The main issue with BRC-20s is that, unlike conventional token standards like Ethereum’s ERC-20 standard, BRC-20 does not utilize smart contracts and operates only with wallets supporting the Bitcoin blockchain. Unconfirmed Bitcoin transactions and memory usage. Data from Mempool shows that there are currently more than 351,000 unconfirmed transactions and the memory usage has been maxed out. BRC-20s were made possible by the introduction of the Ordinals protocol last year, a platform that allows for arbitrary content like text or images to be inscribed on individual Satoshis, the smallest unit of Bitcoin.Īs a result of the uptick in activity related to Ordianls and BRC-20s, the Bitcoin network has experienced its highest level of congestion in years, resulting in a backlog of transactions due to the limited block space available. The struggles for Bitcoin follow the introduction of BRC-20s, which are essentially non-fungible tokens (NFTs) on the Bitcoin blockchain. (Kitco News) - The global trend of rising inflation has made its way into the blockchain realm as transaction costs across the two most popular blockchains, Bitcoin and Ethereum, have skyrocketed as of late thanks to the ongoing meme coin mania, which has led to network congestion and increased confirmation times. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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