View source for BRC-20

* A [[Coloured Coins|coloured coin]] implementation on [[Bitcoin]], ineptly named after [[ERC20 tokens|ERC-20]]<nowiki/>s. BRC-20s however do not have the same [[Smart Contract (SC)|smart contract]] capabilities as ERC-20s have.
* [https://decentralparkcapital.substack.com/p/in-the-weeds-12 From] [[Decentral Park Capital]] (12-5-2023):

On the 20th of January, a developer by the name of Casey introduced the concept of the [[Ordinals]] Protocol. What he’d managed to do is find a way to inscribe any type of file [[On Chain|on-chain]] to a single [[Satoshi]], i.e. the smallest denomination of a Bitcoin, and track it throughout the Bitcoin network. This inscription tracks the ownership of the file, essentially creating a Bitcoin native onchain NFT. 

This concept was taken a step further by a pseudo-anonymous account known as domo, who identified a method through which it was possible to create [[fungible]] tokens on the Ordinals Protocol. Essentially, one inscribes [[JSON]] onto Bitcoin (Satoshis) via the Ordinals Protocol to "Deploy" a BRC-20 by providing a ticker, a maximum number of tokens, and a limit per mint. Users are then able to mint these tokens for free, yes that’s right… all BRC-20 tokens were minted for free with no [[Premine|pre-mine]]. 

BRC-20 tokens can only be transferred once a token project meets its maximum number of tokens minted. Transfers too are made possible by inscription, in which a user will inscribe a transfer JSON of however many tokens they desire to send. As it currently stands, there have been over 14k BRC-20 tokens deployed, with a total market capitalisation of over $580m. The most notable being the native token of the Ordinals Protocol itself, $ORDI, as well as meme coins $PEPE and $MEME. This token standard has been trending up only in its dominance of daily Bitcoin transaction count since the 20th of April, peaking at [https://dune.com/cryptokoryo/brc20 65.3% on the 7th of May]. The result is that Bitcoin recently saw [https://studio.glassnode.com/metrics?a=BTC&c=native&from_exchange=aggregated&m=fees.VolumeSum&resolution=24h&s=1578002400&to_exchange=aggregated&u=1683233999&zoom= two-year highs in network fees] as a result of congestion, with [[Binance]] even opting to temporarily halt withdrawals on the Bitcoin network as a result. 
[[Category:Jargon/Various]]