DRAG TOKEN: What Is It and How Does It Work?

What Is DRAG?

The DRAG token is a type of inscription that is issued on the Bitcoin blockchain using the Ordinals protocol. There are a total of 21 million bitcoins in circulation, and each coin can be divided into 100 million satoshis, which makes up a total of 2100 trillion satoshis. By utilizing the Ordinals protocol, inscriptions can be created by writing content to each satoshi, which can include text, pictures, audio, video, and more.

The DRAG token has a total supply of 210,000,000. It is designed as a 100 percent mintable token, which makes it an appealing option for trading and investment, particularly for those who are interested in meme tokens.

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What Is BRC-20?

In March 2023, a blockchain analyst named Domo created the BRC-20 token standard. The origin of these tokens, however, can be traced back to Bitcoin's Taproot upgrade in November 2021. This upgrade expanded the data capacity of Bitcoin blocks, which led to the development of the Bitcoin Ordinals protocol. This protocol made it possible to store information on individual satoshis.

By using this protocol, BRC-20 tokens can store JSON data and provide additional features such as token deployment, minting, and transfer on the Bitcoin network. This standard lets users create and transfer fungible tokens through the ordinals protocol.

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