With the BRC-20 standard, everyone can now issue tokens on the Bitcoin network just as they can on the Ether ecosystem, and the market's enthusiasm for BRC-20 was beyond expectation, with over 30,000 Ordinals Inscriptions minted in a record-breaking 24 hours.
What is BRC-20?
The name is an interpretation of Ether's ERC-20 standard, which utilizes serial number mnemonics of JSON data to deploy token contracts, mint tokens, and transfer tokens.The BRC-20 standard is an experimental homogenized token standard created by @domodata on March 8 of this year. With BRC-20, everyone can issue tokens on the Bitcoin network just as they can on Ether!
What is Ordinals
A Bitcoin can be divided into multiple units, each of which is called a "satoshi," and the Ordinals protocol recognizes and trades each individual satoshi by inscribing text, images, music, videos, and other files on each satoshi through an Inscription action. Ordinals has the same characteristic as Bitcoin: decentralization.
Bitcoin NFT, also known as the Bitcoin Ordinals Protocol, is a method of creating cryptographic asset content on the Bitcoin blockchain.Launched in January 2023 by Casey Rodarmor, the Ordinals Protocol allows the creation of different asset content on the Bitcoin blockchain, including text, images, music, and videos.
Traditional Ether NFTs are similar to Ordinals in some ways, but these NFTs are usually made using smart contracts, and Ether NFTs are actually split into two parts, the "token" and the "corresponding content".
Ether NFTs are essentially "tokens" on a chain, and their tokens point to "corresponding content", such as images, videos, text, etc. This metadata is hosted under the chain, so there is a certain degree of risk of loss, and it can be modified by others.
Instead, BTC Ordinals are inscribed directly onto individual Satoshi and then incorporated into blocks of the Bitcoin blockchain, so the Ordinals inherit the simplicity, immutability, security and durability of Bitcoin itself.
Why should we be concerned about BRC-20?
- The BTC ecology is such a big hit that it will naturally become a new direction for speculation.
- Inscription is permanently uplinked and truly decentralized.
- The technology is likely to be developed in more applications.
- Yugalabs also issued NFT through Ordinals Agreement
- Suddenly, a technology that has been recognized for a long time has a new development, and naturally, it has a greater potential to become the next hot spot.
BRC20 Popular Token
- ORDI: First BRC20 Token
- PEPE: Fascinated by Pepe, very hot lately.
- MEME: The Mystery Factor Concept
- PUNK: Ether NFT Market Blue Chip
If you want to check the price of various BRC20 tokens, you can use this BRC20 Website。
First token deployed by BRC-20: $ordi
- Limit of 1,000 coins per minting, total supply 21,000,000
- The over-the-counter price is now nearly 1,000 times higher.
- No use at the moment, it can be considered as an air coin.
How can I buy $ordi?
First, create a wallet:
After you have successfully created a wallet:
- When adding a wallet, select the Taproot network (the wallet address beginning with bc1p) because you want to receive the BRC-20 asset, then click Continue.
- The wallet page on the right side of the picture below will have a wallet address for storing BRC-20 tokens.
Steps to deposit
It is very easy to withdraw funds from the exchange, send them to your wallet address and wait for confirmation of the transfer.
If you don't have an exchange account yet, you can refer to the following articles
IV. Buying $ordi
- Enter https://unisat.io/market
- Click ordi, confirm the quantity and unit price, and click the Buy button.
- The Confirm Transaction screen will pop up, click Confirm.
- Sign in the pop-up Unisat wallet
- Complete the purchase!
Conclusion
Ordinals created another use case for a Bitcoin network, but the protocol was controversial, with some arguing that Bitcoin's relative simplicity should be preserved and limited to storage and transmission values, while others argued that Bitcoin should evolve to incorporate new features and use cases.
However, please be reminded that when transferring money using Bitcoin wallets, there is a chance that the BTC NFTs will be sent out together (a mechanism problem), so it is recommended that the wallet that receives the NFTs should not be used for any other operations, so as to avoid the risk of losing the NFTs.