What are BRC-20 tokens?
BRC-20 tokens are a class of fungible digital tokens that are designed specifically for the Bitcoin blockchain. These tokens are identical and interchangeable, making them similar in concept to the popular ERC-20 tokens on Ethereum. Instead of utilizing smart contracts, like the ERC-20 tokens do, BRC-20 tokens employ JSON inscription data to embed functionality directly into Bitcoin’s satoshis.
The BRC-20 standard was proposed in March 2023 by Domo, an anonymous figure known for their on-chain analysis work. It was introduced as an experimental application of Ordinal theory to test if it could facilitate fungibility on the Bitcoin network. Despite its experimental nature, the BRC-20 quickly gained traction and became immensely popular, significantly influencing the landscape of Ordinal inscriptions and Bitcoin transactions shortly after its introduction.
What Can I Do with My BRC-20 tokens in Leather?
In addition to sending and receiving BRC-20 tokens, Leather wallet can connect users to:
Crypto exchanges: buy and sell BRC-20 tokens on some of the world’s biggest crypto exchanges.
Bitcoin DeFi: swap tokens, contribute to liquidity protocols, access BRC-20-backed loans.
NFT Marketplaces: Utilize BRC-20 tokens in NFT marketplaces that support them, buying, selling, or trading digital collectibles inscribed on the Bitcoin blockchain.
Governance: Participate in governance processes if the BRC-20 tokens include voting rights or decision-making in projects or protocols.
