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**As a fan, you should be able to stake capital into a music artist that gives them a new way to raise it by sharing success with you.**

This is a foregone conclusion.

So, I patented the process to make it happen faster.

Builders are now able to immediately use this process in web3 music applications.

Let’s see a simplified brief on the patent before we go into the story of its development and more detail on what it is, what it is not and what it is for.

### BRIEF

NFTs are used to crowdfund for a group of artists. The capital is used to generate a net-new revenue stream apportioned to artists based on their success relative to the group. Artists share this revenue with their fans.

Now, onto the story…

### IMPETUS

The arts have always been a formative part of my identity. I took art classes after my twin started piano lessons when we were about seven, but I didn’t pick up music until one of my best childhood friends convinced me to take guitar lessons with him a few years later. He’s been playing professionally in [bands](https://youtu.be/8XokXccue84) ever since, and asked me for financial support in 2017.

![4-17-2017](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F9O7cIK0gdAZAQxJI6ThYU.jpg\&w=3840\&q=75)

4-17-2017

I was terribly conflicted. A donation was one thing, but I wanted to invest a sizable amount akin to an equity angel investment in a startup. I explained my hesitations knowing he didn’t yet have the proper legal framework setup to accept it. He understood, and was appreciative of a cash donation I sent to support his creative journey.

![5-18-2017](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FD62JFQNoVjtapUJywWJ7o.jpeg\&w=3840\&q=75)

5-18-2017

Even so, I felt we were both robbed of a positive sum opportunity. This was a big problem, so I began drafting a business method to fix it. Solving it was never far from my mind. I was constantly updating my draft and sending scratch notes to myself.

![6-28-2017](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FLvkGQwoTDrJJwfreYJyp3.jpg\&w=3840\&q=75)

6-28-2017

### CRYPTO

Later that year I added hundreds of cryptocurrencies to my investment portfolio. I took particular note of capital raised via Initial Coin Offerings (ICOs). At the same time, I was keen to track the Supreme Court’s landmark case on overturning the Professional and Amateur Sports Protection Act of 1992 (PASPA) to legalize sports betting. I sensed PASPA would be overturned, and knew a flurry of creative skill-based fantasy sports models would flourish if it was. So I continued tweaking the draft of my model to incorporate unconventional, skill-based approaches. The itch was incessant, often waking me up at night to jot more notes.

![8-23-2017](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FmBmK9tXb9CKLX9SY3IpEb.jpg\&w=3840\&q=75)

8-23-2017

### VEZT

PASPA was overturned almost a year later, in May of 2018. My obsession was unrelenting, so I decided to dedicate material time into deeper education to transition my career into the music industry. My research led me to Vezt who were exploring intriguing models in the music industry. I reached out to join their team.

![6-19-2018](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F_crsej9-ll1tMV7StArE6.jpg\&w=3840\&q=75)

6-19-2018

I was ultimately offered the role.

![7-19-2018](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FxmFuk7F0mEnDBo83dQV9f.jpg\&w=3840\&q=75)

7-19-2018

We had a mutually beneficial evaluation and I was deeply appreciative, but never took the Vezt offer. I became resolute in my journey to finalize my model.

### NBA TOP SHOT

I knew there was a key piece to my puzzle missing, but my gut told me the answer was hidden somewhere at the cutting edge of blockchain technology. So I honed my research deeper into the blockchain over the two years that followed until an email from The Hustle landed in my inbox.

![9-4-2020](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2Fcjfwkt4WvApQ2hAgpwvXU.jpg\&w=3840\&q=75)

9-4-2020

One of my fondest childhood memories was my Dad signing me up for an Air Jordan Flight Club membership and I’ve always collected sports cards, so the [NBA Top Shot](https://nbatopshot.com/api/referrals/auth0%7C5f6464c6ded2eb00797e7874) model made sense to me immediately. I had actually just purchased a Jordan 86’ Fleer a few months prior.

