The popularity of Bitcoin has been growing far and wide since its inception in 2009. Due to the increasing popularity, several businesses have started harnessing the capability of Blockchain application development. Like other platforms Bitcoin is undergoing updates as it has limited features and doesn’t offer smart contract support so creating new use cases often becomes a task for the developers. One of the latest update is BRC20 Tokens that has revolutionized crypto sphere . Continue reading the blog highlights the ins and outs of BRC20 token,the need for BRC20 wallets with step by step BRC20 wallet development process:
On 9 March 2023, an unknown developer Domo introduced the concept of BRC20 tokens. These tokens incorporate a new standard to build interchangeable tokens on Bitcoin.
Unlike other tokens, such as ERC20, these tokens are independent of smart contracts. Instead, a script file is placed on Bitcoin to be assigned to individuals. These tokens can be used to deploy, mint and perform token transfers by embedding JSON data into ordinal inscriptions.
The primary reason behind the increasing popularity of BRC20 Tokens is its increasing value. Most BRC20 Tokens are deemed to be like meme coins like Ordi and Pepe. Almost 14,000 tokens have rolled out and held a market cap of $1 Billion. These tokens demonstrated a rise of 600% since the last week. During the initial stages, these tokens held no value, but the value of Ordi was at $4 per unit and offered good returns to minters who invested at the early stages. It means that both start-ups and established businesses can develop BRC20, and keep and manage them by developing their BRC20 wallet development solution.
BRC20 has been distinguished from ERC20 wallet based on the token standards on which they exist. BRC20 Tokens are created on the Bitcoin network, while ERC20 is developed on the Ethereum network.BRC20 doesn’t operate on smart contracts, while the platform in Ethereum is in the case of ERC20 Tokens.
BRC20 use cases might not have emerged as the token is in the experimenting stage. We have listed a few of them as follows:
The BRC20 Token can tokenize assets present in the real world. It is only possible if the lightning network can reroute high-volume transactions. It would make base layer-1 free so critical transactions like peer-to-peer transfers can be carried out on the platform.
The rising popularity and value of BRC 20 Tokens increase the likelihood of using ORDI for performing P2P payments. The concept sounds far away in the crypto sphere but it is expected that they will come true in the years to come.
As per TVL rankings, Bitcoin stands at 16th position in DeFi’s presence. Also, the lightning network occupies 79% of DeFi space; including BRC20 Tokens might bring liquidity and simplify the integration process. However, this would expect you to look at BRC20 in combination with Layer2 products and BRC21.
Utility tokens will be given for platforms like marketplaces and games to the ones using BRC20 Token. The open-source platform will increase the likelihood of new updates and helps businesses harness their capabilities to widen their reach in the Web3 space.
BRC20 Tokens will take crypto fundraising to new heights. Furthermore, The tokens will host ICO/IDO coin offerings with additional functionality such as community building and brand awareness.
A BRC20 Wallet is a crypto wallet that supports the BRC20 token standard. You can perform transactions using the wallet, and manage & trade assets on the platform. These are technical solutions, so creating them requires sound domain knowledge and experience. This is when you need a BRC20 Token wallet development company that can customize the wallet as per your business needs.
Each wallet has its unique features and interface that have been discussed in detail as follows:
A BRC20 wallet helps you store BRC20 Tokens in a secure environment. The platform can be used to track the token balance and gives an interface to manage your crypto holdings.
Sending and receiving is a basic feature of every wallet, which is also true in the case of BRC20 Tokens. All you need to specify is the token type, the address of the recipient, and mention the amount you want to transfer.
Using the wallet, you can check your token balance, and transaction history and manage tokens seamlessly. You can include add-on features like integrating custom tokens, checking token details, or can access dApps from the wallet.
If your Blockchain is Binance Smart Chain, the wallets offer compatibility with BEP20 Token. This means one can keep and manage BEP20 Token using the wallet.
A smart BRC20 Wallet offers enhanced security features like multi-factor authentication, end-to-end encryption & hardware encryption to protect the crypto assets from hacks and breaches.
To create a BRC20 wallet, you need to follow these steps:
The application’s success depends on the interface you design for the users. Using a clean and polished UI will simplify the navigation process and provide a clear picture of the look and feel of the project. The prototype is shared with the client for feedback, and the process is halted till approval. Furthermore, the design is altered per the client’s inputs and moves to the next stage.
Once the design has been approved, the project moves to the development stage. The team will work on the architecture and interface on both the client and server sides. The application is developed using advanced technologies like ReactJS as the Front End while NodeJS becomes the platform’s backend.
Testing helps you control all aspects of the application. During the steps, bugs and errors are identified and eliminated from the client and server sides. Third parties perform the audits to ensure that the application runs smoothly.
Launch the application & obtain feedback from first-time users. Based on the feedback, the development team will take steps to improve the application.
Learn which solution is feasible for your business.
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Interested in developing your BRC20 Wallet? You have to plan strategically to manage the finances and choose a BRC20 Token wallet development partner like Antier. With a team of more than 700 blockchain developers and over 100 wallet projects the firm has assisted enterprises in achieving their goals. The experts will sit with you to comprehend your requirements and will tailor a solution based on your preferences. Get an idea of their work by scheduling a demo with the subject matter experts today!
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