Seeing all these hypes about BRC20 tokens but not entirely sure what they are? 👀 CMC's got you covered with the basic information on this new trend! 👇
BRC-20 tokens build upon the concept of marking single satoshis, as seen in Bitcoin Ordinals. While Ordinals tag individual satoshis to serve as NFTs, BRC-20 tokens involve "For example, if you wanted to create a collection of 100 hypothetical $RANDO BRC-20 tokens, you'd mint the collection by inscribing one sat with the relevant JSON data. JSON data can be used to define the token name, symbol, supply and other properties.
Or to use the dollar/sats metaphor again: you mark one dollar bill with information about 20 $RANDO stickers, which are not dollar bills. You always need a dollar bill to transfer stickers. But the bill does not back the stickers themselves, nor can they do anything. If this sounds complicated and not intuitive, that's because it is. Bitcoin was not created for this workaround, as many on Crypto Twitter have pointed out:allows for these workarounds to be implemented on Bitcoin. And memecoin season just happened to come around, so... one thing led to another.
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