KANALCOIN NEWS – As of May 3, 2023, the bitcoin blockchain has witnessed a staggering 3.35 million ordinal encryptions. The emergence of a new token called BRC20 (Bitcoin Request For Comment 20) has attracted the attention of crypto asset lovers this past week.
The hustle and bustle of the crypto world is not without reason. A total of 10,487 BRC20 tokens created were able to penetrate a capitalization of up to $ 95 million.
As you know, BRC20 is a crypto token built on top of the Bitcoin blockchain. Unlike Bitcoin or other tokens, BRC20 does not stand alone on par with cryptocurrencies. Owners to developers can use it to create their own tokens for various purposes. Such as for awards, gifts, to alternative digital currency purposes.
BRC20 began to be developed in March 2023 by a developer named Domo. Since then, this token has been very popular among Bitcoin owners and developers. Because it can be obtained easily using the Bitcoin blockchain without having to develop a blockchain from scratch. So in terms of foundation, tokens made from BRC20 are better than most of the meme coins that were previously circulating.
How to make this token is quite easy. Developers need to encode JSON data objects that contain important token information. Like the BRC20 token contract on Ethereum, this data will include basic details such as token name, symbol and total supply.
With the issuance of more than 10,500 BRC20 tokens, 200,000 transactions have not been recorded and confirmed by the mempool. From the data displayed by ordspace.org, the capitalization value of this token reaches $ 95 million.
Despite experiencing a capitalization value bubble, many crypto market players think this is just a market trend. Because not only BRC20 has experienced a surge. Several other tokens also experienced a similar surge.
Like Ordi, $OG$, PEPE, MEME, PUNK, SHIB, and DOMO. Ordi’s market cap today is over $52 million. Meanwhile, the $OG$ token market cap is at $7.9 million. And the market valuation of the PEPE BRC20 coin is at $8.3 million as of May 3, 2023.
Reporting from bitinfocharts.com data on May 3, 2023 revealed that the average onchain Bitcoin transaction fee is 0.00025BTC or the equivalent of $7.05 per transaction. And that equates to roughly 0.0000011BTC per byte. The advent of BRC20 has made bitcoin’s average and median fees skyrocket.
According to metrics compiled by bitinfocharts.com, the average transfer fee is 0.00012BTC or $3.46 per transaction.
The popularity and rise in the capitalization value of BRC20 has reignited the fire of debate. In terms of whether the concepts of fungible tokens and non-fungible tokens (NFT) built on top of Bitcoin or BTC justify the mutual confirmation of a financial transaction?
(*)
