Amid growing demand for Ordinals, the developers of the Bitcoin NFT protocol have introduced a new metaprotocol token standard, which promises to improve the efficiency of Ordinal transactions.
From the OrdinalHub blog, Bitcoin developers announced the arrival of a new token standard with which creators and users will be able to mint, exchange and trade tokens on the Ordinals protocol, in a more efficient and more accessible way.
Called CBRC-20, the new token standard is proposed as a solution significantly cheaper to use than the BRC-20 standard, which was launched on the blockchain network in March of this year.
According to the developers of the new standard, CBRC-20 tokens have the same functions as BRC-20 tokens, to mint and transfer tokens in Ordinals. In fact, the developers commented that Many users of the protocol may not even notice any difference between the two tokens., except that the image of the ordinal inscription created with the CBRC-20 standard “may not have the familiar {JSON BRACKETS}, but instead have a “0,” be empty, or even have an image in the inscription.”
According to the developers, the main difference between CBRC-20 and BRC-20 is that the former is “more efficient and cheaper” and also uses features in more recent versions of the ord reference client, making it possible to include a metadata field. CBRC-20 also allows for custom MIME types for each registration, enabling interesting new possibilities for token interactions, such as PFP minting, the developers commented.
A token in experimental phase
However, the Ordinals researcher, known as WilliBlue on X (formerly Twitter), warned that the new token standard on Bitcoin It is still experimental and that users who use it must mint tokens at their own risk.
“CBRC-20 is 3 days old and very experimental. There are no marketplaces or indexers yet”, commented the expert.
In addition to this, WilliBlue also pointed out that CBRC-20 has been launched with the aim of testing new features in the Bitcoin Ordinals protocol and for entertainment purposes, so in reality, this new token has no utility, no intrinsic value, and no expectation of financial returns. CBRC-20 also does not have a roadmap or an official development team, he commented.
Despite its early stage of development, the of people, as cryptocurrency traders and investors who bet on high-risk tokens are known, can find in this new standard interesting features, as well as fees that are approximately 60% lower than with BRC-20.
Charlie Spears, developer of the Ordinals protocol, stated that he has been experimenting and minting many of these tokens and is very interested in how this new adoption of the meta-protocol will develop.
Continue reading: In one year, Ordinals surpasses 47 million Bitcoin registrations
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
