As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a new experimental token standard known as “Bitcoin Request for Comment,” or BRC20, has garnered substantial attention in the past week. With 10,487 BRC20 tokens built using Ordinals and a swelling market capitalization exceeding $95 million, this new development has the crypto world buzzing.
The Bitcoin community is abuzz with conversations surrounding the BRC20 token standard after its introduction by a pseudonymous developer named Domo in March. BRC20 tokens leverage the Ordinals protocol, enabling creators to mint fungible crypto assets onchain with ease. To create a BRC20 coin, individuals need to encode a JSON data object containing critical token information. Like an ERC20 token contract on Ethereum, this data would encompass fundamental details such as the token’s name, symbol, and total supply.
The impressive issuance of over 10,500 BRC20 tokens — alongside the surge of Ordinal inscriptions surpassing 3 million — has led to a backlog of over 200,000 unconfirmed transactions in Bitcoin’s mempool. A comprehensive list of these 10K+ BRC20 coins can be found at ordspace.org, displaying each token’s value in US dollars. Currently standing at a remarkable $95 million, the BRC20 token economy has witnessed tokens skyrocketing with quadruple-digit gains.
(by Jamie Redman)
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