BRC-20 Tokens

BRC-20 tokens represent fungible digital assets that are uniquely generated on the Bitcoin blockchain.

What sets them apart is their direct inscription onto Bitcoin's satoshis using JSON code, a departure from the conventional tokens found on platforms like Ethereum.

Origin:

The inception of the BRC-20 token standard can be attributed to Domo, a cryptic blockchain analyst, who introduced it in early March 2023. However, the roots of BRC-20 tokens can be traced back to Bitcoin's Taproot upgrade in November 2021, which augmented data capacity within Bitcoin blocks. This upgrade laid the foundation for the development of the Bitcoin Ordinals protocol, enabling the encoding of information onto individual satoshis.

Leveraging this protocol, BRC-20 tokens are engraved with JSON data, unlocking additional functionalities such as token deployment, minting, and transfer on the Bitcoin network. The standard facilitates the creation and transfer of fungible tokens through the ordinals protocol, with examples like Ordi, Vmpx, and Pepe emerging as popular tokens on the BRC-20 token list.

BRC20s in Oyl Wallet

Oyl offers in-wallet BRC20 buyflows—allowing users to find their best-matching BRC20 value inscriptions automatically, without having to review a list off another exchange. We’re committed to making BRC20 trading as simple as possible—so it feels like trading any other token redardless of its inscription backend. To get started trading BRC20 tokens, setup your Oyl Wallet with Bitcoin and you’re good to go!

Additional Information:

Check out Medium.com’s awesome guide for more information!