The Tech Quiz - Season 27

Greetings! I hope everyone here is safe and healthy by the Grace of Allah Almighty. Today I am here to take part in the contest organized by @malikusman1. The topic of the contest is "The Tech Quiz - Season 27: BRC-20 Tokens". So lets discuss it.

BRC-20 is an experimental token standard that was made to enable or test minting and transferring of fungible tokens on bitcoin blockchain. It is similar to ERC-20 token which is a standard on Ethereum and EVM blockchain. These tokens allows the developers to create, mint and manage fungible tokens which means each token is same as other and can be traded easily just like we trade bitcoin.

Now lets see how BRC-20 tokens works and its functionality. In order to generate BRC-20 tokens, the developer needs to made a script file that will hold information about that token including its name, symbol and total supply. After file is created, developer have to put required amount of Bitcoin on special address on bitcoin blockchain which is called as "Ordinals Registry".

Once the developer deposit the bitcoin required amount, he can bring BRC-20 tokens into existence by initiating the transaction to the ordinals registry. With this transaction all the infromation in the script file is carried together. As soon as the transaction is confirmed, the BRC-20 tokens are created and can be used in the market.

One of the successful projects on BRC-20 is "Ordi". It was first created on March 8, 2023 and got listed on major exchanges in May 2023. It is one of the highest-value token in BRC-20 category who gained a marketcap of $68 million. Today it's marketcap is $872 million which is almost 13 times from its beginning marketcap. The aim of the project is to demonstrate how fungible tokens can be used on bitcoin blockchain similar to how they are used on Ethereum blockchain.

Ordi token can be traded and used in various decentralized applications built on the bitcoin network. Ordi is still an experimental project but it shows how Bitcoin can do more than just simple transactions. By using the Ordi tokens developers and users can explore new ways to create and use digital assets on Bitcoin just like they did in past on Ethereum.

BRC-20 standard was introduced in March 2023 by an anonymous analyst named Domo. It allows the developers to create and manage tokens on bitcoin blockchain. It created more advance future for bitcoin ecosystem because before it was created, developers were thinking bitcoin is only for transactions but no it is a way beyond that and maybe in future we will see it as a full crypto package.

Bitcoin ecosystem is looking promising as it is evolving and expanding from day to day. Another major development is the integration of new technology named "Lightning Network" which is making the Bitcoin transactions faster and cheaper than other networks. There are many other advancements happened in bitcoin ecosystem which is making it a strong and promising project for future. Thats why we are seeing many developers moving towards bitcoin now.

I Read Data From:
https://www.techopedia.com/definition/brc-20
https://www.gate.io/learn/articles/what-is-ordi/1224

This is all from me for the "The Tech Quiz - Season 27". I invite @moyeon, @steemdoctor1, and @tayyaba1997 to participate in this contest.