BRC-20

BRC-20 tokens have become one of the latest innovations in the Bitcoin ecosystem, opening new possibilities for the network and challenging traditional perceptions of Bitcoin's potential. In this article, we will explain what BRC-20 tokens are, their pros and cons, and also discuss their potential impact on the blockchain space. @Cryptoland_8

First conceptualized in March 2023, BRC-20 is an “experimental token” that supports the deployment, minting and transfer of non-fungible tokens (NFTs) on the Bitcoin blockchain, by @domodata on Twitter Propose "Ordinal Theory" to add a new way of playing Bitcoin's original L1. Understand Ordinal and Inscription. "Ordinal" exists in every node of the Bitcoin ecosystem. "Satoshis" (sats) are the smallest unit of the Bitcoin network. 1 BTC = 100,000,000 sats. Everyone has Data such as text, images, videos, etc. can be "engraved" on Satoshi through the technology of "ordinal theory", and the tokens can then be "engraved" into inscriptions. Due to the relationship of "fairness and naming", $ORDI and $STAS are indirectly given status. The enthusiasm of the BRC-20 market has intensified the congestion of the Bitcoin network. You must know that the 4-year halving cycle of Bitcoin is approaching, and the block rewards will only become lower and lower. The "inscription" also causes the handling fees that miners obtain from it. Dramatic increase. On November 7, 2023 (UTC+8), Binance Exchange announced the listing of $ORDI . On the day of the announcement, the currency price was about 6U. As of December 6, it rose to a maximum price of about 65U with $BTC. However, at 0900 hours on the same day, Bitcoin ecological developers @LukeDashjr tweeted that "the serial number/inscription is a vulnerability on Bitcoin L1. It is a spam attack and will be fixed in subsequent versions." As soon as this was published, the currency price fell to 40U at 1900 pm. About 13 hours later (2300 (At that time) Luke wrote back that "it is not necessary to eliminate the inscription to bring benefits to Bitcoin." Then the price hit a record high of about 70U. On December 9, 2023 (UTC-5), the U.S. National Vulnerability Database (NVD) marked Bitcoin’s inscription technology (Inscriptions) as a cybersecurity risk and officially became a nationally certified vulnerability. Here comes the problem. After the vulnerability is repaired in the future, the inscriptions will not be tampered with based on the blockchain and will be "unable" to be deleted. The existing inscriptions will still exist on the Bitcoin network, but after the repair, can everyone continue to inscribe or trade them? ? After asking Luke, "Inscriptions cannot be traded in nature. It destroys the original ecology of Bitcoin and is used by some people to defraud money." But when I asked whether the existing inscriptions that had been listed on the exchange, such as $ORDI , would not be tradable in the future, he only replied, "Who knows?""This answer is very interesting. Even if it can no longer be inscribed or traded after repair, can the exchange issue new tokens based on the popularity of the existing inscriptions in a 1:1 exchange method for the original holders to exchange them? Can it still be traded in the future and retain the historical initiative of "Inscription"? Repair operations must be verified by miner nodes, but can such indirect exploitation of miner rewards really be approved by the community? If there is indeed a demand for BRC-20 inscriptions in the future market, it may be necessary to create a side chain through a "hard fork", such as the birth of $BCH in 2017, but NVD has recorded it as a vulnerability. Can this problem not be repaired? ? As of the moment of publication, according to#OKXWeb3 wallet information, 14,527 types of inscriptions on BRC-20 have been minted, and 4,120 types are in the process of minting. Before the vulnerability is fixed, everyone can "fairly" inscribe their own tokens and include them in node, but it may not be possible on BRC-20 in the future, and inscriptions can only be created through other chains. The above are only personal opinions. Everyone is welcome to discuss and share. They do not constitute any investment advice. #brc-20

1/ Open the webpage: https://cybord.org/thecraft.html

2/ To link Unisat wallet, you need to use bc1p address

3/ Select MINT in the first functional area, the receiving address will be automatically filled in with your linked wallet address

4/ Enter the name of the token you want to mint (TICK) and the single transaction amount (AMT) in the METAATTRIBUTES column. The letters need to be case-sensitive.

Token information can be viewed on the deployment inscription. The attached picture shows the deployment information of the protocol’s first token $BORD.

5/ In the content carrier column (CONTENT MODE), select the type of carrier you want to mint the token on. You can choose text, JSON data or other files.

"Battle of the Tokens: SATS vs. Ordi - Exploring the Crypto Showdown!"
let's break down...
SATS:
Advantages:
1. Association with Bitcoin: SATS maintains a strong association with Bitcoin, the most famous and widely used cryptocurrency. This provides additional trust to users due to its connection with the leading cryptocurrency.

2. Recognition of Satoshi Nakamoto: By using the name "SATS" and considering the smallest denomination in Bitcoin, the token pays homage to Satoshi Nakamoto, the creator of Bitcoin. This creates an emotional bond with the Bitcoin community and encourages token usage.
Disadvantages:
1. Dependency on Other Networks: SATS operates on other blockchain networks like Binance Smart Chain or Ethereum, meaning it has security and reliability dependent on those networks. This introduces additional risks not present in the Bitcoin network.
2. Meme Volatility Potential: As a meme token, SATS is susceptible to high price volatility and extreme fluctuations. Token prices can be influenced by meme trends and market sentiments rather than economic fundamentals.
Ordi:
Advantages:
1. Operates on Bitcoin Network: Ordi is one of the first tokens to run on the Bitcoin blockchain. This provides additional security as it is backed by the established and trusted infrastructure of the Bitcoin network.
2. Innovation in the Bitcoin Ecosystem: By using the BRC-20 token standard on the Bitcoin blockchain, Ordi brings innovation to the Bitcoin ecosystem, which previously was primarily focused on BTC transactions. This opens doors for further development within the Bitcoin network.
Disadvantages:
1. Functionality Limitations: As it operates on the Bitcoin network, Ordi may have limitations in functionality and capabilities compared to tokens running on more flexible blockchain networks like Ethereum or Binance Smart Chain.
2. Security Level: Although operating on the secure Bitcoin network, Ordi is still subject to security risks associated with Bitcoin's protocol and network infrastructure. This includes risks like 51% attacks and other protocol vulnerabilities.
It's important to note that these evaluations may change over time as the crypto ecosystem and individual projects develop. Before engaging in the usage or investment of any token, it's advisable to conduct thorough research and consider the risks and rewards associated with each project.

#brc-20 $ORDI $1000SATS #TrendingTopic!