Cointime

Cointime

Download App
iOS & Android

BRC-20 101

Author: CryptoSherry

August 14, 2023

Welcome to the inaugural installment of the Brc-20 series, where we embark on an enlightening expedition into the very core of the Brc-20 ecosystem. Within these articles, we will systematically delve into the foundational principles that underpin the Brc-20 landscape, catering to both newcomers and seasoned crypto enthusiasts alike. Join us as we demystify the intricate web of BRC20, unraveling its fundamental concepts and operational intricacies.

Section One: Demystifying Fundamental Concepts

1.  Deciphering Satoshi (or Sat): The Keystone of Bitcoin

  • At the nucleus of Bitcoin resides the satoshi (or sat), representing the smallest divisible unit.
  • A single bitcoin comprises 100 million satoshis.
  • Satoshis serve various roles, from microtransactions to trade and transaction fee coverage.
  • Principally employed for facilitating transaction fees.
  • The minimum bitcoin transactable is 547 satoshis or 0.00000547 BTC.

2. Bitcoin Ordinals: The Path of Traceability

  • Bitcoin Ordinals offer a systematic approach to trace satoshis by assigning sequential numerical identifiers based on their chronological mining order.
  • Infusing data onto Ordinals mirrors the distinctiveness of non-fungible tokens (NFTs), analogous to Ethereum's smart contract-based tokens.

3. Inscriptions: Crafting Identity and Uniqueness

  • Following identification through the Ordinals protocol, satoshis can be adorned with bespoke data, a process referred to as inscriptions.
  • The fusion of Ordinals and inscriptions introduces an NFT-like quality, devoid of the intricacies associated with smart contracts.

4. Introducing Brc-20: Forging New Possibilities

  • BRC-20, reminiscent of Ethereum's Erc-20 standard, is a token framework founded on the Ordinals protocol, facilitating the creation of fungible tokens.
  • JSON code is etched onto sats, endowing them with the ability to execute code snippets that define token attributes across the Bitcoin network.
  • This groundbreaking standard empowers users to conceive and manage blockchain-based assets through their Ordinal wallets.

Section Two: Navigating the BRC-20 Terrain

1. Setting the Stage: Preparing Your Wallet

  • Embark on your journey by visiting https://unisat.io/ and establishing a new wallet.
  • Elevate your security quotient by selecting a Taproot address.

2. Deploying a Brc-20 Token: Forging New Frontiers

  • Initiate the token deployment process by ensuring the uniqueness of your chosen token name on https://brc-20.io/.
  • Seamlessly connect your wallet and initiate the token deployment process by clicking on "Inscribe."
  • Define vital parameters such as the token's name, total supply, and transactional limits.
  • Ponder over the address selection, ensuring it adheres to the taproot address standard.
  • Tailor the withdrawal fee to your preference, with higher Sats/Byte translating to expedited transactions albeit at a higher cost.
  • Conclude the process by submitting and fulfilling the invoice.

3. Minting: Opening the Gateway to Token Generation

  • Minting unveils a participatory process wherein tokens are collectively generated by contributors.
  • Approach 1: Embrace unisat for token minting, a versatile choice.
  • Approach 2: Opt for the cost-efficient pathway offered by LooksOrdinal.

4. Unveiling the Marketplace: Glimpses of the Future

  • Gaining access to Unisat's built-in Marketplace mandates a minimum of 20 points.
  • Accumulate points by actively engaging in token minting, each successful instance earning you a valuable point.
  • Utilize your hard-earned points to explore the bustling marketplace, an avenue brimming with innovative possibilities.
  • Even with fewer points, limited access to the marketplace ensures continued engagement, albeit in a read-only capacity.

Section Three: Tool Kits for Brc-20 Pioneers

1. Scanner: Navigating the Blockchain Landscape

  •   Simplify your journey with scanners like Ordiscan and Mempool.space, enabling you to traverse the intricate web of blockchain data.   

2. Wallet and Marketplace: Your Gateways to the Brc-20 Universe

  •   Unveil the potential of Brc-20 through platforms such as Unisat, OrdsWap, and OrdinalsWallet, offering secure wallets and a dynamic marketplace.    

3. Mint Tools: Shaping the Future of Tokens

Setting Sail for the Brc-20 Odyssey

As we draw the curtains on this illuminating voyage into the rudiments of the Brc-20 realm, we anticipate the forthcoming chapters of this series with great enthusiasm. Our current exploration has merely skimmed the surface, leaving abundant treasures waiting to be discovered. Join us in the upcoming installments as we delve deeper, uncover novel applications, and navigate the dynamic expanse of the Brc-20 universe. The expedition has just commenced, and we invite you to embark on this enriching journey with us. Stay tuned for more revelations and insights!