![3-18-2020](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F9JMJ-CB7yX92oJBnTdZ0z.jpg\&w=3840\&q=75)

3-18-2020

So the moment NBA Top Shot accepted me as one of the first few thousand users into their closed beta, I purchased a $49 LeBron moment.

![9-23-2020](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FFpeALXGRIND62xFxVQrrj.jpg\&w=3840\&q=75)

9-23-2020

Watching that $49 moment appreciate to [$110,623](https://nbatopshot.com/listings/p2p/7b797690-5b53-45a7-b972-bd2d5152654a+768166e3-f4bb-4395-9b48-4c545aebc95c/history/top-sales) was exhilarating, but the aha moment I had immediately after purchasing it got me even more excited. NFTs were the final piece to my model’s puzzle. Days later I finally had a more cohesive thesis for my draft:

> “NFTs will be the catalyst that drives the most disruptive, revolutionary changes to upend the music industry since music streaming began.”

I hadn’t been so sure of anything since a similar epiphany I had in 2007.

### ZAGSTER

My college roommate and I saw the world’s first large-scale, automated bike share system launch in Paris in 2007. We knew it would take the world by storm. We quit everything to bet the farm on it and Co-Founded a bike sharing company - [Zagster](https://www.crunchbase.com/organization/zagster) - later that year. The rest of the world needed micromobility systems, but cities were in dire need of revenue streams from them, to make them sustainable. So one of our earliest business models was predicated on turning bike rides into cash through a carbon offset credit methodology I was authoring. The resemblance of our carbon credit symbol to bitcoin in [this](https://www.youtube.com/watch?v=mkEXkKJL_M4) explainer video is an uncanny coincidence (I wish we knew about tokens back then).

![1-8-2010](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2Fso9N7u9PO1C1P--KvmZoV.jpeg\&w=3840\&q=75)

1-8-2010

After over three years of extremely stringent review and fine-tuning (mirroring that of a patent approval process), the United Nations approved our [methodology](https://verra.org/wp-content/uploads/2018/03/Methodology-for-Determining-GHG-Emission-Reductions-through-Bicycle-Sharing-Projects-2011v04.4.pdf) in 2011. Zagster officially held the world’s first carbon credit financing methodology for micromobility.

![8-20-2007](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FdtNoGayhzGFTZLdZsiMLA.jpg\&w=3840\&q=75)

8-20-2007

The approval [catapulted](https://youtu.be/RDVmM4HuIKw) us from seed to venture funding, leading to acceptance into Techstars which ultimately led us to hundreds of employees, 250+ micromobility programs (bikes and scooters) across 35 states, $40M+ raised and our acquisition event about ten years later. Our methodology made bike sharing happen faster. All this to say, it’s been yet another decade since I’ve been so sure of a solution (web3 music capital distribution) to such an impactful worldwide problem...

**I haven’t had more conviction of a concept being a foregone conclusion since co-founding my bike sharing company back in 2007.**

### PATENT

Words can’t describe the joy of an aha moment like the one I had in 2007 after seeing bike sharing and the one I had for web3 music capital distribution after seeing NBA Top Shot over a decade later. NFTs really were the missing link. I sensed artificial intelligence would have a profound impact on many industries in general in the long-term, but knew NFTs were more specifically the keys to unlocking new ways of financing to disrupt the music industry in the nearer-term.

So with my thesis finally at hand, I restlessly finalized my draft and filed it as a provisional patent on April 5, 2021. I then sourced a top-notch attorney (Paul Novak) through my beloved [Water and Music](https://www.waterandmusic.com/) community and the two of us went through about two more years of exhaustive USPTO examination, debate and review.

I’m ecstatic to announce that as of the day of this post being released, my patent ([U.S. Patent No. 11,620,649](https://jasonmeinzer.com/patent)) has been officially approved and issued.

![4-5-2021](https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FUXxTaSQuJVp1fckU8rHAJ.jpg\&w=3840\&q=75)

4-5-2021

That’s the story on how we got here!

So now let’s detail what the patent is, what it is not and close by looking to the future on what it is for.

