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ORC-20 Token Transactions Reach Record High After Binance Academy Blog Post
ORC-20 Token Transactions Reach Record High After Binance Academy Blog Post
Introduction: Recently, a blog post by Binance Academy about ORC-20 Tokens resulted in a surge of transactions on the Bitcoin blockchain. ORC-20 Tokens, a new standard for digital tokens, have gained significant traction in the cryptocurrency market due to their flexibility, security, and efficiency. In this article, we will take a closer look at ORC-20 Tokens, the recent surge in transactions, and what it means for the cryptocurrency market.
What Are ORC-20 Tokens?
ORC-20 Tokens are a new standard for digital tokens developed to address some of the limitations of ERC-20 Tokens. ERC-20 Tokens, which are based on the Ethereum blockchain, are widely used in the cryptocurrency market but have some limitations. ORC-20 Tokens are designed to be more flexible, secure, and efficient, allowing developers to create custom tokens that can perform specific functions.
Surge in ORC-20 Transactions:
Following the Binance Academy blog post, ORC-20 Token transactions reached a record high of 72,200 in a single day. Approximately 70,000 ORC-20 Inscriptions were minted, resulting in 5.8 BTC being paid. These transactions were mainly concentrated in PUNK, PEPE, and MEME, which are popular digital collectibles built on the ORC-20 Token standard. This surge in transactions is a significant increase from the previous record high of 61,500 ORC-20 transactions in a day.
BRC-20 Tokens Remain Popular:
While ORC-20 Tokens experienced a surge in transactions, BRC-20 Tokens remain popular and widely used. On the same day, the number of BRC-20 transactions was about 265,000, indicating that BRC-20 Tokens continue to be a popular choice for digital tokens.
Takeaways:
ORC-20 Tokens are a new standard for digital tokens that address some of the limitations of ERC-20 Tokens.
The recent surge in ORC-20 Token transactions was sparked by a Binance Academy blog post.
Popular digital collectibles built on the ORC-20 Token standard, such as PUNK, PEPE, and MEME, saw the highest number of transactions.
BRC-20 Tokens remain popular and widely used in the cryptocurrency market.
Conclusion:
The surge in ORC-20 Token transactions following the Binance Academy blog post demonstrates the growing interest in this new standard for digital tokens. ORC-20 Tokens offer developers more flexibility, security, and efficiency than ERC-20 Tokens, which could lead to their widespread adoption in the future. While BRC-20 Tokens remain popular, it will be interesting to see how ORC-20 Tokens continue to develop and shape the cryptocurrency market.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
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#ORC20 #BRC20 #BTC #crypto2023 #feedfeverchallenge
Introduction: Recently, a blog post by Binance Academy about ORC-20 Tokens resulted in a surge of transactions on the Bitcoin blockchain. ORC-20 Tokens, a new standard for digital tokens, have gained significant traction in the cryptocurrency market due to their flexibility, security, and efficiency. In this article, we will take a closer look at ORC-20 Tokens, the recent surge in transactions, and what it means for the cryptocurrency market.
What Are ORC-20 Tokens?
ORC-20 Tokens are a new standard for digital tokens developed to address some of the limitations of ERC-20 Tokens. ERC-20 Tokens, which are based on the Ethereum blockchain, are widely used in the cryptocurrency market but have some limitations. ORC-20 Tokens are designed to be more flexible, secure, and efficient, allowing developers to create custom tokens that can perform specific functions.
Surge in ORC-20 Transactions:
Following the Binance Academy blog post, ORC-20 Token transactions reached a record high of 72,200 in a single day. Approximately 70,000 ORC-20 Inscriptions were minted, resulting in 5.8 BTC being paid. These transactions were mainly concentrated in PUNK, PEPE, and MEME, which are popular digital collectibles built on the ORC-20 Token standard. This surge in transactions is a significant increase from the previous record high of 61,500 ORC-20 transactions in a day.
BRC-20 Tokens Remain Popular:
While ORC-20 Tokens experienced a surge in transactions, BRC-20 Tokens remain popular and widely used. On the same day, the number of BRC-20 transactions was about 265,000, indicating that BRC-20 Tokens continue to be a popular choice for digital tokens.
Takeaways:
ORC-20 Tokens are a new standard for digital tokens that address some of the limitations of ERC-20 Tokens.
The recent surge in ORC-20 Token transactions was sparked by a Binance Academy blog post.
Popular digital collectibles built on the ORC-20 Token standard, such as PUNK, PEPE, and MEME, saw the highest number of transactions.
BRC-20 Tokens remain popular and widely used in the cryptocurrency market.
