BRC20 Tokens – An Overview
BRC standards for Bitcoin Request For Comment. BRC-20 token standard is a Bitcoin blockchain’s framework that enables the developers to create and transfer fungible tokens through the ordinal protocol. This token standard was launched on March 2023 by an unknown analyst know as Domo. Despite being an experimental standard, BRC20 is based on Bitcoin’s network, the most well-established and secured blockchain. Hence, Bitcoin BRC20 token standard has gained massive popularity among the huge crypto fan base.
How It Works?
To have a better understanding about the functioning of BRC20, first you should know about the working mechanism of Bitcoin’s Ordnial protocol. These BRC20 tokens functions based on the functions that come under the Ordinal Inscriptions of JSON (JavaScript Object Notation). Such functions are – Mint function (), Deploy function (), Transfer function ().
Why is BRC20 Token A Game Changer for Bitcoin?
After the launch of this new BRC20 token standard, there has been a significant growth in the Bitcoin economy. Following that, the market cap of this BRC20 tokens have reached about $600 million with about 24,000 tokens. At this pace, this tokens can potentially be a game changer for the Bitcoin community.
Create And Trade BRC-20 Tokens On Bitcoin Network
If you are a cryptopreneur who is looking to invest on a new business model like BRC20, then there are many factors that you should consider before jumping into this. Apart from being a potential investment option, BRC20 tokens are still in its experimental state and have its own initial limitations and regulations. Hence it would be better for you to join hands with a crypto expert token development company like Developcoins at first. By doing so, you will have expert guidance and can oversee the drawbacks of investing in BRC20 Token Development.
