The BRC-20 token standard is a set of guidelines that govern the creation and management of tokens on the Binance Smart Chain (BSC). One of the key features of this standard is its use of Ordinal inscriptions, which are used to deploy token contracts, mint tokens, and transfer tokens. Here are some important things to know about this standard:
1. Ordinal inscriptions are used to identify tokens: In the BRC-20 standard, each token is assigned a unique Ordinal inscription, which serves as its identifier. This inscription is used in all transactions involving the token, including transfers and contract deployments.
2. Token contracts are deployed using Ordinal inscriptions: When a new token is created on the BSC using the BRC-20 standard, its contract is deployed using its assigned Ordinal inscription. This ensures that the contract is uniquely identified and can be easily accessed and managed.
3. Tokens can be minted and transferred using Ordinal inscriptions: Once a token contract has been deployed, new tokens can be minted and transferred using the Ordinal inscription. This makes it easy for users to manage their tokens and track their transactions.
In summary, the BRC-20 token standard is an important set of guidelines for creating and managing tokens on the Binance Smart Chain. Its use of Ordinal inscriptions makes it easy to deploy contracts, mint tokens, and transfer tokens, ensuring that users can easily manage their assets on the blockchain.