• Interest in BRC-20 tokens has skyrocketed, increasing their market value by 682%.
• The BRC-20 standard is different from the ERC-20 standard as it lacks the ability to interact with smart contracts.
• Crypto lender Celsius Network is facing allegations of poor record-keeping in its corporate structure.
Skyrocketing Interest in BRC-20 Tokens
The latest price moves in crypto markets have seen a surge in interest for “Bitcoin Request for Comment,” or BRC-20, tokens built with Ordinals and stored on the Bitcoin base chain. As of writing, the combined market cap of more than 8,800 BRC-20 tokens was $137 million, an increase of 682% from $17.5 million seen a week ago, according to data tracked by Ordspace. The pseudonymous creator Domo created the token standard in early March to facilitate the issue and transfer of fungible tokens on the Bitcoin blockchain. This invention came shortly after Ordinals Protocol went live, allowing users to inscribe digital art references into small transactions on the Bitcoin blockchain.
Differences between BRC-20 and ERC-20 Standards
It is important to note that while the name “BRC” may sound like “ERC” (the popular Ethereum token standard), these are two very different standards used for different purposes. The ERC-20 standard allows tokens to interact with smart contracts whereas BCR does not – this is due to its use solely within the Bitcoin network versus Ethereum’s network.
Celsius Network Facing Allegations
Crypto lender Celsius Network has been accused of attempting to mingle its U.K and U.S entities as court filings allege that distinction between them was a “sham”. This allegation comes as customers are pitted against Series B investors in a court fight against what is said to be poor record keeping when it comes to corporate structure maintenance by Celsius Network Limited which had been warned earlier this year about ceasing operations by U.K.’s Financial Conduct Authority (FCA). In 2021, a limited liability company (LLC) was set up in Delaware seeking asset transfers through financial transactions from then on out that have caused controversy over their legitimacy since then .
Founder Justin Sun’s Comments
Tron founder Justin Sun commented on Twitter Monday saying he anticipates that many existing projects will migrate away from Ethereum network due largely at increased gas fees associated with using it and also due to scalability issues among other reasons . He mentioned TRON being one such project as well as others who plan use their own version of blockchains instead like EOSIO or Cardano while others will develop their own custom networks like Libra or Filecoin .
Conclusion
The recent price movement across cryptocurrency markets has led to interest rising significantly for Bitcoin Request for Comment(BRC)-20 tokens built with Ordinals and stored on Base Chain networks such as Bitcoin’s – leading prices surging 682%. Meanwhile Crypto lender Celsius Network faces allegations over poor record keeping regarding its corporate structures while TRON founder Justin Sun predicts mass migration away from Etheruem due largely at increased gas fees associated with using it and also due scalability issues among other reasons .