BRC-20: Memecoins on the Bitcoin Blockchain.
Bitcoin maximalists used to hold on to Bitcoin as a store of value and a major contender to gold. The Ethereum community claims the top spot is well deserved for their virtual internet and computer. No pun, both are great projects, and any joke made henceforth is just for fun…I needed to put that straight.
The idea that Ethereum invented a shitcoin production factory isn’t far from the truth. The Bitcoin guys would blame smart contract tokens and institutions that promote them for spoiling the crypto space. With each memecoin season that passes, this becomes even more obvious. I’d appreciate stricter regulation in that space, but Mr. Gary Gensler has other plans. Side news, FTX is making a comeback, and the crypto space seem to have gotten over that multi-billion-dollar tragedy. Well, everyone probably made their money back by buying PEPE and BOB tokens.
Now, whatever agenda the Bitcoin community is pushing against Ethereum and the whole EVM clone space might have to stop very soon. Not even an opinion but a reality. Bitcoin influencers are on about Ordinals, and all of a sudden, NFTs are cool again. Not funny, just surprising. Even the legendary Peter Schiff is minting ordinal NFTs; it’s surprising how these tables turn. The thoughts of making some easy dollars will certainly turn anyone’s head anyway.
The BRC-20 token market is growing in headcount and dollar value. Ordi is the first; now, there are many more. For an idea that isn’t up to six months old, the space has grown into something huge. How much can you count? Even Pepe has opened up a branch in one of the oldest blockchain networks in modern times. Time isn’t an excuse in this space anymore, so it is time to query the BRC-20 space already, just like Bitcoiners query the smart contract tokens.
A quick one, apart from pumps and dumps and wash trades, what are the utilities available for BRC-20 tokens? Ok, again, apart from clogging the Bitcoin network, what other utilities? Really some bold claim, but BRC-20 have a huge shoe to fill already; the big problem is, they are working on a system that wasn’t meant for any of these.
Satoshi envisioned a tool to facilitate routine transactions between people anywhere in the world and also create a system that works for and with the people. None of these were in the plan. Inscribing on Satoshis is a stretch. The space doesn’t need another memecoin factory. There are tons already, and another ‘blockchain developer’ is in an enclosure developing another clone of the Ethereum blockchain that uses POS consensus while the airdrop hunters are waiting to hump on it, just in case there is some free governance token to be shared, like lollipops. Pun intended.
A number of brilliant smart contract projects have launched on these smart contract blockchains, and some EVM-compatible blockchain has shown great professionalism as well. Tokens on these networks have the chance to thrive since these networks were built from the onset with these extra tokens in mind. Bitcoin’s seven transactions per second speed wasn’t intended to power hundreds of extra tokens and high-quality art uploaded to the network.
How this goes in the future will be interesting to watch, but then, at the time of writing, BRC-20 tokens are showing the power of hypes and community action on price development. Exactly the same thing Shiba Inu, Pepe, and BabyDoge already proved to us… nothing new.
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Posted Using LeoFinance Alpha