  

Comments

All Comments

Recommended for you

  • New York Attorney General Letitia James Leads Bipartisan Coalition of 17 Attorneys General Against the CLARITY Act

    Eighteen state attorneys general, led by New York Attorney General Letitia James, sent a letter to the leadership of the Senate Banking Committee on September 14, urging the Senate to reject the CLARITY Act in its current form. The letter points out that the bill would undermine law enforcement authority at the state level, especially as fraudulent activities in the digital asset space continue to escalate. This coalition is notably bipartisan, with Republican attorneys general from Kansas and Ohio joining their Democratic counterparts in opposing the legislation.

  • U.S. Senate to Hold Procedural Vote on CLARITY Act at 2:15 AM Beijing Time on September 16

    On September 15, according to official news, the U.S. Senate will hold a procedural vote on the CLARITY Act at 2:15 PM local time on September 15. This vote requires 60 votes in support for the bill to proceed to the formal review stage. The Senate Republicans released the final revised text on September 14, incorporating 126 amendments proposed by the Democrats and most of the ethical provisions accepted by Trump. It is important to note that this vote is not a decision on the final passage of the bill.

  • Senator Lummis: Current CLARITY Act is the Best Compromise Version, but Democrats Demand Further Changes

    On September 15, U.S. Republican Senator Cynthia Lummis stated that after the Senate Republicans unveiled the final compromise version of the CLARITY Act over the weekend, Democrats are still calling for more modifications. She remarked, "Democrats want more; they always want more. If we wait another month, they will come up with more demands." Lummis noted that Republicans have made concessions on 114 specific policies during negotiations, including legal protections for DeFi developers and restrictions on government officials' interests in cryptocurrency businesses. She expressed surprise that Trump agreed to the further tightened ethical provisions in the new draft. The Senate is set to hold a procedural vote on Tuesday, and the bill requires at least 60 votes to advance. Lummis indicated that it is currently uncertain whether sufficient support can be garnered and stated that the current version "is already the best result that can be achieved," and that there is no capacity for another round of modifications.

  • ETH Briefly Surpasses $2600

    Market data shows that ETH briefly surpassed $2600, currently priced at $2553.42, with a 24-hour increase of 1.73%. The market is highly volatile, so please ensure proper risk management.

  • BTC Surpasses $79,000

    Market data shows that BTC has surpassed $79,000, currently priced at $79,007.9, with a 24-hour increase of 2.2%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Nasdaq Golden Dragon China Index Rises Over 0.5%

    On September 14, the Nasdaq Golden Dragon China Index rose over 0.5%. Tianyan Pharmaceutical increased by 3.82%, Li Auto by 3.77%, iQIYI by 2.90%, Dingdong Maicai by 2.57%, and Lufax Holding by 2.48%.

  • Amundi Purchases 2-Year U.S. Treasury Bonds, Bets on High Oil Prices and Financing Costs Weighing on U.S. Economy

    Amundi, with assets under management of $2.8 trillion, has begun purchasing 2-year U.S. Treasury bonds and has closed its short positions on U.S. short-term interest rates. Portfolio manager Nicolas Dahan believes that rising oil prices to $100 per barrel and soaring financing costs increase the risk of a slowdown in the U.S. economy. As the yield on 2-year U.S. Treasury bonds rises above 4.50%, their appeal as a safe-haven asset increases. Amundi is reallocating its bond investments in the U.S., Europe, and the UK while extending the duration of its portfolio.

  • Pinterest Partners with NVIDIA to Build New AI Capability Module

    On September 14, Pinterest announced its collaboration with NVIDIA to develop a new AI capability module.

  • Coinbase CEO: Tokenized Stocks Set Industry Standard, Global Investors Access $70 Trillion US Stock Market

    On September 14, Coinbase CEO Brian Armstrong posted on the X platform with a video stating that Coinbase's tokenized stocks have set the industry standard. He emphasized that this product does not involve synthetic products or debt instruments, but rather represents fully-backed securities that can be redeemed for underlying shares, with dividends integrated and voting rights soon to be introduced. Armstrong pointed out that this means global investors and institutions can access the US stock market valued at over $70 trillion, built on a solid foundation.

  • Trump Family Transfers Over 20 Billion WLFI Tokens to New Ownership Contract to Facilitate Future Sales

    On September 14, according to the Washington Sun, President Trump and other founders of World Liberty Financial have transferred over 20 billion WLFI tokens into a new ownership contract, clarifying the path to future liquidity, replacing the previous indefinite lock-up. On May 19, four wallets simultaneously transferred their holdings into this contract, with one allocation matching Trump's disclosed holdings and the other three believed to correspond to allocations held by family members. According to governance rules approved in May, founders can choose an indefinite lock-up or a new timeline—destroying 10% of the allocation and gradually unlocking the remaining tokens over three years after a two-year cliff period. These tokens are currently not available for sale. World Liberty Financial denies that this move is preparing for a sale, while critics argue that the founders voluntarily chose the only option that ultimately allows token liquidity. Reports indicate that retail investors have lost over $1 billion.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company