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Bitcoin might be one of the oldest cryptocurrencies, but it's still going through a lot of changes. The BRC-20 token standard on the Bitcoin network, launched in March 2023 by an anonymous blockchain analyst known as Domo, has the potential to change how users interact with the blockchain. If you want to experiment with this exciting new token standard, it's helpful to understand how it works. It's quite different from other, similar token standards, such as ERC-20, so even experienced crypto enthusiasts may become confused. To learn more about BRC-20 and understand how you can use it, we’ll explore it in this helpful guide.
Key Takeaways:
The BRC-20 token standard is a type of experimental token that uses Bitcoin’s Ordinals protocol and allows users to mint, deploy and transfer fungible tokens.
The BRC-20 token standard was developed in March 2023 by an anonymous developer known as Domo.
As of early 2024, the Bitcoin community is anticipating a critical update to Bitcoin Core that may significantly impact the functionality of BRC-20 tokens.
Those interested in trading BRC-20 inscriptions can look forward to doing so on Bybit’s new Inscription Marketplace.
The BRC-20 standard, a type of experimental token that uses Bitcoin’s Ordinals protocol, allows users to mint, deploy and transfer fungible tokens.