BRC20 PROGRAM
.jpeg)
No proposals haven't passed to change that at this time and as stated by the creator of the BRC20 technology saying BRC20 is nothing more than an experiment to demonstrate how assigning data to bitcoin could work in theory. He said it should not be considered a reliable or complete technology. There are risks and a required level of trust when using the BRC20 program. Similar to for example the Bitcoin lightning Network the biggest, layer-to-scale Network on Bitcoin. You'll need a special wallet that's different from a standard Bitcoin wallet. Currently, the two most used BRC20 wallets are called Unisat and Ordinals. Unisat is only available on Chrome browsers and Ordinals is a web-based wallet. Both wallets work the same way for mine in BRC20 tokens. However, Unisat is the only wallet that allows users to be able to deploy tokens before minting them.
As it goes in crypto, where there's technology there is a way. Someone has already found a way to exploit this new technology and trigger several double spends on Unisat before being caught out. Despite the wallet being thoroughly tested before release, these things can still happen. It only costs a few dollars to be able to create a BRC 20 token. How much value could something that easy to create have? Because as usual, the crypto Community took that experiment and started running with it. Just a few months later BRC20 tokens have an estimated market cap of over 1 billion dollars.
I know that's small by crypto standards but a billion dollars is still a billion dollars. The problem with BRC20S is that they have little if any functional use since Bitcoin is being used to create these. They're not necessarily worthless, we can say but they're theoretically useless. These are not pieces of intelligent programmable money with you know deep intelligent smart contracts like Ethereum's ERC20 token standard. It's not like Ethereum where we see tokens being required for example payment for providing a service and all this kind of stuff.
There's a course waiting process for your transaction to settle on a congested network with high fees. Remember, Bitcoin is designed to do about five transactions per second, it's very small. There's currently only one Explorer as well that reflects the full balance state of the BRC20 experiment and one other available to provide a list of current tokens. You won't see any of this happening if you're just using a regular Bitcoin Explorer. Creating BRC20s actually uses the unspent transaction output function of the Bitcoin protocol itself. Creating or transferring Brc20 tokens initiates a sent and received transaction at the same block. So you're receiving Bitcoin but not the initial amount that was sent. Portions of Bitcoin are assigned to a specific block by BRC 20 protocol.