). Ordinals enable the creation of fungible tokens on top of Bitcoin. Meanwhile, Inscriptions allow users to create unique digital assets on the Bitcoin blockchain. Together, they form the BRC-20 token standard that allows users to deploy, mint and transfer Bitcoin assets.
Unlike the ERC-20 token standard, BRC-20 tokens cannot perform complex functions and are limited to the three aforementioned features. The protocol was created by Twitter user Domo on March 8, 2023. Since then, 34,652 BRC-20 token types have been deployed. In comparison, there be as many as 400 million ERC-20 tokens on Ethereum. Domo has personally stated that the BRC-20 standard is “worthless” and that users should “not waste money mass minting” this “fun experiment."
Last month, cryptocurrency exchange okx also announced support for BRC-20 assets via the OKX Wallet app. Many centralized and decentralized exchanges have also rolled out BRC-20 support.