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Four new token standards on the block

OKX LearnOKX Learn
Published on May 25, 2023
Updated on Apr 25, 2024
3 min read

Crypto moves at "lightning" speed, and there's been lots of momentum behind new token standards and protocols recently. Some have hailed them as significant innovations, while others have dismissed them as a waste of block space. Alongside the echoes of discontent, there's already been progress to make these standards acceptable for all. Let's find out how.

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🔑 What is BRC-20?

BRC-20 is a fungible token standard designed specifically for the Bitcoin blockchain, allowing the deployment, minting, and transfer of tokens using JavaScript Object Notation inscriptions. Unlike Ethereum's ERC-20 standard, BRC-20 utilizes a proof-of-work mechanism and does not support smart contracts. Good news: you can now deposit and withdraw BRC-20 tokens on OKX. Click below to read more about Bitcoin's new token standard article.

Meet BRC-20 tokens, the new Bitcoin token standard

🔖 What are ordinals?

Ordinal theory has transformed NFTs by allowing the ranking, ordering, and transferring of individual satoshis — the smallest unit of Bitcoin, while inscribing them with unique data. Likewise, Bitcoin's secure blockchain opens up boundless possibilities for digital treasures. Learn more about it in the article below.

Ordinals: The new NFTs on the block(chain) - A beginner's guide

🌱 What are Taproot Assets?

The Taproot Assets protocol tackles blockchain congestion by facilitating unlimited asset creation and transfer in a single on-chain transaction. At the same time, integration with the Lightning Network enables fast, high-volume, and low-fee BRC-20 transactions through existing networks. Find out more in our article.

New Taproot Assets protocol: A boost to Bitcoin blockchain scalability?

📜 What are ERC-6551 Token Bound Accounts?

ERC-6551 Token Bound Accounts (TBA) is an innovative Ethereum standard that expands the functionality of NFTs, transforming them into versatile digital assets by enabling them to operate as their own smart contract accounts. By introducing token bound accounts, ERC-6551 overcomes the limitations of ERC-721 tokens, allowing seamless interactions and enhancing their real-world usability. Read more about it in our article.

ERC-6551: The new Ethereum standard unlocking fresh possibilities for NFTs

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Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold crypto/digital assets, or (iii) financial, accounting, legal, or tax advice. Crypto/digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding crypto/digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein.

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