Conclusion:
The surge in ORC-20 Token transactions following the Binance Academy blog post demonstrates the growing interest in this new standard for digital tokens. ORC-20 Tokens offer developers more flexibility, security, and efficiency than ERC-20 Tokens, which could lead to their widespread adoption in the future. While BRC-20 Tokens remain popular, it will be interesting to see how ORC-20 Tokens continue to develop and shape the cryptocurrency market.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#ORC20 #BRC20 #BTC #crypto2023 #feedfeverchallenge
Bitcoin Ordinals
Do not ignore the #ORC20 protocol on Bitcoin #blockchain which is recently released to solve the shortcomings and problems of the #BRC20 protocol!
Soon you will start to hear a lot on socials 😉
For those who want to review: https://docs.orc20.org
#bitcoin
Soon you will start to hear a lot on socials 😉
For those who want to review: https://docs.orc20.org
#bitcoin
What Is the ORC-20 Standard?
The ORC-20 standard is an open standard designed to improve BRC-20 on the Bitcoin network. The ORC-20 standard's objective is to maintain backward compatibility with BRC-20 while improving adaptability, scalability, and security.
BRC-20 is an experimental token standard that allows users to mint and transfer fungible tokens via the Ordinals protocol on the Bitcoin blockchain.
How Does ORC-20 Improve the BRC-20 Standard?
The ORC-20 protocol builds on Ordinals and the BRC-20 token standard. The primary objective of the ORC-20 protocol is to promote the adoption of Ordinals, digital artifacts that can carry various data types on the Bitcoin network. It enables users to deploy new ORC-20 tokens and migrate existing BRC-20 tokens.
BRC-20 is an experimental token standard on the Bitcoin blockchain named after Ethereum's ERC-20. It enables developers to create and transfer fungible tokens through the Ordinals protocol. BRC-20 has become popular in the crypto ecosystem, especially after the rise of meme coins like Pepe (PEPE) in May 2023.
The current limitations of the BRC-20 standard, such as double-spending and restricted naming space, have led to a need for improvements. The proposed ORC-20 protocol introduces several enhancements, such as UTXO and flexible naming space, to address these limitations.
How Does ORC-20 Prevent Double-Spending?
The transaction model used in ORC-20 is based on Bitcoin's UTXO model. When a transfer occurs, the sender specifies the amount to be received by the receiver and designates the remaining balance to be sent back to themselves, simplifying the transfer process.
In the UTXO model, the previous inscribed balance is rendered invalid after each transaction is completed, aligning with the UTXO principles. Each "sends" event in ORC-20 tokens can include a nonce. This allows the sender to include a unique identifier for the transaction, which can be used to cancel a partial transaction if needed.
#Write2Earn #ORC20 #CryptoManMab
The ORC-20 standard is an open standard designed to improve BRC-20 on the Bitcoin network. The ORC-20 standard's objective is to maintain backward compatibility with BRC-20 while improving adaptability, scalability, and security.
BRC-20 is an experimental token standard that allows users to mint and transfer fungible tokens via the Ordinals protocol on the Bitcoin blockchain.
How Does ORC-20 Improve the BRC-20 Standard?
The ORC-20 protocol builds on Ordinals and the BRC-20 token standard. The primary objective of the ORC-20 protocol is to promote the adoption of Ordinals, digital artifacts that can carry various data types on the Bitcoin network. It enables users to deploy new ORC-20 tokens and migrate existing BRC-20 tokens.
BRC-20 is an experimental token standard on the Bitcoin blockchain named after Ethereum's ERC-20. It enables developers to create and transfer fungible tokens through the Ordinals protocol. BRC-20 has become popular in the crypto ecosystem, especially after the rise of meme coins like Pepe (PEPE) in May 2023.
The current limitations of the BRC-20 standard, such as double-spending and restricted naming space, have led to a need for improvements. The proposed ORC-20 protocol introduces several enhancements, such as UTXO and flexible naming space, to address these limitations.
How Does ORC-20 Prevent Double-Spending?
The transaction model used in ORC-20 is based on Bitcoin's UTXO model. When a transfer occurs, the sender specifies the amount to be received by the receiver and designates the remaining balance to be sent back to themselves, simplifying the transfer process.
In the UTXO model, the previous inscribed balance is rendered invalid after each transaction is completed, aligning with the UTXO principles. Each "sends" event in ORC-20 tokens can include a nonce. This allows the sender to include a unique identifier for the transaction, which can be used to cancel a partial transaction if needed.
#Write2Earn #ORC20 #CryptoManMab
