The world is evolving and so are the token standards. ORC-20, the new buzz developed to cope with the limitations of the BRC-20.
The blockchain market is getting crowded each day with new technology and the latest token standards have popped out to be one of the premium innovations of this world. While token standards like BRC-20 and DRC-20 have turned out to be the talk of the town, with their bucket full of benefits, as they are getting older in the market, the developers are pin-pointing their negatives.
So, to cope with the flaws of BRC-20, the blockchain world has come up with one more innovation, the ORC-20 tokens. But what are these ORC-20 tokens? Let us find out.
What Is ORC-20?
These are a new sort of digital token created as an open standard for the Bitcoin network. They are an improved version of the BRC-20 token standard, tailored with the goal of overcoming constraints and introducing additional functionality for tokenization on the Bitcoin network.
ORC-20 tokens are introduced with the aim to erase the flaws of BRC-20 by increasing flexibility, scalability, and security, and to prevent the risk of double spending. However, there is a catch, unlike BRC-20 which has turned out to be a developers’ favourite, ORC-20 is just at its experimental stage. Therefore, though the tokens created with ORC-20 hold immense promise, their values and utility are still under question.
