You might have heard of BRC-20, a similar thing for Bitcoin, but it has its problems – high fees and slow transactions. DRC-20 is here to solve those problems. It’s super fast and cheap. So, people are curious about it.
The DRC-20 token was introduced on May 9 and is based on the same technology as the BRC-20 coin.
These digital assets, like the BRC-20, are counted in the smallest unit of DOGE called an “Elon,” where 100,000,000 Elons make one DOGE.
The DRC-20 token was created to fix the problems of the BRC-20. It’s faster and cheaper, which has caught the attention of investors and fans of these tokens.
When a better solution is needed, people come up with new ideas, and that’s what the DRC-20 aims to do.
One cool thing about DRC-20 is that it allows for “arbitrary content” in its inscriptions. This means you can make digital items that are both like regular tokens and special ones like NFTs, without needing extra stuff like sidechains or middlemen.
At a Bitcoin Ordinals event, the DRC-20 standard got a nickname, “Doginals,” from the Cheems account, a meme project on Solana that liked this new standard.
When the DRC-20 tokens first came out, there wasn’t a specific tool to make them. But Enigma, a project, named some of the future DRC-20 tokens like Cheems, Dogewow, Misu, Pepe, and Meme and gave instructions on how to make them.
Pros and Cons
DRC-20 is new, and that means there are still some issues to work out. It’s not easy to track the tokens or find a place to buy or sell them. Plus, it’s a bit uncertain because there’s no strong system to make sure everything’s real.
But here’s the good news. Being one of the first to try the token can be a big advantage. It’s like being at the start of something exciting. Plus, making tokens with DRC-20 is cheap, so you can experiment without losing a lot of money.
How to Make DRC-20 Tokens?
If you’re interested, you can try making your tokens. First, you need to set up a special wallet. Here’s how:
- Go to the official ÐPAL Wallet website.
- Look for the “Add to Chrome” button and install it.
- Create a password and get a backup code.
- Make sure you remember your backup code.
With enough $DOGE in your wallet, you can start making DRC-20 tokens.
Some people have had trouble with ÐPAL Wallet not working right. You can try reinstalling it or using a different browser to fix that.
What DRC-20 Does to DOGE
Since DRC-20 came into the picture, Dogecoin’s daily transactions have gone way up. That’s because DRC-20 lets you make tokens using DOGE. This has made Dogecoin more valuable and could open the door for new services on its network.
But not everyone is thrilled.
Some folks worry that all these new tokens might slow down the network and change Dogecoin’s original idea of being a simple currency you use every day.
DRC-20 is causing a buzz in the crypto world. The future of Dogecoin depends on what its community decides to do with it. So, while it’s exciting, it’s also a reminder to be careful and keep the original idea in mind. Balancing new possibilities with old principles is the key.