What the hell is a BRC-20?
BRC-20 has ZERO resemblance to the ERC-20 token standard so throw that comparison out the window.
It’s a word play and nothing more.
BRC-20 is more akin to an NFT collection with 10M supply. Yeah, they’re “NFTs”, but when supply is that large, non-fungibility is dubious.
The analogy for the ETH NFT crowd is ERC-1155s – semi-fungibles, where NFTs and fungibles are manageable within the same smart contract.
BRC-20 is creating fungibility from a protocol (Ordinal Theory) designed for non-fungibility.
BRC-20 is JSON text inscribed into an Ordinal. The text has a few simple variables and functions, such as:
- The ticker (must be 4 chars)
- Max supply
- Token limit per mint
- Deploying, minting, and transferring functions
MORE DETAILS ON THIS THREAD https://twitter.com/JamesonMah/status/1654138848702775297
