The recent bloom of Bitcoin-based token standards has been met with a mixed reception among users. Some users are excited about the potential of these standards to create new and innovative applications, while others are concerned about the security and scalability of these BRC-20, SRC-20 standards of token development. This indicates a sign of the growing interest in using Bitcoin for a variety of applications beyond payments.
Giving a byte of the reception of Bitcoin-based token standards amongst users!
According to a recent survey by CryptoCompare found that 60% of respondents are interested in using Bitcoin-based token standards, while 40% are still on the fence. This very survey also found that the most popular use cases for Bitcoin-based token standards are gaming, decentralized finance (DeFi), and asset tokenization. Also, the total value locked in Bitcoin-based DeFi protocols has reached $10 billion.
Recapitulation/Re-Run of the market setting today
We have made in-depth research in the market to understand the flow of this rising tide of SRC-20 tokens. And as of March 8, 2023, the total market capitalization of Bitcoin tokens is over $200 billion. The other most popular Bitcoin tokens are WBTC, renBTC, and HBTC, which equally offer vibrant opportunities to the users. These tokens are all pegged to the price of Bitcoin, and they can be used on a variety of blockchains. Now, here is the timeline of the Bitcoin network value inclination in comparison with other blockchains:
2013: The first Bitcoin token, Counterparty, is created. Users of Counterparty are able to create and exchange digital assets like tokens and virtual money.
2014: On the Ethereum blockchain, the first token standard, ERC-20, is developed. ERC-20 is a standard for creating and issuing tokens on the Ethereum blockchain.
2015: The first token, Tether, is created. Tether is a stablecoin, which means that it is pegged to the price of the US dollar.
2016-2020: The Bitcoin market experiences a major bull run and continues to grow as the value of Bitcoin increases significantly
Studying these above-given timeline of the market, the future of Bitcoin tokens does look bright and intriguing. As the Bitcoin market continues to grow, so will the demand for Bitcoin tokens. We firmly believe that Bitcoin tokens like BRC-20, SRC-20, etc., offer a number of advantages over Bitcoin over time, such as increased liquidity, programmability, and cross-chain compatibility. These advantages will make Bitcoin tokens increasingly attractive to users and investors alike.
SRC-20 Token Development
Without having to go to lengths to spread the word about Bitcoin’s excellence, its growth has always astonished the market. And the saga continues with the recent launch of SRC-20 token standard following BRC-20 this March.
The Bitcoin network has experienced significant growth and development, with new protocols and advancements constantly emerging. That established, the introduction of the Bitcoin STAMPS (Secure Tradeable ART Maintained Securely) protocol is among the recent advancements in the Bitcoin ecosystem. This protocol provides a fresh method for adding data to the Bitcoin blockchain, which results in the production of SRC-20 tokens.
The Bitcoin blockchain has undergone substantial change since its launch in 2009 in order to address issues like scalability and transaction costs. Scalability has been improved through the use of new technologies like Segregated Witness (SegWit), Bitcoin Cash (BCH), and the Lightning Network. In 2021, the Taproot upgrade further improved the blockchain’s speed, security, and overall efficiency.
Explore the rising trend of SRC-20 Tokens and seize the opportunities now!
SRC-20 Token’s Different Approach Than Others – How Do They Work?
SRC-20 tokens offer a new and innovative way to use the Bitcoin network. They offer a number of advantages over other cryptocurrencies, such as stability, security, and programmability. As the Stacks ecosystem continues to grow, so will the demand for SRC-20 tokens.
- SRC-20 tokens are created by locking Bitcoin on the Stacks blockchain. This process is called “minting.” When Bitcoin’s token is minted, it is converted into SRC-20 tokens. These tokens can then be used to trade, invest, and build applications.
- These tokens are backed by Bitcoin, which means their value is always equal to the value of the Bitcoin that was used to mint them. This makes SRC-20 tokens a more stable investment than other cryptocurrencies.
- These novel tokens are also more secure than other cryptocurrencies. The Stacks blockchain is a Layer-2 solution on Bitcoin, which means it is built on top of the Bitcoin blockchain. This gives SRC-20 tokens the security of the Bitcoin blockchain while also offering the programmability and interoperability of other blockchains.
Benefits Of Developing Your Tokens Using the SRC-20 Token Standard
Mike In Space, the creator of the SRC-20 token standard, claims that STAMPS ensures greater permanence compared to other protocols. This is accomplished by immediately putting the STAMPS in the blockchain’s spendable transaction outputs, making it difficult to prune them. In contrast, nodes that choose to discard outdated witness data can prune ordinals. As a result, Bitcoin STAMPS become more permanent, making them an appealing choice for anyone looking for long-term, secure storage for collectibles and other priceless assets. Make a checklist of these following perks as we wait for more updates from the market!
Stability: SRC-20 tokens are backed by Bitcoin, ensuring their value is always equivalent to the Bitcoin used to mint them. This characteristic makes SRC-20 tokens a more stable investment compared to other cryptocurrencies.
Security: The Stacks blockchain, on which SRC-20 tokens are built upon, operates as a Layer-2 solution for Bitcoin. By leveraging the security of the Bitcoin blockchain, this specific token development provides robust security measures while offering the programmability and interoperability found in other blockchains.
Programmability: SRC-20 tokens possess programmable capabilities that can enable the creation of decentralized applications (dApps) in near future. This programmability empowers developers to leverage SRC-20 tokens as a powerful tool in building innovative and decentralized solutions.
Thus, participating in the Bitcoin STAMPS trend offers opportunities in finance, artistic expression, early adoption, and engagement with cutting-edge technology. By partnering with a blockchain expert like us, businesses can receive assistance in SRC-20 token development and tap into the growing trend of Bitcoin STAMPS.
In conclusion, if you are a crypto fanatic or an investor who would like to build your own empire, choose Blockchain App Factory. We, with our esteemed token development protocols, solutions, and our most efficient developers, will deliver you an experiential expertise. We provide a seamless experience for creating and deploying tokens, from ERC-20, and ERC-721, to the most recent SRC-20. With our assistance today, lead the way, not with an urge but with techniques!