Here’s great news for cryptocurrency investors in the Philippines!
In a move that aligns with its vision of providing Filipinos with greater access to digital asset services, Coins.ph recently introduced a new service that would allow it to offer BRC-20 inscription services, a new system for numbering satoshis (the smallest monetary unit in bitcoin cryptocurrency system) that allows users to attach extra data to their satoshis in a process known as “inscription.”
With the launch, Coins.ph becomes the first Philippine exchange to bring BRC-20 token services to the local market. It also marks a significant milestone in the country’s digital asset landscape as experts see the use of BRC-20 tokens — fungible digital assets created on the Bitcoin blockchain — as a vital process in the future mass adoption and rise of Bitcoin.
IMAGE CREDIT: https://www.coolwallet.io/
Coins.ph is an e-wallet firm based in the Philippines that allows customers to download the app on their mobile phone and use the e-wallet to buy, sell, and store cryptocurrency in the Philippines. Users can also pay their bills and remit money using the e-wallet.
So, is BRC-20 really going to be a key future player in Bitcoin’s rise to mass adoption?
Move over ERC-20, and say hello to BRC-20!
BRC-20, which stands for Bitcoin Request for Comment-20, is an experimental token standard that enables the minting and transferring of fungible tokens on the bitcoin blockchain. It is also similar to the ERC-20 token standard on the ethereum (ETH) and EVM blockchain networks.
To explain further, BRC-20 is a technical standard for the minting and management of fungible tokens, including $ORDI, $VMPX, and $PEPE, on the Bitcoin blockchain. Fungible tokens are interchangeable and have equal value, making them ideal for representing assets such as cryptocurrencies, tokens, and even real-world assets like stocks or commodities.
Unlike ERC-20, however, these tokens are unique because they are inscribed directly onto Bitcoin’s satoshis using JSON code, making them distinct from traditional tokens on platforms like Ethereum.
BRC-20 also differs from smart contract-dependent standards since they utilize ordinal inscriptions, which are data structures used to represent and manage tokens on the Bitcoin blockchain.
This innovation is what enables seamless token creation and transfer without the need for complex smart contracts, thus enhancing efficiency and reducing cost.
A milestone for the country’s digital asset landscape
“This move signifies that Coins.ph is committed to being at the forefront of digital asset innovation,” said Wei Zhou, Coins.ph CEO.
“BRC-20 has seen significant growth in activity since it launched earlier this year. We want to allow our users to participate in these opportunities whether it be through tokens like $ORDI which we recently listed, or other product offerings enabled by BRC-20,” he added.
In addition to listing $ORDI, a prominent BRC-20 token, Coins.ph is now also looking at expanding the range of BRC-20 tokens available on its platform as these have significant traction in the market due to their unique features and innovative use cases.
There are also plans to further bolster its BRC-20 offerings as Coins.ph aims to solidify its position as the leading provider of BRC-20 services in the country. Its ultimate goal is to empower its users with access to a suite of tokenized assets and innovative financial tools.
The introduction of BRC-20 inscription services represents a notable advancement in extending Bitcoin’s capabilities beyond its initial purpose as a digital currency. Coins.ph also plans to pave the way for novel opportunities in digital asset ownership and management through the launch of BRC-20 services and the goal to expand on additional inscription services in the near future.
About Coins.ph
Coins.ph is on a mission to power the new internet with easy access to digital assets and web3 products. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of different cryptocurrencies and access a wide range of financial services.
Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.