BRC-20 tokens represent a new, experimental standard for fungible tokens on the Bitcoin blockchain, introduced in March 2023 by an anonymous developer named Domo. This innovation stems from the earlier launch of the Bitcoin Ordinals protocol, which allowed data inscriptions on satoshis. Unlike ERC-20 tokens on Ethereum, BRC-20 tokens do not utilize smart contracts, requiring the inscripted JSON data to define their properties and functions. The simplicity of deployment and transfer processes emphasizes ease of asset tokenization, yet limits their functionality, distinguishing them from Ethereum's robust token ecosystem.
BRC-20 tokens, an innovative standard introduced in 2023, utilize Bitcoin’s Ordinals protocol to create fungible tokens, enhancing Bitcoin's capabilities akin to Ethereum's ERC-20.
Designed to facilitate easier asset tokenization on the Bitcoin network, BRC-20 tokens prioritize simplicity over the complex functionality found in Ethereum's smart contracts.
While BRC-20 tokens lack the extensive features of ERC-20 tokens, their emergence fosters a growing ecosystem of fungible coins on the Bitcoin blockchain.
The initial BRC-20 token, 'ordi,' showcased the potential of this new token standard, prompting further development and popularity among developers and users.
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