Some welcome the technology with open arms, other are less enthusiastic.
One year ago, Bitcoin developer Casey Rodarmor pioneered the Bitcoin Inscriptions process that enables users to encode metadata on Satoshis, or one hundred millionth (1/100,000,000) of a single Bitcoin. Expanding the idea in conjunction with Bitcoin Ordinals, which allows the minting of fungible tokens on the Bitcoin blockchain, fellow developer Domo created the BRC-20 token standard in March 2023.
The standard became a hallmark in a nearly 15 year old blockchain as it enables the minting of assets such as nonfungible tokens directly on Bitcoin, mirroring the utility of ERC-20 Ethereum tokens. Since then, the total market cap of BRC-20 tokens has surpassed $1.5 billion, with a trading volume of $337 million in the past 24 hours at the time of publication.
Cointelegraph reached out to Trust Wallet and Ledger for comments but did not receive any response by press time.
