What is BRC-20? What is the development prospect of BRC-20 token?

What is BRC-20?

BRC-20 is a new token protocol developed based on the Ordinals protocol native to the Bitcoin network. The Ordinals protocol is a scheme for numbering the smallest unit "Satoshi" in the Bitcoin network. It is also an NFT protocol based on the Bitcoin network. In the Bitcoin network, "Satoshi" is the basic unit of measurement, and 1 "Satoshi" is always equal to one 100 millionth of a Bitcoin. The Ordinals protocol assigns a unique serial number to each Satoshi based on its mining order, making it non-homogeneous and following the first-in, first-out rule when transferring Satoshis. Since both the numbering scheme and the transfer scheme depend on order, the protocol is named Ordinals.

In the past, the Ordinals protocol has been used to issue and transfer ownership of digital assets, such as pictures, videos, and audio files. These digital assets have their own verifiable uniqueness and cannot be used in 1: interchangeable on the basis of 1.

The significance and impact of the total market value of BRC-20 tokens

Since its inception, the market value of BRC-20 tokens has been rising steadily and has now exceeded The $700 million mark. As the first minted token of BRC-20, $ORDI has been officially launched on Sesame Exchange on May 8. Major well-known international exchanges such as Bitget and BingX have also launched the token trading pair. Obviously, $ORDI Its commemorative value cannot be ignored.

Although Layer-1 smart contracts continue to make headlines, Bitcoin still maintains its lead in the cryptocurrency market capitalization rankings. The ordinal numbers and inscriptions that appear in early 2023 may bring some answers. Inscription has had a significant impact on the Bitcoin blockchain, with transaction fees on the rise. On top of that, the pace of innovation is accelerating and developers are constantly releasing updates, whether on the decentralized, centralized, or hybrid fronts. I believe that BRC-20 can develop more applications.

The Prospects of Cryptocurrency and BRC-20 Tokens

The Future of Cryptocurrency Market

Cryptocurrency as an emerging investment project, It attracted the attention of many young people. Market growth continues and is stable, which is a good thing for the entire financial market. With the arrival of the Bitcoin halving period, more and more countries and institutions have begun to gradually make arrangements, which indicates the maturity and development of the market. Although the current market environment is relatively harsh, many people are still willing to calm down to learn blockchain knowledge and research related fields. In addition, there are still many funds that have not yet flowed in, and the market potential is still huge. Regardless, I believe the logic behind cryptocurrencies is bound to be accepted by the general public at some point in the future.

The prospects and development of BRC-20 tokens and $ORDI

As an investment project, BRC-20 tokens need to consider liquidity risks. However, its current ecological infrastructure is weak and lacks intelligence. Contracts limit the potential financial application value of “fungible/non-fungible” tokens. However, as the new craze brings an influx of developers, UniSat announced that the program code will be open source, the basic tools and facilities will grow rapidly, and more centralized exchanges will be connected, which will make transactions smoother and safer.

On the other hand, BRC-20 tokens currently lack practical application value, but as more projects emerge, I believe there will be more application scenarios that can create value for the tokens, such as Ordinals native GameFi Project

OrdzGames will use the BRC-20 protocol to issue rewards to further increase the utility and value of the token.

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