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ORC-20 Token
The ORC-20 token standard represents an open framework to enhance BRC-20 tokens on the Bitcoin network. Its chief aim is to foster the adoption of Ordinals through upholding backward compatibility with BRC-20 while enhancing adaptability, scalability, and security.
Developed after the BRC-20 standard, ORC-20 aims to rectify some of BRC-20’s limitations by enhancing security and flexibility. ORC-20 extends the reach of BRC-20 by accommodating a broader range of data formats and utilising Bitcoin’s unspent transaction output (UTXO) model to address the challenge of double-spending, which has been a significant concern for certain BRC-20 tokens.
Key Takeaway
The ORC-20 token standard is an open framework to enhance BRC-20 tokens on the Bitcoin network.