## WHAT IT IS

Inventions that qualify for a utility patent are generally grouped into five categories: a process, a machine, a manufacture, a composition of matter or an improvement of an existing idea. My patent embodies systems and methods of using the blockchain to allow music artists to raise and distribute capital i.e. a process. Of course the patent lives for 20 years from April 5, 2021 as the source of truth, so expanding on it in this post won’t limit the claims of it. However, given the limited scope of this post we’ll sum up the key steps of the process briefly for illustration purposes:

1.  CREATE a collection of NFTs.
2.  ASSIGN each NFT to any unique artist and song combination, and an owner.
3.  MONITOR the performance of each unique artist, and song.
4.  CALCULATE an artist score and a song score.
5.  DISTRIBUTE capital to artists and owners.
6.  REPEAT.

If this sounds simple, good. The strongest patents are those that are most simple and broad. Let’s expand on the intended application of the process a bit for further illustrative purposes:

1.  CREATE a collection of NFTs within the system.
2.  ASSIGN each NFT to any unique artist and song combination (with their permission) and owner (in exchange for capital).
3.  MONITOR the performance of each unique artist, and song for a discrete period of time (e.g. one month).
4.  CALCULATE an artist score for each artist and a song score for each song based on their performance during the discrete period of time.
5.  DISTRIBUTE (a net-new channel of) capital to artists and owners based on the ranked artist scores and the song scores for the discrete period of time.
6.  REPEAT the necessary steps for subsequent, discrete periods of time.

Finally, let’s just call out five key themes throughout the 85 sections of the patent specification to expand on intended applications of the system:

*   The artist and owner as potentially being the same entity; see \[4.58], \[10.6], \[15.52], etc.
*   Artist participation as being in partnership, post opt-in consent; see \[2.31], \[9.7-9.39], \[10.6-10.40], \[14.41], etc.
*   Performance as being attributed to an artist's holistic success (not just that from an individual song), factoring in both web2 and web3 activity; see \[6.3], \[15.11], etc.
*   Capital obtained i.e. raised in exchange for ownership of each NFT as (also) being made exclusively available to artists; see \[2.31], \[8.47], \[12.15], \[13.9], etc.
*   The system as being agnostic, autonomous and self-sustaining with net-new capital mechanisms as being non-dilutive to and non-affiliated with artist intellectual property by default (e.g. existing copyright royalties), yet interoperable in harmony with other systems across the web3 ecosystem, ensuring artist self-sovereignty; see \[6.49], \[11.51], \[13.62-14.40], etc.

Put simply, NFTs are used to crowdfund for a group of artists to generate a net-new revenue stream that artists and fans share.

I encourage all to read the [patent](https://jasonmeinzer.com/patent) in its entirety for a more comprehensive understanding on what it is.

## WHAT IT IS NOT

After several years of deep research through the patent and web3 music ecosystems, I’ve remained mindful of related controversies and stigmas that challenge the good intentions of the web3 ethos my patent was built on. Due to the limited scope of this post, let’s just get ahead of five items to candidly express what this patent is not. This patent is:

*   NOT for trolling.
*   NOT for stymying progression or innovation.
*   NOT a HitPiece.
*   NOT for monopolizing or for exploitation to get money.
*   NOT a definitive business plan or model.

To add on to this last item, although SEC and legal considerations are discussed through the specification of the patent, a purpose of the patent is NOT to present a perfected business model that specifically addresses fluid SEC, etc. considerations; but to rather serve as a more general framework to reference while remaining mindful of such considerations.

While out of scope for this post, a topic of a future post may be a detailed walk-through of a business model application that puts the framework of this patent into practice.

## WHAT IT IS FOR

The overarching purpose of this patent is to expedite the realization of systems and methods of using the blockchain to allow music artists to raise and distribute capital with fans.

That is the single most important objective.

**So, this patent serves as a framework for builders to immediately use in new and existing web3 music applications.**

It’s not a matter of if this will happen or who will leverage this patent to do it, but rather just a question of when. Patents shorten the timeline. They stimulate innovation and were incorporated into the U.S. Constitution by 1790 for good reason. I’m a staunch supporter.

