BRC-20 has many benefits, but scalability is not one of them. For example, you want to send BRC-20 tokens, you need to register a transfer, usually on a third party service, and then send this transfer to the recipient - this is two transactions and double commission.
ORC-20 is a new token standard created by OrcDAO and launched last month. Aims to be backwards compatible with BRC-20, improve adaptability, scalability and security, and eliminate the possibility of double spending. ORC-20 can be viewed as hard fork BRC-20
When interacting with the ORC-20, the following operations are available, which are somewhat different from the BRC-20:
DEPLOY
- Ticker can be any size, you can use domain names;
- Ability to change the properties of the token in the future;
- You can include messages or custom fields;
- You can wrap your existing BRC-20 token in the ORC-20 format.
MINT
Mint of ORC-20 token works pretty much the same, like mint BRC-20.
TRANSACTIONS
- Sending ORC-20 tokens is very different from BRC-20;
- ORC-20 transactions use the UTXO approach - the output of unspent transactions;
- If you have 3,000 ORC-20 tokens and want to send 1,000 tokens to someone, you must send yourself the remaining 2,000 tokens to mark the end of the transaction.
CANCEL
You can cancel partial transactions up to the point where you send yourself the remaining tokens.
Despite a recent launch, the ORC-20 is already received updates (Orc Improvement Proposals). OIP-4 includes a "List" that allows marketplaces to identify a set of genuine inscriptions. OIP-5 includes "Mint & Send" features. This greatly improves efficiency compared to one-time BRC-20 transfers.
The ORC-20 is still in testing so some caution is needed.
Based thread : Evaneskate
