The crypto world is watching the BRC-20 token and Bitcoin Ordinals wave. To avoid missing any BRC-20 bets, below are complete instructions for buying, selling, and minting BRC-20 tokens at the UniSat wallet.
What is UniSat?
Along with that is the appearance of many wallet projects (wallets) to support users to access Bitcoin’s NFT and DeFi ecosystem. UniSat Wallet, which officially went into operation on April 23, is the earliest BRC-20-supported wallet.
The overall consensus was that although Bitcoin may be used for payment, it is not required and should not be utilized as an ecology. With the release of BRC-20, many regular army players mocked this parody of ERC-20 since there is a significant difference between a plain string of JSON codes and a smart contract.
UniSat was working on integrating BRC-20 while everyone was enthused with the Bitcoin picture NFT.
UniSat is responsible for the success of BRC-20. UniSat, the first human to eat crabs, is one of the few ventures that took advantage of this once-in-a-lifetime chance.
You may argue that BRC broke the circle by chance in order to catch up with the “meme season” or that BRC’s fame would not endure long, but UniSat’s rewards are actual money. Entrepreneurs and developers are surrounded in echo chambers by the organization’s specified track and ecosystem, trying to generate the next miracle via repetitive wheel-making in the existing crypto company.
Referring to BRC-20, let’s learn a little about this token standard.
What is the BRC-20 token?
UniSat Wallet is an open-source Chrome addon for storing and transferring Ordinals NFTs and BRC-20 tokens. Ordinals NFTs are non-fungible tokens inscribed on the Bitcoin blockchain via the Ordinal Protocol. BRC-20 tokens are fungible tokens that may be used on the Bitcoin network. UniSat Wallet allows you to instantly observe unconfirmed NFTs, inscribe on-the-fly without operating a complete node, and store, mint, and transfer BRC-20 tokens. UniSat Wallet is also the official Ordinal Protocol wallet.
Before the beginning of 2023, there was just one asset on the Bitcoin blockchain: Bitcoin. Despite much discussion about diversifying assets like as other blockchains, things are still not looking positive.
An anonymous developer dubbed “Domo” designed the BRC-20 token standard through March 2023, using the Ordinals protocol and the Inscriptions mechanism, enabling developers to install, mint, and transfer tokens on the Bitcoin network.
BRC-20 may be thought of as the ERC-20 equivalent of Bitcoin. Nevertheless, since it was recently formed, as of the time of writing (May 2023), this standard does not enable smart contracts in the same way as ERC-20 does.
Although it was only created 2 months ago, so far the market has appeared more than 25,000 tokens of the BRC-20 standard with a total capitalization of more than $500 million, sometimes reaching over $1 billion.
In such cases, the ORDI token capitalization accounts for more than half of the whole BRC-20 market capitalization. The first BRC-20 token, ORDI, was established with the intention of creating a new token standard. After that, ORDI’s popularity is growing as more developers “caught up” and created new tokens to test the system.
What Makes UniSat Wallet Unique?
- Ordinals NFTs should be stored and transferred.
- See unverified NFTs right now, 100% Open-source
- Inscribe on the fly without the need for a fullnode.
- BRC-20 storage, minting, and transfer.
With the democratization of Ordinals and BRC-20, an increasing number of applications are developing. Indeed, the fabrication of inscriptions was formerly restricted to intellectuals.
Moreover, purchases of NFT Ordinals occurred OTC (Over The Counter), posing serious decentralization and trust issues. UniSatis enables the creation, storage, and transmission of NFT Ordinals without the need for a complete node. The wallet now supports BRC-20 forwarding as of version 1.1.15.
Lastly, it provides a decentralized marketplace for purchasing and selling BRC-20 tokens. Unfortunately, this marketplace is still in its early stages. As a result, it should be taken with care.
It is essential, however, to exercise caution when investing in a BRC-20 since most of them are shitcoins with low value. As a result, it is essential to exercise caution and never invest significant sums of money. Moreover, UniSat is still in the experimental phase, which means it might be vulnerable to errors and malicious attacks. It is consequently advised to use extreme caution and not invest more than you can afford to lose.
Yet, this new tendency does not simply benefit the Bitcoin network. Moreover, the increased interest in Ordinals and BRC-20 has increased the number of daily Bitcoin transactions. Naturally, the network became congested as a result of this growth.
How to create a UniSat wallet
Apart from Ordinals Wallet, the most popular wallet for accessing BRC-20 tokens is UniSat. Follow these steps to establish a UniSat wallet:
- Step 1: Go to https://unisat.io/ to get the wallet (add the wallet directly via Chrome Extension or download it from Github.)
- Step 2: Choose “Download from Chrome Store,” then “Add to Chrome,” and wait for the device to download and install the Extension automatically.
- Step 3: After the Extension has been properly installed, we must establish a new wallet. Just import the Recovery Phrase into your UniSat wallet if you already have one. After creating a successful wallet, you can top up money from the exchange or another wallet through your wallet address.
How to mint, buy and sell BRC-20 tokens
A list of BRC-20 tokens may be found at https://unisat.io/brc20. Coins with 100% progress will no longer be able to mint. Please go to the In-Progress section to check which tokens have yet to reach their maximum quantity to mint.
Mint BRC-20 tokens
- Step 1: If you’ve decided on a token, click on it and then on mint.
- Step 2: Input the number of tokens to be minted and hit the proceed button.
- Step 3: Input the wallet address, choose the gas fee, and hit the confirm button.
- Step 4: Confirm the final to mint.
- Step 5: After minting, you may check your wallet for BRC-20 tokens.
Buy/sell BRC-20 tokens
To buy/sell (trading) BRC-20 tokens, go to https://unisat.io/market, connect your wallet and start trading. However, UniSat marketplace will require you to meet ONE of TWO criteria:
- Hold OG Pass (currently has a floor price of ~0.25 BTC. You can check it here: https://ordinalswallet.com/collection/unisat-og-pass)
- There are 20 UniSat points (each mint brother BRC-20 token corresponds to 1 UniSat point)
If you meet the requirements of UniSat, you can start trending the BRC-20 token.
Conclusion
Although a token standard was born quite late compared to standards such as ERC-20, BEP-20, TRC-20, etc., BRC-20 has created a fever covering the entire cryptocurrency market.
Unisat is one of the projects that is going up thanks to the development of BRC-20.
After you have successfully created your Unisat wallet, you can start trading. How to use Unisat wallet is similar to Metamask wallet.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
Source: https://news.coincu.com/188907-unisat-wallet/