CITEX 丨Bitcoin Narratives Come and Go2023-05-24
Despite the recent attention on BRC-20 tokens, the cryptocurrency market is always unpredictable. Now, more and more competitors are emerging, challenging the status of BRC-20. Among them, the main contender is the ORC-20 token. On May 13, Binance Academy tweeted about ORC-20, which may mean that Binance will support ORC-20 Tokens in the future. This matter has aroused widespread concern in the market, and many people predict that ORC-20 may become the next big hit.
Like BRC-20, ORC-20 is an open standard launched by OrcDAO, which aims to enhance the functionality of Ordinals tokens on the Bitcoin network to improve the current BRC-20. ORC-20 is backward compatible with BRC-20 and improves adaptability, scalability and security, eliminating the possibility of double consumption.
A range of functions offered by ORC-20 tokens include:
Deployment: Users can deploy new ORC-20 tokens or migrate existing BRC-20 tokens through “deployment events”.
Minting: ORC-20 tokens can be minted through a minting event.
Send: ORC-20 tokens can be sent via send events.
Cancellation: ORC-20 partial transactions can be canceled through “cancellation events”.
Upgrades: Existing ORC-20 tokens can be upgraded through upgrade events such as supply and max minting.
The specific changes of ORC are mainly: the initial supply and the maximum coinage can be changed; the namespace has no fixed limit, and names of any size can be used; the UTXO model is used to ensure that there is no repeated consumption during the transaction; the transaction is allowed to be canceled; BRC-20 tokens are transferred to ORC-20; only the deployer of BRC-20 can operate the transfer command.
However, it’s worth noting: like BRC-20 tokens, ORC-20 tokens are an experimental project and there is no guarantee that tokens created using the standard will have any value or utility. ORC-20 tokens still rely on JSON files and do not address the centralization issues of BRC-20 tokens. In addition, the complexity of the ORC-20 token issuance process imposes a higher threshold on users, which may be difficult to be accepted by the public.
The above information is compiled by the CITEX content group, which is for learning and exchange purposes only, and does not constitute investment advice. For more information, please pay attention to the follow-up content. As the world’s No. 1 mining exchange, CITEX always puts users’ interests first and is committed to providing safe, transparent, open and efficient digital asset services. In the future, CITEX will continue to be oriented by the market and user needs, with multiple depths and multiple innovations, to launch more high-quality products, and to provide users with more investment opportunities and satisfactory services.