BRC-20
BRC-20: A New Token Format on the Bitcoin Network
BRC-20 is a novel token format developed based on the native Ordinals protocol of the Bitcoin network. The Ordinals protocol is a scheme for numbering the smallest units of Bitcoin, sats, and also serves as an NFT protocol for the Bitcoin network. Sats are the fundamental units in the Bitcoin network, with 1 sat always equal to 1/100,000,000 of a Bitcoin.
Essentially, BRC-20 represents a form of Bitcoin NFT. It comprises a fixed-format dataset inscribed on "sats," transforming them into digital assets with custom attributes and rules. By adhering to agreed-upon formats for deploying, minting, and transferring tokens, users can utilize the Ordinals protocol to inscribe inscriptions on "sats" in a standardized format. This process enables the functionality of deploying, minting, and transferring tokens. When combined with corresponding indexing tools, the entire process of token issuance and circulation on the Bitcoin network can be achieved.
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