ORC-20

What is an ORC-20 Token?

ORC-20 is a token standard proposed for the Bitcoin network, designed to enhance the functionality of BRC-20 tokens. It aims to provide a more robust and feature-rich framework for creating and managing fungible tokens on Bitcoin, leveraging the Ordinals protocol.

Key Characteristics

1. Bitcoin-Based: Built on the Bitcoin blockchain, utilizing its security and network effects.

2. Enhanced BRC-20: Aims to improve upon and extend the BRC-20 token standard.

3. Ordinals Integration: Leverages the Ordinals protocol for token creation and management.

4. Fungibility: Allows for the creation of interchangeable tokens.

5. Extended Functionality: Offers more features compared to basic BRC-20 tokens.

Features of ORC-20

1. Improved Minting: More flexible and efficient token minting processes.

2. Advanced Transfer Mechanisms: Enhanced methods for token transfers.

3. Burn Functionality: Allows for the destruction of tokens, potentially useful for supply management.

4. Metadata Support: Capability to include additional data with tokens.

5. Compatibility: Designed to be backwards compatible with BRC-20 tokens.

Advantages over BRC-20

1. Increased Efficiency: Optimized for better performance on the Bitcoin network.

2. Greater Flexibility: Allows for more complex token structures and use cases.

3. Enhanced Security: Aims to address some security concerns present in BRC-20.

4. Improved Scalability: Designed to handle larger-scale token operations.

5. Extended Use Cases: Enables more diverse applications of tokens on Bitcoin.

Similar Terms

• Ordinals: The protocol that enables ORC-20 and other token standards on Bitcoin.

• Fungible: The type of token that ORC-20 typically represents.

• Smart Contract: Self-executing contracts that are programmed on a blockchain.