Four new token standards on the block

Published on May 25, 2023
Updated on Mar 22, 2024

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

THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE OR SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING 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.

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