BRC-20
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The BRC-20 token standard is an experimental fungible token standard for Bitcoin. Created by @domodata, (on March 8th, 2023) BRC-20 utilizes Ordinal inscriptions to deploy, mint, and transfer tokens. The name, “BRC-20” is a play on Ethereum’s ERC-20 token standard. The first token contract deployed was for the “ordi” token, with a limit of 1,000 tokens per mint and 21,000,000 tokens total.
Ordinal wallets such as Unisat were quick to deploy tooling for the BRC-20 standard, and in less than 18 hours, all 21,000,000 ordi tokens had been minted, with pending mints for an additional 1,500,000 ordi tokens that were not within the limit. 3 concepts: DEPLOY - MINT - TRANSFER DEPLOY: First a BRC-20 must be deployed. Let's analyse the J-SON file I used before with ordi, the first BRC-20:
p
Yes
Protocol: Helps other systems identify and process brc-20 events
op
Yes
Operation: Type of event (Deploy, Mint, Transfer)
tick
Yes
Ticker: 4 letter identifier of the brc-20
max
Yes
Max supply: set max supply of the brc-20
lim
No
Mint limit: If letting users mint to themsleves, limit per ordinal
dec
No
Decimals: set decimal precision, default to 18
So to deploy a BRC-20 you need to inscribe this file customizing with our own data. MINT: TO BE CONTINUED I HAVE TO JUMP IN A CALL Minting tips: The token standard specifies that whichever address receives the inscription first holds the tokens. So if you use an inscription service that mints to itself before sending the inscription to you, the inscription service will be the rightful owner of the tokens