Overview

The Bitcoin token protocol, BRC20, has made significant strides in enabling Ethereum-styled smart contracts by integrating the Ethereum Virtual Machine (EVM) into its primary logic. This enhancement, known as BRC2.0, was implemented by Ordinals developer Best in Slot in collaboration with the token’s pseudonymous creator, Domo.

Details

• Integration of EVM: The integration of EVM allows BRC20 to achieve Turing completeness, significantly expanding its capabilities. Eril Binari Ezerel, the CEO of Best in Slot, observed, “Bitcoin meta-protocols like BRC20 run on indexers… We upgraded this ‘calculator-style’ indexer with EVM, making BRC20 Turing complete.”

• Token Standard: BRC20 serves as a standard for issuing fungible tokens on the Bitcoin blockchain through the Ordinals protocol, which enables data inscription on individual satoshis, the smallest unit of Bitcoin.

• Future Implications: This upgrade drives further utility developments on Bitcoin, mimicking Ethereum-like contract capabilities. Domo remarked, “The holy grail is combining the two gold standards: Bitcoin as the most decentralized and secure network, and the EVM as the most proven virtual machine, aiming to provide Ethereum’s composability and programmability, secured by Bitcoin.”

For more insights, check out the full article at CoinDesk.