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BRC-20 is a Bitcoin inscription standard that enables users to deploy token contracts, as well as mint and transfer tokens on Bitcoin. BRC-20 does not offer smart contract functionality, which limits the functionality of the tokens and the wider ecosystem as a whole. An in-depth coverage of BRC-20 was published in an earlier research piece.

Meanwhile, the relatively limited accessibility to acquire BRC-20 tokens poses a challenge due to the lack of infrastructure support and compatibility with other blockchains. Additionally, BRC-20 tokens currently lack utility as they cannot be used for decentralized applications and DeFi.