscriptions. We covered the concepts of serial numbers and inscriptions in a previous article about Bitcoin NFTs. Interested readers can learn more here. The ease of use and flexibility that the BRC-20 standard offers may have attracted the attention of many developers and investors. Although inspired by Ethereum's ERC-20, the BRC-20 token standard has some fundamental differences that make it unique.
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