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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!

  

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