1/ We are starting off with @rodarmor, the mastermind behind the ordinals protocol. Earlier this year, the ordinals protocol ignited an explosion of innovation on the Bitcoin blockchain.
2/ Ordinals allow users to add data to a satoshi, turning it into something unique. Launched in January 2023, it has already facilitated over 2 million of these 'inscriptions'.
3/ Enter the BRC-20 token standard, created by the pseudonymous developer @domodata on March 8th, 2023. Inspired by Ethereum's ERC-20, this groundbreaking standard allows for the creation of tokens on top of the Bitcoin protocol!
4/ The first BRC-20 token, $Ordi, was created by @domodata. Since then, over 5,000 different tokens have been made. Most of these tokens are experimental, so be cautious before investing. Popular ordinal NFT collections and memes have inspired many creations.
5/ To get started with BRC-20 tokens, you need a @unisat_wallet or @ordswap wallet. Both platforms have marketplaces, with Ordswap leading in volume. @MagicEden, @trygamma, and even @binance are joining the fray, making access to ordinals more user-friendly.
6/ What challenges do BRC-20 tokens face? From potential standard changes to block space and fee debates, there are many hurdles to overcome. However, miners are benefiting from increased fees, so it's not all doom and gloom! βοΈ
7/ Closing thoughts: The ordinals protocol and BRC-20 tokens are still in their infancy but hold immense potential.
With Bitcoin's total market value of over $500 billion, any outcome of this that becomes valuable to Bitcoin holders can be worth all the risk and experimentation.
With Bitcoin's total market value of over $500 billion, any outcome of this that becomes valuable to Bitcoin holders can be worth all the risk and experimentation.
Read our full review on BRC-20 tokens and the potential implications of this innovative concept here:
flagship.fyi
Do you already hold any BRC-20 tokens? Let us know!
flagship.fyi
Do you already hold any BRC-20 tokens? Let us know!
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