BRC-20 tokens on the Bitcoin network are becoming an important part of future trends. With the Taproot upgrade at the end of 2021, the era of smart contracts on the Bitcoin network has begun, which marks the rapid development of the Bitcoin ecosystem. New asset types such as Ordinals NFTs and BRC-20 tokens have attracted widespread attention in the Bitcoin community and have significantly increased the income of BTC miners.
The Ordinals protocol, developed by Casey Rodarmor, allows data to be defined on Bitcoin for satoshis (one billionth of a Bitcoin). NFTs are the first use case for Ordinals, but the technology can also be used to issue ERC-20 tokens similar to Ethereum. The two-way bridge between BRC-20 and ERC-20 launched by MultiBit marks the transformation of Bitcoin from simply storing value to providing infrastructure services on Web3.
Over the next two years, we are likely to see some new projects running on the Bitcoin network and integrating with different networks causing a stir in the market. These innovations could lead to significant profits for investors, especially those who are the first to invest in DeFi platforms or other leading projects running on the Bitcoin network.
