New token standards like BRC20, LTC20, and DRC20 can be confusing for even the most experienced crypto enthusiasts. If you’re confused with all these new standards for Bitcoin, and even for Litecoin & Dogecoin, here is a detailed summary of these token standards.
Here is what you need to know about them.
BRC20
BRC20 uses Ordinals to write JSON data to Satoshi. This new trend has the potential to bring in massive profits, and not many people know about it. ‘BRC’ stands for Bitcoin Request for Comment, and is an experimental token standard used for the issuance and transfer of interchangeable tokens on the Bitcoin blockchain.
first described in detail in March 2023, it is based on the Ordinals protocol. You can mint, buy, sell, send, and deploy BRC20 tokens on the UniSats Wallet.
How To Create & Trade BRC-20 Tokens On Bitcoin Network
Best BRC20 Tools
- Ordinals – Allows users to create Bitcoin NFTs using the smallest unit of Bitcoin, Satoshi (SAT). Each Satoshi is assigned a unique ID attribute, starting from 0. These unique NFTs are referred to as “Inscriptions”.
- Magic Eden on Bitcoin – The best Ordinals NFT marketplace and most user-friendly
- Ordinals Wallet – Popular marketplace along with a native wallet.
- UniSats Wallet – Popular marketplace along with a native wallet.
- Ordspace – The Debank of BTC network
- Oshi Finance – The first Bitcoin liquidity pool protocol
- BitX – A noncustodial BRC20 DEX on Bitcoin
- Inscribe Finance – Simplifying decentralized finance on Bitcoin
SRC20
Also known as STAMPS, SRC20 uses the open Counterparty protocol that was used to issue NFTs, in the process burning bitcoins to acquire an XCP token to execute smart contracts.
However, STAMPS eliminates the need to burn bitcoins or use altcoins. It allows you to pay for a BTC transaction as usual. A whole ecosystem exists around STAMPS.
Stay tuned for a comprehensive guide on how to mint and trade ORC20 tokens.
Best SRC20 Tools
- Stampsrc github – This is the local CoinMarketCap for SRC-20 tokens that allow you to track deployed tokens, total supply, and mints.
- Stampchain – Serves as the primary tool for all stamps and SRC-20. Everything SRC20 is on this site.
- Xchain – Tool for tracking SRC-20 tokens in a wallet and creating Dispensers for selling Stamps.
- Hiro Wallet – This wallet has already incorporated support for STAMPS NFT, and a display for SRC-20 tokens will be added in an upcoming update.
- BitcoinStamps – The official Stamps community on Telegram. There, people discuss any questions about Stamps, as well as write offers to sell tokens.
ORC20
This standard has undeniable advantages over BRC20. BRC20 faces 3 major limitations:
- Naming space is limited to 4 letters
- Supply and mint limits are immutable after deployment.
- Double spending
However, with ORC-20, users can mint any token with a flexible naming space, upgrade numbers of supply and mint, utilize the UTXO model to prevent double-spending and cancel transactions as needed.
ORC20 is still new and as such, there is currently no official marketplace for them. If you manage to mint an ORC20 token, be patient and only trade on a trustworthy marketplace
Stay tuned for a comprehensive guide on how to mint and trade ORC20 tokens.
Best ORC20 Tools
- Unisats Wallet – Popular marketplace along with a native wallet.
- Ordiscan – The best and most famous ordinals explorer on the Bitcoin network
LTC20
After Bitcoin, it was only a matter of time before developers and degens moved to Litecoin. Litecoin itself is cheaper and faster and it turns out that LTC20 also has advantages over BRC20. However, many don’t know how to get it yet. LTC20 is pretty green. Due to that, the only LTC20 marketplace is on discord.
Stay tuned for a comprehensive guide on how to mint and trade LTC20 tokens.
Best LTC20 Tools
- Electrum LTC – Most popular wallet on Litecoin that supports LTC20. If you are ready to try out LTC20, you will get your wallet here.
- Ordinals Lite – The best and most famous ordinals explorer on the Litecoin network
DRC20
Many people may already be familiar with Dogechain, an EVM-compatible chain created to give utility to DOGE.
However, many don’t know about DRC20 tokens because they belong to the original Dogecoin blockchain. DRC20 tokens enable interoperability among different DRC-20 tokens and services.
However, before diving headfirst into the DRC-20 ecosystem, it’s important to note that the total supply of DRC-20 tokens is unknown, no markets are available for the token sale, and DRC-20 tokens can have a cost of 0.
One upper hand that DRC20 has over the rest is insanely low gas prices. Even BRC20 is not comparable to the latest token standard. Due to this many investors might opt to try out DRC20.
Stay tuned for a comprehensive guide on how to mint and trade DRC20 tokens.
Best DRC20 Tools
- DPal Wallet – A Dogecoin wallet to interact with the Doge blockchain
Conclusion
It can easily to FOMO into these new token standards. The truth is, they offer a lucrative opportunity to make insane gains. Before you jump in any of them, understand what they are about. Dive into the world of the tokens responsibly, and who knows? You might just make life-changing money. Good luck.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
