JAN3 CEO Samson Mow suggests that the Ordinals and BRC-20 will disappear in a few months. According to Mow, it is impossible to sustain the excitement around Bitcoin Ordinals and BRC-20 coins. So, that excitement will fade in a few months.
BRC-20 Coins are not sustainable, they will disappear!
As you follow on Kriptokoin.com, the last excitement around Bitcoin was Ordinals and BRC-20 coins. According to JAN3 CEO Samson Mow, it is not possible to sustain it. So expect it to disappear in a few months! Giving an exclusive interview, Mow says:
These guys basically pay huge amounts of fees that go directly to Bitcoin miners. There is no way this can be sustained. They will disappear after months. Let’s not talk about years here.
BRC-20 Coins are spam blocking the network
Increasing activity around Ordinals and BRC-20, a crypto technology that allows users to print fungible and non-fungible tokens on the Bitcoin Blockchain, is the main reason for an increase in transaction fees that has led to a bottleneck of the Bitcoin network. Many members of the Bitcoin community see Ordinals as a use case that could boost Bitcoin adoption. However, Mow treats them as network-clogging spam. In this context, Mow uses the following expressions:
These are short-term money grabs, similar to most things on rival Blockchains like Ethereum and Solana.
According to Mow, the mass adoption of Bitcoin will happen not because “people print JPEGs and paste them on the Blockchain”, but because it is used as a savings technology and a medium of exchange.
BRC-20 standard becomes new target for meme tokens
The BRC-20 token market cap has increased by 600% over the past week. Thus, the transaction volume has outstripped standard BTC transactions on the network. Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem, especially after the Pepe (PEPE) meme-coin rise in recent months. A total of 8,500 different tokens were minted using the BRC-20 standard. Also, the majority of these BRC-20 coins are meme-coins like PEPE and Memetic (MEME).
Blockchain modeled on BRC Ethereum’s ERC-20. It allows programmers to create and send fungible-tokens via the Ordinals protocol. Although modeled after the ERC-20, the BRC-20 token standard is fundamentally different from its Ethereum-based counterpart. BRC-20 tokens do not benefit from smart contracts. The token standard also requires a Bitcoin wallet to mint and exchange these tokens.
An anonymous on-chain analyst named Domo created the BRC-20 token standard in early March. The goal was to make it possible to mine and transfer fungible tokens on the Bitcoin Blockchain. The market cap of BRC-20 tokens exploded last month. It currently stands at $120 million. This means a 600% increase over the past week.
BRC-20 token market cap / Source: Ordinals
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