If you are a part of the crypto community, then you would have heard about the launch of BRC20 Token, an experimental token standard thats holding a huge expectations of the cryptopreneurs. If you are intrigued to know about it, then this blog will break down all about the trending Bitcoin BRC20 token standard.
*BRC20 Tokens - An Overview
BRC standards for Bitcoin Request For Comment. BRC-20 token standard is a Bitcoin blockchain’s framework that enables the developers to create and transfer fungible tokens through the ordinal protocol. This token standard was launched on March 2023 by an unknown analyst know as Domo. Despite being an experimental standard, BRC20 is based on Bitcoin’s network, the most well-established and secured blockchain. Hence BRC20 has gained massive popularity among the huge crypto fan base.
*Comparison Between BRC20 Token And ERC20 Token
Since the BRC20 token standard rhymes with the popular ERC20 token standard, a question is revolving among the crypto enthusiasts whether BRC20 works similar to ERC20 tokens. But the straight answer to that is both these token standards are not the same. The major differences between BRC20 tokens and ERC20 tokens are listed below.
Blockchain - The BRC20 tokens are built on Bitcoin's blockchain network, whereas the popular ERC20 tokens are created on Ethereum blockchain.
Functionality - BRC20 tokens are created through Ordinal Inscriptions, but the ERC20 tokens are created through Smart Contracts.
Consensus Mechanism - BRC20 tokens works on Proof of Work mechanism and ERC20 tokens works on Proof Of Stake mechanism.
Gas Fees - The gas fees in BRC20 token transaction are comparatively lesser than ERC20 tokens.
To know more about the features and functionalities of BRC20 token development, connect with the experts at Developcoins, a leading token development company.
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