My secondary, personal intentions behind what the patent is for are more nuanced, and should never undermine this primary objective. So while the impetus of my story described here has remained a through-line over the 5+ years of development, let me remain just as candid by expressing five other personal motives that have fueled me. For me personally, this patent is for:

*   Nurturing my enjoyment in being completely consumed in the engineering of a meticulous business process that solves a worldwide problem with social impact.
*   Improving the odds of me being in the conversation with web3 music initiatives that incorporate innovative capital distribution models; whether through a job or my own entrepreneurial endeavors.
*   Being the sole inventor of an actual, officially issued patent (not a provisional patent).
*   Validating my research and development over the past 5+ years.
*   Transitioning my career into web3 music with this patent as leverage…

… because I yearn to return to my roots in being more involved in the arts using my business and product acumen, to empower artists to create more raw and true forms of it.

The improvements web3 will bring to industries like banking, government, agriculture, healthcare, etc. will result in profoundly *deep* societal impact. This is important and will take time. In the meantime, the opportunities web3 presents to the arts are immediately upon us and actionable. Realizing these opportunities should serve as a catalyst for other industries to follow.

Of all the arts, I believe the impact web3 will have on music will result in the most *wide* social reach. Most everybody can relate to music - it’s universal.

No matter where you are in the world and no matter your environment, if you’re fortunate enough to hear that one special song, the power it has to viscerally teleport you somewhere to a place of danceable joy is a very unique gift. Gifts from artists. Artists that need more capital. The arts make the world a better place. Especially music. I’m a big fan. I’m not the only one.

**Soon, you’ll be able to get proof you staked capital into a music artist that gives them a new way to raise it by sharing success with you.**

Stay tuned!

*P.S. This post is my genesis NFT as 25 editions, collectable for free.*


Tune in… As a fan, you should be able to stake capital into a music artist that gives them a new way to raise it by sharing success with you. This is a foregone conclusion. So, I patented the process to make it happen faster. Builders are now able to immediately use this process in web3 music

World’s First Web3 Music Patent for Capital Distribution

14.05.2023 The first OFFLINE MEETUP OF CYBERCONNECT COMMUNITY in Moscow took place!

Thank you all for watching !

Thanks to the head of the community - @kevin.cyber  @roy_shen

TO EVERYONE who had a hand in & participated in this event !

CYBER CONNECT - THE BEST

LET's SEE HOW IT WAS BEEN 

![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/c2414be85044bd97)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/cdfcf693e2b651ba)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/a13a55ce1cc39304)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/a09599bd3c2b24ed)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/9fd6a4173475e54f)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/9490674040ef0854)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/c1477dcd79dbb964)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/cf51c3c4206d5ea9)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/7874e3669928419f)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/4d8cc58443cf8694)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/b8569c46d4d0b608)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/3c57f6e4cd0166dc)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/568386b213e9a94e)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/95a0283de804b4eb)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/8f06a7141c3d2f75)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/cf326cdd6433e554)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/3753fe73e5f97391)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/17f27e942ab12905)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/0bba3e47dc37d306)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/2bba33bc7a9420a7)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/4acc5c8e9e08e3f4)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/cddc13cfa14bef49)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/7034bb0330431332)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/3d2bf6ca22d9c2ea)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/f9a32b3188bdf6b0)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/150b0e12a4ba20b1)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/24cf4b22b892ea51)![img](https://link3-image.cyberconnect.dev/523538f7-ff6e-4fa2-bb93-8b8077af5f2d/postImageFolder/edfc28ed61a04b6f)

14.05.2023 The first OFFLINE MEETUP OF CYBERCONNECT COMMUNITY in Moscow took place! Thank you all for watching ! Thanks to the head of the community - @kevin.cyber  @roy_shen TO EVERYONE who had a hand in & participated in this event ! CYBER CONNECT - THE BEST LET's SEE HOW IT WAS BEEN

Offline meetup of Cyber Connect community in Moscow

BRC-20 is a new type of token standard that is built on the [Bitcoin](https://bitkeep.com/en/bitcoin-wallet) network using ordinals and inscriptions. You may have heard about the OnChain Monkey and Bitcoin Punks NFT collections on the Bitcoin network, which caused a stir in the crypto world in early 2023, but the hype around these projects quickly faded as they became easy to reproduce and suffered from dwindling demand.

