BRC-20 tokens are an experimental token standard for the Bitcoin blockchain. Inspired by Ethereum's ERC-20, BRC-20 enables developers to create and transfer fungible tokens using the Ordinals protocol. Unlike the ERC-20 token standard, BRC-20 doesn't make use of smart contracts.
The BRC-20 token standard was created in early March 2023 by Domo, an enigmatic blockchain analyst. Nevertheless, the genesis of BRC-20 tokens can be traced back to Bitcoin's Taproot upgrade in November 2021, which increased the data capacity within Bitcoin blocks.
BRC-20 tokens are fungible digital assets created on the Bitcoin blockchain. These tokens are unique because they are inscribed directly onto Bitcoin's satoshis using JSON code, making them distinct from traditional tokens on platforms like Ethereum.
The growing popularity of BRC-20 has led to the rise of the BRC-20 token market capitalization to $928.44 million in a short period, with over 13,530 tokens in circulation. The token standards are currently evolving. Today, there are DRC and ORC token standards.
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