Bitcoin token standard BRC-20, cross-chain deployment to Ethereum

Bridgeless cross-chain technology

The two major tokens “ORDI” and “OXBT” issued on the blockchain of the crypto asset (virtual currency) Bitcoin (BTC) have started to deploy on the Ethereum (ETH) chain.

This initiative was made possible through a collaboration between ORDI, the OXBT project, and Emblem, a bridge-free cross-chain technology company.

$ORDI and $OXBT MEGA THREAD

VAULTING IS NOW LIVE

How to Mint
Where to Trade
Vaulting Mechanics
Details, Info, Integrations, and Partnerships pic.twitter.com/AANoZjTVxs

— Emblem Vault (@EmblemVault) July 6, 2023

A feature of Emblem is that tokens are stored in a dedicated “storage box” provided by Emblem, and the storage box itself can be traded on Ethereum. The underlying BRC-20 token will never leave the Bitcoin chain, nor will it issue derivative tokens on Ethereum.

So, if you buy this vault, you can trade on Ethereum or take tokens out of the vault and send them to your wallet.

Through this partnership, ORDI and OXBT have been brought together and set up a dedicated vault named “BRC-20 Curated Collections”. Users store ORDI and OXBT in this vault, and as a result ERC-721 tokens are issued as non-fungible tokens (NFT) on Ethereum.

Importantly, the BRC-20 is stored in the Taproot wallet (address), which is then issued on Ethereum as an NFT. Emblem’s developers claim that the mechanism allows for a high degree of control over ownership, with implications for a wide variety of uses built on smart contracts, including DeFi farming. .

connection:What is BRC-20?Possibilities and Challenges of Bitcoin Token Standard

What is BRC-20?

BRC-20 is a token standard for Bitcoin announced on March 8, 2023 by pseudonymous on-chain data developer Domo (@domodata).

BRC-20 allows you to create your own digital asset by imprinting specific data on Satoshi, the smallest unit of Bitcoin. This uses the same mechanism as the existing framework “Ordinals” and provides new ways to utilize Bitcoin.

Source: DUNE

The market size of the BRC-20 token expanded rapidly, reaching a market capitalization of over $1 billion in May, just two months later. Although the growth rate has slowed down, the number of tokens created and the number of transactions are increasing again, and the market continues to revitalize.

According to the latest information from the data provider site brc-20.io, the current total market size of BRC-20 tokens is about $1.2 billion (about 170 billion yen). Among them, the ORDI token is the most valuable, with a market capitalization of $153 million, making it a representative asset in the BRC-20 token market.

connection:Launched “BRC-721E”, a standard that realizes NFT migration from Ethereum to Bitcoin

The post Bitcoin token standard BRC-20, cross-chain deployment to Ethereum appeared first on Our Bitcoin News.