In the world of high technology, the most attention-grabbing events are not always the most important or game-changing ones. Today’s headlines revolve around the adoption of ETFs, the trial involving SBF, regulations, new FCA norms, the end of the crypto winter, and the start of a bullish cycle. Amidst the coverage of these events, it’s easy to overlook occurrences that unveil fresh perspectives for Bitcoin (CRYPTO: BTC).
Indeed, the cryptocurrency news cycle in the fall of 2023 seemed to showcase repetitive trends. It appears that the headlines from September to early November revolve around the chronicles of the collapsed FTX exchange and the trial of its former director, the saga of ETF acceptance, SEC-initiated inquiries, and experts’ contemplations on the onset of a bullish market with optimistic Bitcoin price forecasts.
Meanwhile, in early November the cryptocurrency exchange Bitget listed a new cryptocurrency, SATS (Ordinals), a new interchangeable token formatted as BRC20. This token surged in value by 700% since the listing, drawing attention from cryptocurrency investors who collectively generate a daily trading volume of $19 million.
BRC20 — Tokens On The Bitcoin Blockchain
The newly introduced SATS (Ordinals) token, classified as a meme token, might understandably evoke skepticism, but what’s notable is its format — BRC20. BRC20 refers to a token standard for the Bitcoin blockchain, analogous to the ERC20 standard on Ethereum. This standard allows for the creation and issuance of tokens on the Bitcoin network, marking a significant technological advancement for Bitcoin. Similar to the known formats ERC20 and TRC20, tokens on the Ethereum and Tron blockchains, respectively, BRC20 tokens reside on the Bitcoin blockchain. How did this become possible?
In January 2023, the Ordinals project unveiled the capability to place images and various data types onto the blockchain of the largest cryptocurrency, Bitcoin, without using a separate token or sidechain. Ordinals use the serialization of Satoshis to record data in the “witness” part of a Bitcoin transaction. By late February, the number of NFTs issued on the Bitcoin blockchain surpassed 160,000. Shortly after, on March 8, 2023, the token ORDI was created as the first BRC20-formatted token.
Unlike Ethereum’s ERC-20 tokens,…
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