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BRC-20 is an experimental format standard for issuing fungible tokens on the Bitcoin network. It was created by Twitter user @domodata on March 8, 2023, based on the Ordinal protocol. BRC-20 is similar to Ethereum's ERC-20 standard, which specifies the name, supply, and transfer functionality of tokens issued on the Ethereum network. All token contracts developed on Ethereum adhere to this standard.
The main difference between BRC-20 and ERC-20 is that BRC-20 deploys token contracts, mints, and transfers tokens by leveraging the Ordinal protocol, which sets inscriptions as JSON data format. This means that developers can create and issue fungible tokens using the Ordinal protocol.