BRC-20 has created a FOMO sentiment that far exceeds people’s imagination in the past few days. The trend of speculation in the cryptocurrency industry has returned to the BTC track, and there may be unlimited possibilities in the future!
What is a Bitcoin NFT?
A Bitcoin NFT is the addition of arbitrary data to the smallest unit of Bitcoin (0.00…01), allowing each smallest unit to carry additional information. When added to the blockchain, it becomes a Bitcoin NFT, also known as a Bitcoin inscription.
What is ORDI?
It is the first token created using this technology, and only up to 1000 tokens can be minted each time, with a total supply of 21 million. In summary, BRC-20 is a technology for writing on banknotes, Bitcoin NFT is a banknote with writing on it, and ORDI is the first banknote to be written on using this technology.
Today’s analysis from four aspects:
1. What is BRC-20?
BRC-20 is an experimental token standard that uses Ordinal JSON data for token minting and transfer.
The first BRC-20 token contract is the “ordi” token, and only up to 1000 tokens can be minted each time, with a total supply of 21 million.
The first token contract is the “ordi” token, and only up to 1000 tokens can be minted each time, with a total supply of 21 million. The token currently has no actual value and requires more testing and validation.
Minting BRC-20 tokens requires choosing a reliable token minting service, using the transfer function correctly, and ensuring there is enough token balance before minting, as tokens cannot be changed or revoked once sent to an address.
2. Why is it worth paying attention to?
The Ordinals Protocol has created the native chain token ORDI, which is the first meme token on the BTC chain and has unique speculation value that cannot be compared to ERC-20 tokens.
Its fair distribution method avoids the problem of rat warehouses and is more fair than ERC-20. ORDI does not require VC intervention and has no so-called project parties, making it possible to reverse harvest.
The inscription issuance method includes tokens in the inscription, giving it value.
Its development potential, supported by BTC, can increase in value by improving its shortcomings in the future.
3. Common analytical tools
4. Outlook
ORDI actually has many shortcomings, such as issuance methods, existence methods, transfer methods, etc., but these shortcomings have become advantages with the support of BTC.
Once these shortcomings of ORDI are improved in the future, its development potential is immeasurable.
GlodChain‘s perspective is that BRC-20 and ORDI are not only valuable for speculation, but also have inherent value, as the value of one satoshi of Bitcoin determines the minimum value of the inscription itself.
However, at this stage, speculation is indeed a bigger factor, and only when the ecosystem develops, including wallets, exchanges, Dapps, and more creative gameplay, will there be a lot of imagination space, not just MEME coins.
Of course, as a new thing, there will be doubts and controversies, and it is normal. GlodChain, as a deep industry practitioner, also participates in it with a small position, otherwise, there will be no chance to get on the train after everyone understands it. Any industry is about insiders making money from outsiders!
