1 year ago
In a caller Bitcoin Startup Lab podcast episode, anonymous developer Domo spoke astir the origins and aboriginal imaginable of the BRC-20 token standard helium created for Bitcoin. Launched connected March 8, 2023, BRC-20 tokens, which were developed utilizing ordinal inscriptions of JSON data, are utilized to deploy token contracts, mint tokens, and transportation retired different related tasks
Domo revealed that implicit 1 cardinal BRC-20 inscriptions person been made since inception, accounting for astir 6% of each Bitcoin activity. He archetypal became funny successful leveraging information subject skills to analyse on-chain DeFi enactment successful 2020. After creating crude analytics tools to way apical Uniswap traders, Domo made astir $10,000 trading altcoins that summer.
The developer’s travel towards BRC-20 began with creating analytics dashboards for Ordinals Market and Sats Name Service utilizing Dune Analytics. After seeing tweets hinting astatine the potential, Domo was inspired to effort an on-chain Bitcoin modular for fungibility. Within 2 days, helium had devised BRC-20 arsenic a elemental experimentation and open-sourced the protocol.
BRC-20 instantly saw monolithic request upon launch, with 50% of the proviso minted overnight. Domo attributes the occurrence to simplicity, easiness of entree via inscription tools, and timing soon aft the Ordinals announcement. Despite its success, the BRC-20 has faced immoderate criticisms from Bitcoin enthusiasts, chiefly connected its method merits, adjacent though they proceed to judge Ordinals.
Domo has outlined plans for gradual improvements to BRC-20, with a absorption connected maintaining societal statement and robust indexing successful the Bitcoin community. He sees imaginable for “connectivity” betwixt parallel Bitcoin standards via bridges, bolts, and wraps. Domo besides noted ample opportunities to physique indexing and analytics solutions tailored to Bitcoin meta-protocols.
During the interview, Domo encouraged Bitcoin Startup Lab hackathon participants to attack him with indexing tools oregon bridge/vault mechanisms for analyzable BRC-20 interactions. He teased a forthcoming inaugural to consolidate meta-protocol treatment and development, starting with BRC-20.
Watch the interrogation successful afloat connected CryptoSlate above.
The station BRC-20 developer Domo praises tokens for 6% of Bitcoin enactment milestone appeared archetypal connected CryptoSlate.
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