🟧 BRC-20 BASICS 🟧
The BRC-20 Standard is a self described "experimental" standard to make Ordinals fungible launched on March 8th 2023 by @domodata
(Fungible means interchangeable - for ex. fiat currency - see my beginner guide if you are need more info on fungible vs. NON fungible
BRC-20's are still Ordinal Inscriptions, & based on Ordinal Theory.
BRC-20's are NOT part of BTC core or the ORD protocol, but are widely accepted & used by the community
While fully on-chain, they utilize OFF-CHAIN balance states.
WTF does that mean? Lets break it down⤵️
When inscribing BRC-20's you INSCRIBE a few functions
🔸 Create / Deploy - Initializes BRC-20 (does not effect state)
🔸 Mint - Provides a balance to THE FIRST owner
🔸 Transfer - deduct from senders balance to receivers ONLY upon FIRST transfer of the Transfer Function
When you look at these activities together, you can understand the balance state of BRC-20's.
This was super technical & high level, so if you are still confused don't worry, lets break it down on a practical level & show you the many sites which display this info for u ⤵️
When you list BRC-20's, you first inscribe a transfer function. So in the example below, I am inscribing a transfer of 3000 $OXBT.
This means that when you buy on secondary, you have to buy the full 3000 at the price I list for (vid tutorial here)
Lets see this another way: On @unisat_wallet, when you are searching for BRC 20's to purchase if you view from low to high, this is NOT based on TOTAL PRICE OF THE PACKAGE... but instead SATS price per BRC-20 (this is looking at $OXBT)
BRC-20's are pretty simple, there is only so much that you can program in. Below Is the actual deployment options:
and how you as a viewer can VERIFY this on a site like @unisat_wallet
Now what were you saying about off-chain? The on chain data from the functions listed in tweet 3 are interpreted together and displayed via an indexer (known as an EXPLORER or a site to view and interact with BRC-20's) (as seen above)
For the most part, these reflect each other directly.
🚨ONE IMPORTANT PLACE TO NOTE THE EFFECTS OF AN OFF-CHAIN BALANCE STATE is w/ TICKER NAMING 🚨
While you can inscribe a ticker that already exists, the current protocol only allows for only one of each 4 letter ticker
Indexers/Explorers abide by FIRST in, FIRST out If you're 2nd to inscribe a ticker that exists on chain, the text inscription will technically exist on chain, but it wont be indexed as a BRC-20, & BRC-20 sites wont display or recognize it for BRC-20 trading.
Okay okay you get it now, how can you see this for yourself, create your own BRC0-20, and Interact with them?
Below are some of the top & most universally compatible wallets as well as indexers, explorers, and no code BRC-20 Inscription sites, & there are more being built daily
EXPLORERS, MINTERS, AND MARKETPLACES:
🔸 @unisat_wallet - wallet, No code BRC-20 inscriptions, BRC-20 Marketplace
🔸 @ordinalswallet - wallet, No code BRC-20 inscriptions, BRC-20 Marketplace
🔸 @bestinslotxyz - aggregator & explorer
WALLETS:
🔸@xverseapp wallet & @unisat_wallet are compatible with Unisat's marketplace and BRC-20's 🔸Both are also compatible with @ordinalswallet (which has its own wallet as well).
IF YOU HAVE NOT YET SET UP YOUR WALLETs, go to my ORDINALS 101 GUIDE where I have step by step videos :)
Interested in learning more about BRC-20's?
Besides everyone mentioned above, good follows for more information & ways to go deeper down the BRC-20 Rabbit-hole:
@domodata * the creator, dont forget
DYOR, all of the examples of coins used here are from documentation or what I have access too, I am recommending people to follow who are always in quality conversations, not to copy trade :) as always LMK if there is anything you need clarification on!
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