What is ORC-20 Tokens ?
#ORC-20 tokens run on the #Bitcoin blockchain and are represented as #JSON (JavaScript Object Notation) files inscribed onto #satoshis with an Ordinal serial number, similar to BRC-20 tokens. Created after the #BRC-20 standard, ORC-20 aims to address a few of BRC-20's limitations by improving security and enhancing flexibility.
ORC-20 expands BRC-20's scope by supporting a wider array of #data formats and leverages Bitcoin's Unspent Transaction Output (#UTXO) model to circumvent the issue of double-spending, which has been a significant concern for some BRC-20 tokens.
What Is the ORC-20 Standard?
The ORC-20 standard is an open standard designed to improve BRC-20 on the Bitcoin network. The ORC-20 standard's objective is to maintain backward compatibility with BRC-20 while improving #adaptability, #scalability, and #security.
How Does ORC-20 Improve the BRC-20 Standard?
The #ORC-20 protocol builds on Ordinals and the BRC-20 token standard. The primary objective of the ORC-20 protocol is to promote the adoption of #Ordinals, digital artifacts that can carry various data types on the Bitcoin network. It enables users to deploy new ORC-20 tokens and migrate existing BRC-20 tokens.
#BRC-20 is an experimental token standard on the Bitcoin blockchain named after Ethereum's #ERC-20. It enables developers to create and transfer #fungible tokens through the Ordinals protocol. BRC-20 has become popular in the crypto #ecosystem, especially after the rise of meme coins like Pepe (#PEPE) in May 2023.
How Does ORC-20 Prevent Double-Spending?
The transaction model used in ORC-20 is based on #Bitcoin's #UTXO model. When a transfer occurs, the sender specifies the amount to be #received by the receiver and designates the remaining #balance to be sent back to themselves, simplifying the transfer process.
Risks of ORC-20 Tokens
Those who intend to invest in #ORC-20 tokens should first understand that ORC-20 is an #experimental project, and there is no assurance of the value or usefulness of tokens produced using this standard. While ORC-20 may potentially improve the token standards of the #Bitcoin network, it has received criticism for being #complex and not offering significant advantages over existing standards.
#ORC-20 tokens run on the #Bitcoin blockchain and are represented as #JSON (JavaScript Object Notation) files inscribed onto #satoshis with an Ordinal serial number, similar to BRC-20 tokens. Created after the #BRC-20 standard, ORC-20 aims to address a few of BRC-20's limitations by improving security and enhancing flexibility.
ORC-20 expands BRC-20's scope by supporting a wider array of #data formats and leverages Bitcoin's Unspent Transaction Output (#UTXO) model to circumvent the issue of double-spending, which has been a significant concern for some BRC-20 tokens.
What Is the ORC-20 Standard?
The ORC-20 standard is an open standard designed to improve BRC-20 on the Bitcoin network. The ORC-20 standard's objective is to maintain backward compatibility with BRC-20 while improving #adaptability, #scalability, and #security.
How Does ORC-20 Improve the BRC-20 Standard?
The #ORC-20 protocol builds on Ordinals and the BRC-20 token standard. The primary objective of the ORC-20 protocol is to promote the adoption of #Ordinals, digital artifacts that can carry various data types on the Bitcoin network. It enables users to deploy new ORC-20 tokens and migrate existing BRC-20 tokens.
#BRC-20 is an experimental token standard on the Bitcoin blockchain named after Ethereum's #ERC-20. It enables developers to create and transfer #fungible tokens through the Ordinals protocol. BRC-20 has become popular in the crypto #ecosystem, especially after the rise of meme coins like Pepe (#PEPE) in May 2023.
How Does ORC-20 Prevent Double-Spending?
The transaction model used in ORC-20 is based on #Bitcoin's #UTXO model. When a transfer occurs, the sender specifies the amount to be #received by the receiver and designates the remaining #balance to be sent back to themselves, simplifying the transfer process.
Risks of ORC-20 Tokens
Those who intend to invest in #ORC-20 tokens should first understand that ORC-20 is an #experimental project, and there is no assurance of the value or usefulness of tokens produced using this standard. While ORC-20 may potentially improve the token standards of the #Bitcoin network, it has received criticism for being #complex and not offering significant advantages over existing standards.