However, the BRC-20 token is different. It is a new way of creating tokens on the Bitcoin network that is sure to catch the attention of the crypto community and are primarily designed to work in a similar way to ERC-20 tokens, which are used on the [Ethereum](https://bitkeep.com/en/ethereum-wallet) network.

Some may argue that inscriptions and [Ordinals](https://study.bitkeep.com/en/?ht_kb=exploring-bitcoin-ordinals-the-future-of-nfts) were not designed for this purpose, and that BRC-20 tokens are a speculative use of the technology. However, the fact remains that BRC-20 tokens have the potential to change the face of cryptocurrency as we know it, and it will be interesting to see how they are used in the future.

## What are BRC-20 Tokens?

The BRC-20 token standard is a novel form of fungible token that employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers, which are stored on the Bitcoin base chain. Developed by @domodata, a Twitter user, on March 8th, 2023, the token’s name is a play on the ERC-20 token standard used on Ethereum. However, unlike the ERC-20 standard, the BRC-20 token standard does not interact with smart contracts on EVM chains.

Unlike traditional token standards that are typically managed by smart contracts on EVM chains, the BRC-20 token standard is essentially a script file stored on the Bitcoin network.

What this means is that they can be considered as metadata attached to Bitcoin transactions through the ordinals protocol, which allows for the creation of fungible tokens on top of Bitcoin. Despite their association with Bitcoin, however, BRC-20 tokens are distinct from the Bitcoin asset itself. Instead, they are a representation of a different type of asset, which is stored as a JSON script file on the Bitcoin blockchain. As a result, the tokens exist in a secondary market that is separate from Bitcoin, and require specialized software to be sourced, categorized, and displayed from the blockchain.

While there are numerous ways to create tokens on other chains, each with its own market and exchange with liquidity for trading, the token market is notorious for attracting speculators and scammers. The ERC-20 term is well-known in the token market, and its use in connection with Bitcoin could attract this type of behavior to the Bitcoin network.

While this could increase demand for Bitcoin to pay for fees and take up block space, it could also lure unwitting investors into buying useless metadata that only select wallets can translate into a human-readable format. Even the creator of the BRC-20 token standard has emphasized that it is just an experiment and that the tokens have no intended value, though some speculative investors may view them differently.

## How does BRC-20 Work?

BRC-20 tokens offer a streamlined process for the creation, deployment, and transfer of digital assets on the Bitcoin blockchain. As opposed to Ethereum’s ERC-20 tokens, which have a complex set of functions, BRC-20 only has three: deploy, mint, and transfer.

The deploy function allows anyone to create a token by setting the ticker, max supply, and mint amount. Once deployed, the token can be minted by anyone as long as the transactions are ordered inside a mined block and stay within the threshold of the max supply.

The “first is first” principle, which is adopted from the [Sats Names protocol](https://study.bitkeep.com/en/?ht_kb=exploring-bitcoin-ordinals-the-future-of-nfts) and deeply ingrained in BTC’s culture, establishes the validity of tokens. For instance, the first 21,000 mint transactions of 1,000 ordi each in the BTC blockchain are valid, while any subsequent mint transaction is invalid. Therefore, it is imperative to ensure that the transactions are valid, as any invalid transactions can result in a waste of satoshis.

Despite this potential for a poor user experience, the adoption of BRC-20 tokens continues to grow, with over 7,500 tokens deployed as of May 1, 2023, and showing no signs of slowing down. As the use cases for BRC-20 tokens expand, the simplicity of the protocol may prove to be a significant advantage over more complex token standards, enabling more users to participate in the creation and transfer of digital assets on the Bitcoin blockchain.

