NEWU: What Is It and How Does It Work?

NEWU - An Overview

NEWU is an inscription token issued on the Bitcoin blockchain using the Ordinals protocol. Its total supply is 21 million bitcoins, which can be subdivided into 100 million satoshis, the lowest denomination of a Bitcoin. This results in a total of 2100 trillion satoshis. The Ordinals protocol is utilized to write content to each satoshi, which includes text, pictures, audio, video, and so on.

NEWU has a total supply of 33,330,000 tokens. It is a 100 percent mintable token, making it an appealing option for trading and investment, especially for those interested in meme tokens.

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What Is BRC-20?

BRC-20 is a novel token standard built on the Bitcoin network using ordinals and inscriptions. In early 2023, the crypto world was abuzz with the OnChain Monkey and Bitcoin Punks NFT collections on the Bitcoin network. However, the hype surrounding these projects quickly faded as they became easy to reproduce and had dwindling demand.

BRC-20 tokens streamline the process of creating, deploying, and transferring digital assets on the Bitcoin blockchain. Unlike Ethereum's ERC-20 tokens, which have a complex set of functions, BRC-20 tokens only have three: deploy, mint, and transfer.

With the deploy function, anyone can 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.

If you want to learn more about the BRC-20 Token Standard, you can read more about it .

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