What are DRC 20 tokens?

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19 Jan 2024

What are DRC-20 Tokens? How to Mint DRC20 tokens Successfully?

This is an exciting period for the industry, and if you are a fellow crypto enthusiast, Buckle up because there’s a new player on the block that is touted to be the latest game-changer in the market: DRC-20 on $DOGE! For those of you who are new to the game, let me tell you that the world of token standards is constantly evolving, and this latest addition is creating exciting prospects for those who are quick to embrace it. This is the blog post you’ve been waiting for, where we’ll uncover the ins and outs of this revolutionary token standard.
Whether you’re a seasoned crypto connoisseur or just dipping your toes into the vast ocean of digital assets, understanding the significance of DRC-20 is essential. In this article, we’ll be exploring the reasons why DRC-20 is making waves in the crypto sphere. But that’s not all! We’ll also break down the pros and cons of adopting DRC-20, helping you weigh the options and make an informed decision. And if that’s not enough to pique your interest, we’ll reveal a little secret: a clever way to mint DRC tokens practically for free!
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DRC20: Why another token standard?

Have you heard about the latest buzz in the cryptocurrency world? It seems like BRC-20, the token standard on BTC that uses ordinals, has been making waves lately. However, there’s a catch – its high transaction fees and painfully slow speed. But fear not! This has created a golden opportunity for a new player to enter the market and offer a faster and more affordable alternative.
Enter stage left: DRC-20! This up-and-coming token standard aims to bridge the gap left by BRC-20’s shortcomings. With its lightning-fast transaction speed and lower fees, it’s been garnering quite a bit of attention from investors and enthusiasts alike. You see, when there’s a demand for a better solution, innovation swoops in to save the day. And DRC-20 is here to do just that. By providing a swift and cost-effective alternative to BRC-20, it’s giving crypto enthusiasts a reason to reconsider their options.

DRC20 Tokens: Pros and cons

What are the disadvantages?

Let’s delve into the potential downsides of DRC-20. It’s important to note that since this token standard is relatively new and freshly minted, there are a few aspects that are still in the works. So, here are some considerations to keep in mind:

Limited infrastructure: As a newly established standard, DRC-20 is still in the early stages of development. This means that there might not be a dedicated explorer available yet, making it difficult to track token inscriptions and transactions.
Lack of marketplace: At this moment, there might not be a well-established marketplace specifically tailored for DRC-20 tokens. This can pose challenges when it comes to buying and selling these tokens, as the liquidity and accessibility may be limited.
Validity concerns: Due to the absence of proper tracking mechanisms, it can be problematic to ensure the authenticity and validity of DRC-20 mints. Without a reliable system in place, there may be uncertainties surrounding the origins and legitimacy of newly created tokens.

It’s crucial to remember that every new venture comes with its own set of growing pains. DRC-20 is no exception. Despite the fact that as the ecosystem develops and evolves we can anticipate improvements and solutions to address these concerns, these drawbacks are worth considering and shouldn’t be completely overlooked.

What are the advantages?

Now, let’s turn our attention to the advantages of DRC-20. Despite being in its early stages, this token standard brings forth some exciting opportunities. Let’s explore:

Early bird advantage: One of the significant advantages of DRC-20’s early phase is the immense opportunity it presents. Being at the forefront of a new token standard allows you to be an early adopter, giving you the chance to dig deep and explore its potential. Early involvement can lead to discovering unique projects, partnerships, and avenues for growth.
Cost-effective fees: DRC-20 brings good news for those conscious of transaction fees. With DRC-20, minting new tokens comes at a dirt-cheap cost, approximately 0.1 DOGE per mint. This low fee structure allows for experimentation and trying out various mints without significant financial risk. So, if you’re curious about creating your own tokens or exploring the possibilities, DRC-20’s cost-effective fees make it an attractive option

Embracing innovation often comes with a mix of risks and rewards. DRC-20, despite being in its early stages, offers a unique chance to be part of something groundbreaking. Stay engaged, connect with the community, and be open to the potential rewards that come with being an early adopter.

How to Mint DRC20 Tokens?

If you’re convinced that the pros of DRC-20 outweigh the cons, it’s time to embark on your DRC-20 journey. To get started, let’s walk through the process of setting up your Dogecoin wallet and diving into the world of DRC-20 tokens.

Step1: Setting up the wallet

To start your DRC-20 journey, the first step is to set up your very own ÐPAL Wallet, specifically designed to support Dogecoin ordinals. Let’s walk through the process step by step:

Visit the official ÐPAL Wallet website by clicking on the following link
Once you’re on the website, look for the option to install the wallet extension for Chrome. Click on it to proceed.
A new tab will open, and you’ll see an option to “Add to Chrome.” Click on it and confirm your selection by clicking “Add Extension” on the pop-up that appears.
After successfully downloading the extension, a new page will open up, indicating that you’re ready to create your new wallet. Look for the “Create New Wallet” button and click on it.
Now it’s time to choose a password for your wallet. Enter your desired password in both sections provided and select “Create Password.”
As an added layer of security, ÐPAL Wallet generates a backup mnemonic for you. This mnemonic is crucial for backing up and restoring your account easily. To view your mnemonic, click on “Click and Show.” Make sure to record and store this mnemonic in a secure place.
Once you have your mnemonic safely recorded, click on “Next” to proceed.
To confirm that you’ve accurately recorded your mnemonic, you will be prompted to enter it. Carefully enter your mnemonic in the provided space and select “Confirm.”