## Advantages of BRC-20 Tokens

The BRC-20 token standard is gaining traction as enthusiasts explore its potential, although it is still in its nascent stages. Fungibility is a key feature of BRC-20 tokens, as they are easily exchanged and interchanged on various cryptocurrency exchanges. The innovation of BRC-20 provides traders with an alternative to trading Bitcoin directly, which may be daunting for novice users.

Security is another notable advantage of BRC-20 tokens, as they are built on the highly secure Bitcoin protocol. The security of the Bitcoin protocol is well-known, as it employs a proof-of-work consensus mechanism that thwarts most hacking attempts. This feature enhances the security of BRC-20 tokens and their underlying transactions, ensuring that they remain secure and tamper-resistant.

Being built on the Bitcoin network, BRC-20 tokens are also natrually designed to work seamlessly with the Bitcoin protocol, allowing them to be easily integrated into the Bitcoin ecosystem. Developers can also leverage the Bitcoin protocol’s relatively low entry barriers to create innovative applications that run on top of it. This attribute has the potential to drive further adoption and use cases for BRC-20 tokens.

## Drawbacks of BRC-20 Tokens

The BRC-20 token standard, although gaining momentum, is still in its early stages and suffers from certain limitations compared to other well-established token standards like ERC-20. These limitations include a smaller ecosystem with fewer available resources and tools for building and managing BRC-20 tokens.

## Association with Bitcoin

Its association with Bitcoin can be seen as a primary drawback, as Bitcoin is typically regarded as a store of value rather than a platform for managing tokens, which may limit the adoption of BRC-20 tokens. This is in contrast to the ERC-20 token standard, which has the added advantage of smart contract capabilities that BRC-20 lacks.

Additionally, there is some concern among long-time members of the Bitcoin community (or maxis) that BRC-20 tokens may lead to an increase in gas fees due to the token standard’s use of valuable block space. While it is too early to say for certain, this could potentially impact the feasibility of using BRC-20 tokens for certain types of transactions.

## Inherent Complexity

The underlying promise of Bitcoin is its straightforwardness and user-friendliness in managing digital assets. However, BRC-20 tokens add a layer of complexity to the process. Managing these tokens necessitates separate wallet software, protocol, and coin control, as well as additional steps for storage and transaction.

This heightened complexity not only leads to user confusion but also raises the likelihood of human error, which in turn may lead to the permanent loss of the file. Consequently, this impedes user adoption of the technology and drives users towards the usage of third-party custodians rather than trying to navigate the complexities themselves.

## Difficulty in Validating Transactions

Due to the absence of Bitcoin script and the protocol’s limited set of functions, the indexing of valid transactions can also prove to be an obstacle for BRC-20.

UniSat, one of the builders that have embraced the BRC-20 standard, has reportedly experienced “double-spend attacks” that arose from a “vulnerability” in their codebase, which was likely the result of the complexity involved in evaluating valid BRC-20 transactions:

![](https://miro.medium.com/v2/resize:fit:1190/0*3TTt3-VDJwlLYhFR)The security concerns raised by such incidents are a significant challenge for the adoption of BRC-20 tokens, especially given the increasing interest in deploying them. As the use cases of BRC-20 tokens continue to expand, it is crucial to identify and address vulnerabilities to prevent such attacks and protect users’ assets.

## BRC-20 vs ERC-20

Although BRC-20 tokens have gained popularity recently, they still have a long way to go to match the number of ERC-20 tokens in circulation on Ethereum. While there are only 3,400 BRC-20 tokens currently in circulation on Bitcoin, there could be as many as 400 million ERC-20 tokens on Ethereum, making the latter token standard far more widely adopted.

The difference in adoption is also reflected in the market capitalization of ERC-20 and BRC-20 tokens. ERC-20 tokens have a market capitalization in the hundreds of billions of dollars, compared to a mere $17.5 million for BRC-20 tokens. This is not surprising given that the ERC-20 standard has been around since 2015, while the BRC-20 standard was only proposed recently.

