A new token standard on Bitcoin (BTC) has taken off, sparking a flurry of new activity on the largest blockchain by market cap.
BRC-20 is a new experimental token standard built for Bitcoin, created by a pseudonymous on-chain analyst who goes by Domo on Twitter.
BRC-20s, which borrow Ethereum’s “ERC-20” name, use ordinals, or inscriptions built into Satoshis, to deploy, mint and transfer tokens. While loosely modeled after the ERC-20, the BRC-20 is substantially distinct due to the different architecture of Bitcoin’s blockchain.
“This is just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions. It by no means should be considered THE standard for fungibility on Bitcoin with ordinals, as I believe there are almost certainly better design choices and optimization improvements to be made.
Consequently, this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Bitcoin community to tinker with standard designs and optimizations until a general consensus on best practices is met (or to decide that this is a bad idea altogether!).”
BRC-20s, while experimental, have skyrocketed in popularity, and are now making up a huge portion of the transactions on the Bitcoin network.
According to Dune Analytics, BRC-20 transactions have now passed over 2.4 million in just several weeks, generating over 110 BTC in fees for miners.
According to BRC-20 tracker Ordspace, the total market cap of BRC-20s is currently $97,048,788.032. Bitcoin is trading at $28,404, sideways on the week.
Disclaimer: Opinions expressed at BitcoinLinux are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. BitcoinLinux does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is BitcoinLinux an investment advisor. Please note that BitcoinLinux participates in affiliate marketing.
Featured Image: Shutterstock/Design Projects
Generated Image: DALLE-2
The post New BRC-20 Token Trend Goes Parabolic on Bitcoin (BTC) Network As Transactions Skyrocket Above 2,400,000 appeared first on BitcoinLinux.
Blocked because of Ad Blocker
It seems that you are using some ad blocking software which is preventing the page from fully loading. Please whitelist this website or disable ad blocking software.