Memecoins On Meme Network

GM Readers!📪 It's BitDegree Insider, and let's feel that fresh Web3 freeze.

⭐️Today's selection:

• 📜DRC-20 Matters
• 😎Cool Facts Tuesday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

UNDERSTANDING DRC-20

DRC-20 is yet another seemingly-complex, yet important update in the DeFi world.

Just like BRC-20 stands for "Bitcoin Request for Comment," DRC-20 stands for "Dogecoin Request for Comment."

After the launch of the DRC-20 token standard on the Dogecoin network, the number of daily transactions on the blockchain skyrocketed to a record high level of 650,000.

The popularity of DRC-20 tokens seems to have been influenced by certain crypto-Twitter influencers promoting the idea of imminent multipliers.

Supposedly, DRC-20 will experience the same hype as BRC-20 coins.

DRC-20 tokens were launched on May 9.

They are created using the same principle as BRC-20 coins, that is, digital artefacts are recorded on the smallest units of DOGE, creating non-fungible tokens.

By the way, if Bitcoin's smallest unit is a satoshi, then Dogecoin's smallest unit is named ilon (after Elon Musk).

The big question is whether DRC-20 will become as popular as ERC-20 tokens, which fuelled the meme coin season.

After the fall of PEPE, many believe that the momentum for memecoins has already faded.

Over the past week, we've only briefly touched on that very fever of Bitcoin memecoins. 

Let's get to know them better!

Right now in the Bitcoin community, memecoins created using that same Ordinals protocol we discussed in early February.

Back then, we couldn't even imagine that this would lead to the creation of BRC-20 tokens, inspired by the ERC-20 standard.

BRC-20 can be imagined as something in between fungible tokens, like USDT or UNI, and semi-fungible ERC-1155 tokens.

BRC-20 tokens are created by embedding JSON into Bitcoin-NFT via the Ordinals protocol. This JSON contains basic information about the token: maximum supply, token ticker, etc.

These tokens have sparked a new wave of hate from Bitcoin maximalists, because they are essentially useless and also clog up the blockchain, raising network fees to $6-8.

But there's a positive side of the coin.

BRC-20 is a big experiment that could open up new possibilities for Bitcoin usage.

Yes, now these are just meme tokens and useless NFT collections, but if this idea is refined, a DeFi ecosystem may form around Bitcoin.

Or people will simply come to conclusion that this is a stupid idea that's not worth developing.

Also, all this movement around BRC-20 and Ordinals significantly increases miners' earnings for processing transactions.

Right now, this is not so important, but in the future, when block rewards will be much less, high fees will encourage miners to stay on the network and maintain its security.

TL;DR: DRC-20 is yet another important update to the DeFi world. Launched on May 9, it has already had an effect on the Doge network: daily transactions on the blockchain skyrocketed to a record high level of 650,000.

HOW TO DODGE A BULLET

We've got a tale that's straight out of a modern-day, high-tech heist movie, and it's got a crucial lesson for all of you out there.

Kaspersky Lab has uncovered a chilling story about how a fake Trezor wallet became the centerpiece of a 1.33 Bitcoin theft.

Imagine this: A crypto enthusiast, just like many of us, decided to buy a Trezor Model T wallet.

He found a promising listing from a reputable top seller on a well-known ad site.

The wallet arrived looking picture-perfect, an exact replica of the original, down to the holographic stickers on the box and the wallet itself.

He started using the wallet, and everything seemed perfectly normal.

It worked flawlessly, and the interface was indistinguishable from the real deal. crypto enthusiast was content, believing his Bitcoin were safe and secure.

But then came the day that every crypto owner dreads.

The dude found out that 1.33 Bitcoin had vanished from his wallet. 

He hadn't made any transactions, and his wallet was securely stored in a safe, offline.

So how did Bitcoin disappear?

The plot twist:

The scammers had expertly tampered with the hardware wallet.

They had removed the original microcontroller and replaced it with their own trojan-infected version. This allowed them to whisk away the Bitcoin into thin air, leaving crypto-bro high and dry.

Here's a comparison. Left - original, right - fake:

Now, here's the kicker, the valuable lesson from this cautionary tale:

Always buy your wallet directly from the official manufacturer.

Don't let a discount or a quick delivery time tempt you into making a risky purchase.

Choose wallet models that come with additional layers of protection. Safety first, always.

Don't skimp on setting up a password for your wallet, if it supports one. It might seem like a hassle, but it's an essential step towards securing your coins.

Ensure your PCs and smartphones - the devices you use to access your wallet - are fortified with the latest security measures. Your crypto wallet's security is only as strong as its weakest link.

TL;DR: Someone bought a Trezor Wallet, thinking it was the real deal. But it was a fake version of it, and it was trojan-infected. Poor fellow ended up with 1.33 Bitcoin being stolen from him.

COOL FACTS TUESDAY

Today's cool fact is related to Ordinals!

A significant milestone has been reached - there are already over 7 million inscriptions!

Ordinals have quickly taken over the BRC-20 protocol with 89.8% of all inscription being text-based!

That's all for now. BRC-20 infrastructure is in its infancy, despite the general hype around the technology.

But, probably, as in the case of Bitcoin NFT, new solutions and platforms will appear in the near future, so it is possible that soon even a novice will be able to work with BRC-20.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• G7 Committee Shows Support to Controversial Crypto "Travel Rule" and CBDC. The G7 committee highlighted that it supports all Financial Action Task Force (FATF) initiatives.
• In Three Hours, Ethereum Stakers Withdrew Around $500K of stETH from Lido. After a successful Lido DAO vote, stakers can now withdraw ETH.
• SEC Chair Gary Gensler Argues that Proper Crypto Regulations Already Exist. He claims that the cryptocurrency field "has been operating largely non-compliant."