The recent Bitcoin ecology is really lively. A token called BRC-20 has quickly become popular in the ecology.
There is only one word difference between BRC-20 tokens and ERC-20 tokens of Ethereum, but the two are very similar in meaning, both represent homogeneous tokens, except that B in BRC represents BTC, ERC The E in stands for Ethereum (Ethereum).
In the recent wave of BRC-20 token issuance on Bitcoin, the first BRC-20 token to be issued is Ordi. Since this token is regarded by many fans as the "first" token in the ecology, the price has risen extremely rapidly, and it has risen more than 100 times since its release.
It is a proper hundred times currency.
Ordi is a typical example of these BRC-20 tokens.
But is the BRC-20 token really the first homogeneous token in the Bitcoin ecosystem?
Actually not.
As early as 2014, pioneers in the encryption ecosystem had issued a homogeneous token on Bitcoin through a protocol called Counterparty: XCP.
The issuance of this token is issued by burning bitcoins. After the Counterparty protocol goes online, anyone who sends bitcoins to a designated address of the protocol will be burned, and then the sender will get a corresponding proportion of XCP tokens.
A total of over 2.6 million XCP tokens have been issued in this way.
Afterwards, the predecessors in the encryption ecosystem continued their efforts to issue a series of digital assets that today seem to belong to NFT based on the Counterparty protocol, including the famous Rare Pepe. And Rare Pepe is traded with XCP tokens.
Therefore, XCP is not only a homogeneous token practiced earlier in the Bitcoin ecosystem, but also in that era, there was already a trading platform and trading ecology built around XCP.
It's just that at that time, these were just regarded as an attempt and a kind of performance art.
Today’s BRC-20 tokens simply use a different technology to do what the industry has done before.
Back to BRC-20 tokens. Purely in terms of creativity, I really don't agree with some people who regard it as the first homogeneous token in the Bitcoin ecosystem. Purely in terms of use value, there is no actual use value at present. So let’s just look at it as a meme (MEME) coin.
Since it is a meme coin, it depends on whether the story it tells can attract more follow-up people to participate. To attract more people to join, you need good stories and low-threshold transactions.
At present, from the story point of view, I think they are still a bit worse than the shit coins in the past; in terms of transaction convenience, due to technical obstacles, their current transactions are not very smooth.
However, in my opinion, the technical obstacle is not the most critical obstacle. The most important thing is to see if its story can continue. This is in hindsight.
Overall, the rise of this round of BRC-20 tokens, I think, is more like a manifestation of emotional catharsis in the absence of topics and hot spots in the entire encryption ecosystem.
At present, many groups are discussing these topics and these coins, and it can be seen that the market sentiment is a bit bursting: some complain about the sale, some are anxious about whether to participate, and some are gearing up to rush in.
I still suggest that everyone be cautious, even if you participate, don't use too much force, just treat it as a game.
『Disclaimer: This article does not constitute investment advice. It is only for popular science learning and communication among enthusiasts. Please treat it rationally, establish correct concepts, raise risk awareness, and abide by relevant laws and regulations of the country and region where you are located. 』
