Thread
#brc20 tokens are shaking up the crypto world.
But some experts warn they could be a new attack on #Bitcoin.
Small thread of #brc20 🧵 (0/6)
1️⃣ What is Ordinals?
2️⃣ What are BRC-20 tokens?
3️⃣ BRC-20 & ERC-20?
4️⃣ Unisat Wallet
5️⃣ $ORDI - First BRC-20 token
6️⃣ Personal Sentiment
But some experts warn they could be a new attack on #Bitcoin.
Small thread of #brc20 🧵 (0/6)
1️⃣ What is Ordinals?
2️⃣ What are BRC-20 tokens?
3️⃣ BRC-20 & ERC-20?
4️⃣ Unisat Wallet
5️⃣ $ORDI - First BRC-20 token
6️⃣ Personal Sentiment
1️⃣ What is Ordinals?
Ordinals is a protocol developed by software engineer Casey Rodarmor in 2022. It went live on January 21, 2023, and allows the submission of digital artifacts directly onto the Bitcoin blockchain.
Ordinals is a protocol developed by software engineer Casey Rodarmor in 2022. It went live on January 21, 2023, and allows the submission of digital artifacts directly onto the Bitcoin blockchain.
Case Rodarmor coined the term 'digital artifacts' to avoid using 'NFT'.
Instead of "minting" #NFTs, Ordinal uses 'inscriptions' to engrave images and content into the Bitcoin blockchain.
These inscriptions are also known as NFTs on Bitcoin.
Instead of "minting" #NFTs, Ordinal uses 'inscriptions' to engrave images and content into the Bitcoin blockchain.
These inscriptions are also known as NFTs on Bitcoin.
2️⃣ What are BRC-20 tokens?
Previously, with the help of Ordinals, users could mint numerous NFTs on Bitcoin. Now, the BRC-20 token standard has emerged, allowing for the creation of fungible tokens directly on the Bitcoin blockchain.
Previously, with the help of Ordinals, users could mint numerous NFTs on Bitcoin. Now, the BRC-20 token standard has emerged, allowing for the creation of fungible tokens directly on the Bitcoin blockchain.
BRC-20, developed by @domodata in March 2023, facilitates the creation of fungible tokens on the Bitcoin blockchain using the Ordinals protocol. It allows for contract deployment, token generation, and transfer between users.
3️⃣ BRC-20 & ERC-20?
#ERC20 is a standard for creating tokens on the Ethereum blockchain since 2015. It allows coins to work smoothly with dApps on Ethereum.
Tokens based on the ERC-20 standard are used in most dApps. It's like a large country with many companies inside.
#ERC20 is a standard for creating tokens on the Ethereum blockchain since 2015. It allows coins to work smoothly with dApps on Ethereum.
Tokens based on the ERC-20 standard are used in most dApps. It's like a large country with many companies inside.
#BRC20 stores #Bitcoin data but lacks functionality for smart contracts, making it unsuitable for decentralized exchanges or borrowing/lending protocols.
BRC-20 tokens are mainly used to move between wallets. The market's long-term development will be interesting.
BRC-20 tokens are mainly used to move between wallets. The market's long-term development will be interesting.
4️⃣ Unisat Wallet
#BRC20 tokens are created using the #Ordinals protocol, so an 'Ordinals wallet' is necessary for storing and transferring these tokens.
#BRC20 tokens are created using the #Ordinals protocol, so an 'Ordinals wallet' is necessary for storing and transferring these tokens.
#UniSat is an open-source wallet available as a Chrome extension, enabling users to create, store, and exchange #BRC20 tokens.
Moreover, the wallet allows for viewing unconfirmed #NFTs and etching data into the Bitcoin blockchain without running a full node.
Moreover, the wallet allows for viewing unconfirmed #NFTs and etching data into the Bitcoin blockchain without running a full node.
#Marketplace is a new feature in the #UniSat wallet.
However, just a few hours after the launch of UniSat Marketplace, this protocol experienced multiple double-spend attacks due to a vulnerability in the project's codebase.
However, just a few hours after the launch of UniSat Marketplace, this protocol experienced multiple double-spend attacks due to a vulnerability in the project's codebase.
$ORDI - First BRC-20 token
The first token deployed using the BRC-20 standard was $ORDI. Boasting a total supply of 21m tokens and a limit of 1,000 tokens per mint.
The first token deployed using the BRC-20 standard was $ORDI. Boasting a total supply of 21m tokens and a limit of 1,000 tokens per mint.
After the inception of $ORDI, various other tokens were introduced, primarily consisting of #memecoins.
Source: brc-20.io/
Source: brc-20.io/
6️⃣ Personal Sentiment
The emerging BRC-20 craze is attracting a large number of speculators and developers.
However, buying and selling BRC-20 tokens today isn't easy because they aren't yet popular on major exchanges.
The emerging BRC-20 craze is attracting a large number of speculators and developers.
However, buying and selling BRC-20 tokens today isn't easy because they aren't yet popular on major exchanges.
To buy BRC-20 tokens:
1. Use a Taproot-supported Bitcoin wallet.
2. Connect your wallet to an exchange with Ordinals protocol and BRC-20 standard (UniSat or Ordinals Wallet).
Huobi and Gate are the only exchanges that support BRC-20 tokens and list $ORDI.
1. Use a Taproot-supported Bitcoin wallet.
2. Connect your wallet to an exchange with Ordinals protocol and BRC-20 standard (UniSat or Ordinals Wallet).
Huobi and Gate are the only exchanges that support BRC-20 tokens and list $ORDI.
Watch out for the BRC-20! It's a breeding ground for rug-pull projects that'll drain your Bitcoin. Don't fall for overvalued junk data 💸
BRC-20, Pear Credit, and RGB-20 are competing to become the top standards for creating tokens on Bitcoin and Lightning Network.
This innovation can bring controversy and change how the community uses Bitcoin. Will it divide the community and redefine Bitcoin's usage?
This innovation can bring controversy and change how the community uses Bitcoin. Will it divide the community and redefine Bitcoin's usage?
Tagging some CTs that might have the same interests on #brc20 tokens
@0xBispo
@DeFiMinty
@DefiVampire
@thedefiedge
@CryptoMalfoy_
@Goku_Research
@LandfSmile
@SherifDefi
@hc_trades
@ChadCaff
@LouisCooper_
@Tanaka_L2
@CryptoKaduna
@rush_hour51
@DefiIgnas
@0xBispo
@DeFiMinty
@DefiVampire
@thedefiedge
@CryptoMalfoy_
@Goku_Research
@LandfSmile
@SherifDefi
@hc_trades
@ChadCaff
@LouisCooper_
@Tanaka_L2
@CryptoKaduna
@rush_hour51
@DefiIgnas
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