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The BRC-20 “token standard” is an experimental fungible token built with Ordinals and Inscriptions and stored on the bitcoin base chain. Ordinal inscriptions of JSON data are used for deploying token contracts, minting tokens, and transferring tokens.

This is not a token standard like people are accustomed to with EVM chains, which create smart contracts that manage the token standard and its various rules. Instead, it’s simply a way to store a script file in bitcoin and use it to attribute tokens to satoshis and then allow them to be transferred between users.

The BRC-20 token was created on March 8, 2023, by the Twitter user @domodata. The name is a play on Ethereum’s ERC-20 token standard, but they cannot interact with smart contracts, unlike the EVM standard from which it derives its name.

Despite the fact that BRC-20 tokens are still experimental, they present an intriguing use case for tokens on the Bitcoin blockchain. In addition, they enable the creation of fungible tokens on Bitcoin, which was previously impossible due to the absence of smart contract functionality.