📢 Gate Square #MBG Posting Challenge# is Live— Post for MBG Rewards!
Want a share of 1,000 MBG? Get involved now—show your insights and real participation to become an MBG promoter!
💰 20 top posts will each win 50 MBG!
How to Participate:
1️⃣ Research the MBG project
Share your in-depth views on MBG’s fundamentals, community governance, development goals, and tokenomics, etc.
2️⃣ Join and share your real experience
Take part in MBG activities (CandyDrop, Launchpool, or spot trading), and post your screenshots, earnings, or step-by-step tutorials. Content can include profits, beginner-friendl
BRC-20: The Innovative Transformation and Future Outlook of the Bitcoin Ecosystem
Ordinal is an innovative technology on the Bitcoin network that assigns a unique serial number to each Satoshi (the smallest unit of Bitcoin). This mechanism allows individual Satoshis to be tracked and traded, and they can carry additional data such as images, text, or videos. When this data is written to a Satoshi and confirmed through a transaction, it will be permanently stored on the Bitcoin Blockchain, making each Satoshi a unique non-fungible asset.
The emergence of ordinal technology has brought new possibilities to the Bitcoin network, especially in the non-fungible token (NFT) space. Compared to traditional NFTs, ordinal-based NFTs exist directly on the Bitcoin blockchain without relying on other platforms or protocols. Since the launch of ordinal technology in January 2023, NFT activity on the Bitcoin network has increased significantly, driving rapid development in this field.
Based on ordinal technology, a new token standard BRC-20 emerged in March 2023. BRC-20 is a fungible token standard on the Bitcoin Blockchain that differs from Ethereum's ERC-20 standard, as it does not rely on smart contracts but instead utilizes ordinal inscription technology. BRC-20 tokens achieve deployment, minting, and transfer functions by directly writing JSON data into Satoshi.
It is important to note that while BRC-20 is an application of ordinal inscriptions, not all ordinals are BRC-20 tokens. Regular ordinals can contain any type of information, whereas BRC-20 tokens always include JSON data in a specific format. This design gives BRC-20 tokens their fungibility, which is the main difference between them and standard ordinals.
According to market data, the total market capitalization of BRC-20 tokens has increased by 3.4 times in just 7 months, reaching approximately $3.4 billion. Among them, ORDI (as the first minted BRC-20 token) and top tokens like SATS have performed particularly well.
The advantages of BRC-20 technology include:
However, BRC-20 also faces some challenges:
Nevertheless, the emergence of BRC-20 has changed the landscape of the Bitcoin ecosystem. With the development of Bitcoin's second-layer network, it is expected that in 2024, more decentralized finance (DeFi) projects centered around BRC-20 will emerge. Although BRC-20 is still in its early stages, its development trajectory somewhat resembles the growth process of Ethereum. The increasing interest from users, project parties, developers, and investors in BRC-20 fully demonstrates the potential and future development space of this technology.