First, let’s take a look at what BRC20 is?
BRC 20 is an experimental format standard for the issuance of fungible tokens on the Bitcoin network. It was created by Twitter user domodata on March 8, 2023 based on the Ordinal protocol.
Similar to Ethereum's ERC 20 standard, it stipulates the names, issuance amounts, transfers and other functions of tokens issued on Ethereum. All token contracts developed based on Ethereum comply with this standard.
The main difference between BRC 20 and ERC 20 is that the Bitcoin network does not support smart contracts. It deploys token contracts, mints and transfers tokens by leveraging the Ordinal protocol to set inscriptions into JSON data format, that is, developers can create through the Ordinal protocol and the issuance of fungible tokens.
What is Ordinal?
Ordinal was proposed in January this year and is a system for numbering satoshis (sats), the smallest unit of Bitcoin.
These sats can be arranged in a certain order through Ordinals. The additional information is called "inscriptions". The process of appending information to sats is called "inscribe", that is, the "inscription" is engraved on satins.
This cannot avoid the debut of BTC nft earlier this year. In the past, NFTs were often issued on high-performance public chains such as ETH and Solana, but the ordinal team believes that NFTs can also be issued on the BTC network. This is how the Ordinals project was born.
With Yuga Labs also releasing the NFT series Twelve Fold on BTC, it has pushed this hot spot to a new level. What needs to be noted here is that NFTs on BTC are issued by being engraved on satoshis. Everyone began to think, since NFT can do it, can FT (Fungible Token) also do it?
As a result, in March this year, the first brc20 token ORDI was created.
There is another person worth mentioning here - Domodomodata who created the BRC20 standard.
He described the event itself as an interesting experiment, which I agree with. I don't agree with many of the slogans of Stud ORDI, at least you shouldn't do it until you figure it out.
BRC20 is more like an experiment/narrative change, bringing new variables to the current boring market.
Why do some early participants earn 10,000 times the profit on ORDI?
There is actually no need to go FOMO here, because the cost for early participants to obtain $ORDI is close to 0, so their rate of return sounds scary.
Summarize
There may be rising prices in BRC-20 now
In the crypto industry, if you want to seize the next bull market opportunity, you must have a high-quality circle, so that everyone can stay together and maintain insight. If you are just one person, looking around at a loss and finding that there is no one around, it is actually very difficult to persist in this industry.
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