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What are Bitcoin Ordinals?

The BRC20 token standard is an account-based fungible token protocol on the Bitcoin network, mirroring Ethereum's ERC20 standard in functionality and purpose. It facilitates the creation, issuance, and management of tokens on Bitcoin's blockchain, allowing for the development of decentralized applications (dApps) and financial instruments. BRC20 tokens are designed to represent a wide range of assets, from cryptocurrencies and digital assets to representational tokens for physical goods or services. The introduction of BRC20 enhances Bitcoin's utility by enabling smart contract capabilities and tokenization, which were traditionally seen as the domain of other blockchains like Ethereum. This development marks a significant step towards broadening Bitcoin's ecosystem, offering developers and users alike more versatility and opportunities for innovation within the Bitcoin blockchain.

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