Frogen πΈ
@FrogenNFT
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Latest in #Cryptocurrency News. Turn on post notifications and get in on the best coins & latest news π° . #bitcoin #cryptocurrency. DM for promo!
New York
Joined December 2022
EDUCATIONWHAT IS EXPECTATION IN TRADING Here is how to fasten the information of trading and market structure. A thread π§΅π½
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From there, the smart contract allows the minting of new tokens, representing the creation of additional units. On the other hand, tokens can also be burned and permanently removed from circulation. Both these mechanisms provide flexibility in managing token supply.
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4. Creating and Managing BRC-20 Tokens To create BRC-20 tokens, developers deploy a smart contract on the blockchain. This contract outlines the rules and functionalities of the tokens, including the total supply, token name, symbol and other parameters.
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3. Token Metadata BRC-20 tokens can include additional information or metadata beyond the basic transfer of value. This feature is particularly valuable for representing assets beyond simple currencies, such as certificates, memberships, or ownership of physical assets.
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2. Transferability The standard defines methods for transferring tokens between addresses, ensuring a standardised process for peer-to-peer transactions. This simplifies the implementation of wallets and exchanges that support BRC-20 tokens.
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Key Features 1. Fungibility BRC-20 tokens are fungible, meaning each token is identical and interchangeable with every other token of the same type. This characteristic is crucial for tokens aspiring to serve as a medium of exchange within a blockchain network.
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Another defining feature is interoperability. BRC-20 tokens are designed to seamlessly interact with other tokens and decentralised applications (DApps) within the same blockchain ecosystem, This interoperability fosters a cohesive and interconnected blockchain environment.
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BRC-20 tokens, like their ERC-20 counterparts, rely on these smart contracts to define how tokens can be transferred, who can transfer them and how users can access token-related data.
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The ins and outs of BRC-20 tokens At the core of BRC-20 tokens are smart contracts. These self-executing contracts with the terms of the agreement directly written into code enable the creation and management of tokens on the blockchain.
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The key difference between BRC-20 and ERC-20 tokens is that they run on completely different networks. BRC-20 operates on the Bitcoin blockchain, while ERC-20 operates on the Ethereum blockchain.
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What Are BRC-20 Tokens? Many of us are familiar with ERC-20 tokens, but do you know about BRC-20? Put simply, a BRC-20 token is an experimental token standard that enables fungible tokens to be minted and transferred on the Bitcoin blockchain. π€π§΅
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JUST IN: Legendary Trader Peter Brandt predicts the #Bitcoin price to rise 230% against Gold. Are you prepared? π
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#Bitcoin Extremely Bullish on the 6 months chart.βοΈ Next 6 months are likely to be parabolic. ‴οΈ
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Will #Bitcoin hit a new ATH before the halving? NO! YES! π π
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