What is BRC-20?
The BRC-20 token standard is a new experimental token standard for Bitcoin, introduced on March 8, 2023 by Twitter user @domodata. Announced on March 10, 2023, the standard uses JSON data ordinal records to facilitate the deployment of token contracts, minting and transfer of tokens.
The name BRC-20 alludes to Ethereumâs ERC-20 standard, in a humorous way. However, BRC-20 is much simpler and is limited due to limitations inherent in the Bitcoin blockchain.
The first BRC-20 token is the "ordi" token, which has a maximum limit of 21 million tokens and a limit of 1,000 tokens per creation. The JSON data used to deploy the "ordi" token contract is as follows:
The response from the Bitcoin community was swift. Ordinal wallets such as Unisat quickly adopted the BRC-20 standard, and in less than 18 hours, all 21 million ordi tokens had been created. There is also demand for an additional 1.5 million ordi tokens, but this exceeds the set limit.
The creators of the BRC-20 token standard stress that this is just an experiment and that the tokens have no intrinsic value. Still, some speculative traders may view these coins differently.
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