While BRC-20 is gaining traction now, it is not the first attempt to issue fungible tokens on the Bitcoin protocol. In fact, the Colored Coins protocol was introduced as early as 2012, but it failed to gain traction due to Bitcoin’s high transaction fees and programmability restrictions at the time Ethereum’s smart contract capabilities, on the other hand, made it a more attractive platform for users interested in issuing fungible tokens.

Nonetheless, BRC-20 tokens represent a new era of experimentation with fungible tokens on Bitcoin. They are similar to [Ordinal NFTs](https://study.bitkeep.com/en/?ht_kb=exploring-bitcoin-ordinals-the-future-of-nfts) in that they are pushing the boundaries of what is possible on the Bitcoin protocol. As such, they are attracting the attention of developers and users interested in exploring new possibilities in the world of blockchain technology.

## The Future of BRC-20

It is interesting to note that BRC-20’s creator has openly stated that the standard is “worthless” and that users should “not waste money mass minting” this “fun experiment”:

![](https://miro.medium.com/v2/resize:fit:1192/0*T-gOUrr_BnVNB5vI)Despite this, builders such as Unisat are enthusiastically embracing BRC-20. Some centralized exchanges such as [Bitget](https://www.bitget.com/en/?languageType=0\&channelCode=gaothomas\&vipCode=5l90\&utm_campaign=5l90\&groupId=232629\&gclid=Cj0KCQjwmN2iBhCrARIsAG_G2i5sKk5yLb6Y4tY4A25X0uiYncL4Kn98NdKJC-Qac3mYA7xgO1II2LsaAs_9EALw_wcB) are also taking on the onus of initiating in-depth research surrounding the token standard. However, the ongoing hype surrounding BRC-20 belies the unfortunate reality that token issuance operations are primarily aimed at enriching the operators and manipulating naive investors, rather than advancing the underlying technology. Although efforts can be made to simplify the standard and its tools, these token standards are not inherently safer than those on other chains, nor can they entirely be equated with Bitcoin.

Token standards like BRC-20 have been likened to “rug-pull technology” and may also inevitably lead to the emergence of an overpriced market for Bitcoin-saved metadata — a concern held particularly by Bitcoin maxis. Regardless, caution must be exercised by potential investors, especially in light of domodata’s views that BRC-20 was conceived purely as an experimental token standard, and should not be seen as an instrument for investment.

## Closing

The BRC-20 token standard is gaining momentum as an experimental option for issuing fungible tokens on the Bitcoin blockchain. While it is still in its early stages, some developers are already embracing it despite warnings from the creator that it’s just an experiment and may not be worth anything. However, BRC-20 tokens face challenges due to the limited ecosystem and adoption compared to other token standards like ERC-20 on Ethereum, and the potential increase in gas fees.

Only time will tell whether BRC-20 tokens will take off and attract more speculation about Bitcoin or fall flat on their face like previous attempts to add non-native assets to the Bitcoin base chain.

## BitKeep to Support BRC-20

From May 2023, [BitKeep](https://bitkeep.com/) will be fully integrating asset displays, transfers over the Bitcoin network, as well as the trading of BTC NFTs based on the Ordinals protocol. The BitKeep wallet will also be compatible with the Taproot address format, and will also support the BRC-20 protocol.

BitKeep users will be able to conveniently use the BTC Taproot address format, BRC-20 tokens, and interact with BTC NFTs on both BitKeep’s mobile and chrome extension platforms. Users will also be able to perform deposits and withdrawals, as well as transfer transactions, thus reducing the barriers for users to participate in the Bitcoin ecosystem.

BitKeep will continue to monitor new protocols such as BRC-21, and provide more diverse support and services based on market trends and user demands.

Follow [BitKeep](https://bitkeep.com/en/index) to stay up-to-date with all of our latest events, findings, and promotions, and let BitKeep be your premier gateway into the Web3 space.**

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