BRC-20 developer Domo praises tokens for 6% of Bitcoin activity milestone


18 Sep 2023 4:30 PM

BRC-20's anon dev Domo predicts future including bridges, bolts, and wraps to foster connectivity with parallel Bitcoin standards....

  • Domo, an anonymous developer, spoke about the origins and future potential of the BRC-20 token standard he created for Bitcoin in a recent podcast episode.
  • BRC-20 tokens were launched on March 8, 2023, and are used for deploying token contracts, minting tokens, and other related tasks.
  • Over 1 million BRC-20 inscriptions have been made since inception, accounting for around 6% of all Bitcoin activity.
  • Domo initially became interested in analyzing on-chain DeFi activity in 2020 and made $10,000 trading altcoins that summer.
  • The developer created analytics dashboards for Ordinals Market and Sats Name Service using Dune Analytics before creating BRC-20.
  • BRC-20 saw massive demand upon launch, with 50% of the supply minted overnight, attributed to simplicity, ease of access, and timing.
  • The BRC-20 standard has faced criticisms from Bitcoin enthusiasts, primarily on its technical merits, despite acceptance of Ordinals.
  • Domo plans to make gradual improvements to BRC-20, focusing on maintaining social consensus and robust indexing in the Bitcoin community.
  • He sees potential for connectivity between parallel Bitcoin standards via bridges, bolts, and wraps.
  • Domo encourages hackathon participants to approach him with indexing tools or bridge/vault mechanisms for complex BRC-20 interactions.
  • He teases a forthcoming initiative to consolidate meta-protocol discussion and development, starting with BRC-20.

The sentiment of the article is generally positive, highlighting the success and potential of the BRC-20 token standard created by Domo.

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You May Ask

What is the purpose of the BRC-20 token standard created by Domo?How many BRC-20 inscriptions have been made since its launch?What were Domo's initial motivations for analyzing on-chain DeFi activity?What criticisms has the BRC-20 standard faced from Bitcoin enthusiasts?What are Domo's plans for improving BRC-20 and its future development?

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