BRC-20 tokens are minted and spent like normal tokens. A Bitcoin ordinal wallet is required to mint BRC-20 tokens, and there is a limit for each mint. The BRC-20 token standard has seen a rise to prominence with the market capitalization reaching over $600 million and thousands of BRC-20 tokens minted already.
What is brc-20 & how does it work?
First developed in March 2023, by a pseudonymous programmer known as Domo, BRC-20 came out of a curiosity about the possibility of creating fungible tokens on Bitcoin following the launch of the network’s Ordinals protocol in January 2023. How Does BRC-20 Work? The functionality of BRC-20 tokens lies in the Bitcoin Ordinals protocol.
What are ordinal NFTS & brc-20 tokens?
Since then, Bitcoin developers have been exploring use cases of this new ability, giving rise to ordinals NFTs and BRC-20 tokens. Ordinal NFTs are non-fungible and are created by attaching a digital asset file such as images to a satoshi. BRC-20 tokens are fungible and are created in a different way.
What is ERC 20 & how does it work?
ERC-20 is an Ethereum token standard that enables developers to create tokens that are compatible with the broader Ethereum network and have built-in smart contracts.
