What is BRC (Bitcoin Request for Comment)

BRC-20 (Bitcoin Request for Comment) is an experimental token standard proposed by domo in March 2023. It allows anyone to issue and send fungible tokens (FT) on the Bitcoin network using text inscriptions through Ordinals. In contrast to ERC-20, which assumes tokens are actual tokens that can be immediately issued and transferred upon deploying smart contracts, BRC-20 assumes that tokens are created based on specific formats recorded in sats. Therefore, similar to Sats Names, a separate index is required to understand the status or balance of BRC-20 tokens.