(MENAFN- B2Press) With the end of the first month of 2024, the themes of the new year in the Cryptocurrency ecosystem are beginning to clarify. While discussions about oracles and the BRC-20 standard continue, there seems to be a consensus that BRC-20 cryptocurrencies, whose trading volume has increased tenfold since November 2023, will be among the leading crypto themes of 2024.
TURKEY - As the cryptocurrency ecosystem leaves behind the first month of the year, significant themes expected to shape 2024 are beginning to emerge. Among these themes, Ordinals and BRC-20 cryptocurrency standards have stood out. The Ordinals protocol, developed in March 2023, allowing data inscriptions on satoshis, the smallest unit of Bitcoin, has garnered attention as a new type of cryptocurrency standard, a recent report confirms. In a report published in mid-January by Kaiko, a France-based blockchain analytics company, it was noted that the transaction volume of prominent BRC-20 cryptocurrencies such as ORDI, SATS, and RATS has increased tenfold since November 2023, surpassing $500 million from levels of $10-15
Gate Global Growth Director Kafkas Sönmez shared his insights on the matter, stating, "The BRC-20 standard, adopted by leading exchanges worldwide including Gate, appears to be one of the prominent themes of 2024 in the crypto ecosystem. This standard, closely followed by thought leaders in the ecosystem for its opportunities and risks, is a significant milestone in Bitcoin's development."
Market value approached $2.5 billion The total market value of the 60 tokens listed in the BRC-20 cryptocurrency list on CoinMarketCap has exceeded $2.4 billion, with ORDI taking the lead. ORDI is followed by cryptocurrencies such as 1000SATS, TRAC, MUBI, and LEVER. Kafkas Sönmez, stating that the BRC-20 cryptocurrency standard is an extension of the Ordinals protocol developed by Casey Rodarmor, said, "This standard, which creates interchangeable tokens on the Bitcoin blockchain, represents a more complex and beneficial innovation for the Bitcoin network. Just as the ERC-20 token standard is central to Ethereum networks, the BRC-20 technology is opening new possibilities for the future of Bitcoin. Contrary to some interpretations, the BRC-20 does not pose a risk of replacing normal transactions with Bitcoin. Instead, it enhances blockchain efficiency."
A reminder of the innovative nature of Bitcoin Gate Global Growth Director Kafkas Sönmez highlighted the period following the increase of ERC-20 tokens on the Ethereum blockchain in 2017, stating that the price of Ethereum surged nearly 30-fold within a year. "In various discussions, BRC-20 is considered an approach to replicate the success of Ethereum in the Bitcoin ecosystem. While there are critics, advocates of the BRC-20 standard believe that Ordinals and BRC-20 technologies have made cryptocurrency fun again and reminded the Bitcoin ecosystem of its experimental and innovative nature. Even founders of the Ethereum Foundation have commented that Ordinals technology represents a 'culture of really doing something.' BRC-20 promises exponential growth potential for the Bitcoin ecosystem in 2024," Sönmez said.
BRC-20 tokens will be introduced to the market Reminding of Gate's recent announcements of the Inscription Pre-Sale Platform and Navigation Services, Kafkas Sönmez concluded his remarks with the following statement: "Gate sees value in BRC-20 and related technologies. For this very reason, we have announced our Launchpad, a pre-sale platform supporting various blockchain protocols, including Bitcoin NFTs, BRC-20 tokens, and Ethscriptions, to bring innovative projects to the crypto ecosystem and give credibility to promising projects, thereby leading innovation in the Bitcoin and Ethereum blockchains. This aligns with Gate's vision of being an exchange that supports the ecosystem at every stage. Users will have the chance to participate in new BRC-20 and other inscription projects in a fair environment and at an early stage. Additionally, our navigation services, designed to provide a more holistic view of developments in the blockchain, will enrich the Inscription focus with enhanced graphics and comprehensive information, making it easier to follow the progress.
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