What Is All The Hype About BRC-20 Token Development?

Cryptocurrencies are this era’s breathtaking technologies that are revolutionizing our economic system. Cryptocurrencies offer numerous benefits for the world, such as seamless transactions, simplified asset transfer, secure transactions, low transaction fees, and easy access to funds.  It is one of the fascinating technologies in the world and is popular among tech enthusiasts and investors, influencing many to invest in cryptocurrencies.  

One such avenue for crypto entrepreneurs to venture on is the BRC20 tokens.  We all know Bitcoin, the first ever minted cryptocurrency, has been ruling the crypto sector since its inception in 2009 with a current market capitalization of around 550 Billion USD. Despite the ongoing debates and the crypto bear market, the BRC-20, a token standard of the Bitcoin network, has taken the crypto market by storm since its launch. It has experienced rapid growth since its launch and has a collective market capitalization of over $991 million as of May 9 2023. 

What is the BRC 20 Token Standard?

The BRC-20 token standard has emerged as the latest trend in the crypto sector , especially after the recent surge of memecoins like Pepe (PEPE) and Memetic (MEME). 

There are more that 8500 different tokens minted using the BRC 20 token standard with the majority being meme coins. The BRC-20 token standard was launched as an experimental token standard on the Bitcoin network inspired from the Ethereum’s ERC-20 token standard allowing developers to create and transfer fungible tokens using the Ordinals protocol. 

The BRC-20 standard enables developers to conveniently create and trade fungible tokens. These tokens are stored on the Bitcoin base chain and constructed using the ordinals protocols and the datas are incripted over it.. Programmers make use of JSON data to deploy token contracts, mint tokens, and conduct transfers.

However, despite being modeled after ERC-20, the BRC-20 standard differs significantly from its Ethereum-based counterpart.This is because, BRC-20 tokens do not utilize smart contracts and require a Bitcoin wallet for minting and trading.

BRC-20 Benefits: 

The BRC-20 token standard is still in its nascent stage, but its potential benefits are increasingly being recognized. Here are some of the advantages of using BRC-20:

• Security: BRC-20 tokens operate on the Bitcoin blockchain, inheriting the robust security measures of the Bitcoin protocol. With its Proof of Work (PoW) consensus mechanism and an extensive network of miners, Bitcoin is one of the most secure blockchains.
• Compatibility: BRC-20 tokens are natively compatible with the Bitcoin blockchain, simplifying their integration into the Bitcoin ecosystem. Furthermore, Bitcoin developers can easily incorporate and construct BRC-20 tokens without hassle.
• Fungibility: BRC-20 tokens are considered fungible, enabling effortless trading on various platforms, offering a straightforward alternative to Bitcoin trading newcomers.

Key Difference between BRC 20 and ERC 20 Token standard 

• The BRC-20 and ERC-20 token standards are implemented on two different blockchains, Bitcoin and Etherum respectively with different consensus mechanisms.
• Ethereum uses the proof of stake mechanism to validate all ERC-20 token transitions whereas Bitcoin uses the older proof of work mechanism, where miners validate transactions by solving complex computational problems.
• Another key difference between ERC-20 and BRC-20 is that the former utilizes smart contracts, whereas the latter does not. Ethereum is well-known for its use of smart contracts, which are programs that automatically execute transactions based on predefined conditions. BRC-20 tokens use inscriptions within the Ordinals protocol instead of smart contracts to function as fungible assets. 

How can we help you create your BRC-20 Tokens?

We make you familiarize yourself with the BRC-20 token standard and its features. This will help you understand what’s required to develop a BRC-20 token. We help you define your token requirements and determine the use case and purpose of your token, as well as the features and functionality you want it to have. Once the token utility is decided, our team of developers will create your BRC 20 tokens. Once the token is created and ready for launch, we help you list and market your tokens to potential investors. 

TurnkeyTown- Your Partner Of choice For BRC-20 Token Development

Take advantage of the growing trend in the crypto market and create your own tokens using the BRC-20 standard to make a splash in the industry. At TurnkeyTown, we have extensive experience and expertise in blockchain networks and continually seek new technological advancements to better serve our clients.

In addition, our core services such as decentralized platform development and Dapp creation, we also offer BRC-20 Token Development services. Our team of qualified professionals provides customized and effective results that meet your specific needs and global expectations.

We offer BRC-20 Token Development services with on-time, robust solutions and 24/7 service and assistance to ensure your success. At TurnkeyTown, we prioritize the security and confidentiality of our clients’ data, so you can trust us with your project. Contact us today to learn more about how we can help you create your own BRC-20 tokens.