The market value of tokens “Bitcoin Request for Comment” Or BRC-20constructed using of Ordinals and stored on the bitcoin blockchain, has seen a massive increase. The combined market capitalization of nearly 9,000 BRC-20 tokens now stands at $140 million, an impressive 700% increase from the $17.5 million recorded a week ago, according to data tracked by Ordspace.
The emergence of the BRC-20 token standard
The on-chain analyst home created the BRC-20 token standard in early March to enable the issuance and transfer of fungible tokens on the Bitcoin blockchain. This experimental invention was born shortly after the launch of the Ordinals protocolallowing users to incorporate digital art references into small transactions Bitcoina non-fungible system this time.
Since their creation, the BRC-20 tokens accounted for nearly 6% of all activity Bitcoin.
Now you could check the daily changes rate of the $ORDI holders!
#BRC20 https://t.co/XX898jtuoD pic.twitter.com/AHlx6uRhQS
—OrdSpace.org-Ordinals (@ordinalsda) May 1, 2023
BRC-20 tokens vs ERC-20 tokens
Although the token standard BRC-20 can look like the popular standard ERC-20, they differ in several respects. Notably, BRC-20 tokens do not have the ability to interact with smart contracts. ERC-20 tokens, the technical standard for fungible tokens created usingEthereumrun on the first blockchain of smart contracts.
BRC-20 is not a regular token standard as with EVM chains, which create smart contracts that manage the token standard and its various rules. Instead, it’s just a way to store a script file in Bitcoin and use it to assign tokens to satoshis and then let them be transferred between users.
There bitcoin blockchain is ultimately used as a exchange fully fledged.
The same coins currently dominate the BRC-20 standard. Indeed, at the time of writing this article, the three main tokens of the BRC-20 standard are PEPE, COMPUTER And OG.
The article Bitcoin: BRC-20 tokens explode, their value reaches $137 million appeared first on Corner Academy