If you entered the mnemonic correctly, you will receive a message congratulating you on completing the wallet setup. This indicates that your wallet has been successfully created and you’re ready to dive into the world of DRC-20.

Step 2: Mint DRC20 tokens

To proceed, let’s assume you have successfully deposited some $DOGE from your preferred cryptocurrency exchange (CEX) into your DPAL Wallet. Remember, even a small amount like 5-10 DOGE will suffice since the fees for transactions are exceptionally low.
Now that you have enough DOGE in your wallet to cover the gas fee, let’s continue with the next steps:

Click on your DPAL Wallet extension and enter your password to unlock the wallet.
On the top right corner, click on the wallet icon to access the wallet settings.
From the drop-down menu, select “Ordinals” and then choose “Mint Ordinals” (Experimental).
You will see a text box labelled “Inscribe Inscriptions.” This is where you need to insert your desired inscriptions for the DRC-20 tokens. We have provided you with a list of inscriptions further rin this article.
Once you’ve entered the inscriptions, click on the “Inscribe” button.

By following these steps, you initiate the process of minting DRC-20 tokens based on the inscriptions you provided. It’s important to note that this feature is experimental, so proceed with caution and ensure you understand the risks involved.

Problems during DRC20 token minting

Unfortunately, due to the high traffic and demand for DPAL Wallet, some users have experienced issues with the wallet not loading properly. If you encounter this problem, don’t worry. Here are a couple of solutions:

Uninstall and reinstall the wallet: You can try uninstalling the wallet and then reinstalling it. But before uninstalling, make sure to back up your seed phrase to avoid any loss of funds. After reinstalling the wallet, restore your wallet using the seed phrase and try accessing it again.
Use another browser: Another solution is to try accessing the wallet using a different browser. Sometimes, browser compatibility issues can cause problems with extensions like DPAL Wallet, so switching to a different browser could help resolve the issue.
By trying these solutions, you should be able to access your DPAL Wallet and continue with your DRC-20 minting journey.

Inscriptions you can perform

Here are some sample inscriptions that you can perform using the DRC-20 minting process:
♦ shib-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “shib”, “amt”: “100” }
♦ elon-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “elon”, “amt”: “1000” }
♦ pepe-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “pepe”, “amt”: “10000” }
♦ ordi-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “ordi”, “amt”: “1000” }
♦ mars-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “mars”, “amt”: “1000” }
♦dogewow-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “dogewow”, “amt”: “100” }
♦piza : { “p”: “drc-20”, “op”: “mint”, “tick”: “piza”, “amt”: “1000” }
♦ musk : { “p”: “drc-20”, “op”: “mint”, “tick”: “musk”,”amt”: “10000000” }
♦ mldy : { “p”: “drc-20”, “op”: “mint”, “tick”: “mldy”, “amt”: “1” }
♦ shiba-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “shiba”, “amt”: “10000” }
♦ meme-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “meme”, “amt”: “1” }
♦ punk-
{ “p”: “drc-20”, “op”: “mint”, “tick”: “punk”, “amt”: “1000”}

Effects of ‘DRC-20’ Tokens on Dogecoin Transactions

In an astonishing turn of events, the daily transaction volume of Dogecoin has skyrocketed, reaching an unprecedented level that surpasses previous records. Just this week, we witnessed a tenfold surge in daily transactions compared to the average. This surge in activity can be credited to the recent introduction of a groundbreaking mechanism that enables the creation of tokens on the Dogecoin blockchain. Historical data has shown that Dogecoin usually experiences around 20,000 daily transactions. However, with the advent of the DRC-20 token standard on May 9, the network has experienced an immediate rise in activity. Sunday witnessed a remarkable milestone for the Dogecoin network, with over 645,000 transactions recorded, as reported by data from BitInfoCharts. This in fact momentarily surpassed the transaction volumes of both Bitcoin and Litecoin on that particular day, showcasing the significant impact of the new token standards.
The recent growth of interest in DRC-20 can be attributed, in part, to the promotion and narrative being spread by several Twitter accounts. These accounts are asserting that DRC-20 is the next big thing, akin to the previous token standard BRC-20, with the potential for tokens minted on DRC-20 to deliver massive gains of 100x. This narrative has captured the attention of many in the crypto community. The introduction of DRC-20 and its counterpart ORC-20 has empowered developers to create tokens that operate within the Dogecoin network, utilizing DOGE as network fees. This innovative feature not only enhances the value proposition of dogecoin but also sets the stage for the emergence of potential decentralized finance (DeFi) services on the blockchain.
The hype surrounding DRC-20 comes around the market frenzy surrounding BRC-20 tokens, which reached a peak market valuation of $1 billion on May 8. This surge was fueled by the fear of missing out (FOMO) on meme coins, which experienced a significant rise in popularity. However, in the midst of a market downturn, the market cap of BRC-20 tokens has decreased to $540 million. Additionally, Pepe, an ERC-20 token that played a pivotal role in the meme coin season, has seen a 61% decline in price since reaching its peak on May 5. These developments have led some to question whether the momentum for meme coins has waned in this particular market cycle.

Criticism surrounding DRC-20

While the increase in transactions associated with the deployment of DRC-20 tokens has garnered attention and excitement, there are also voices of dissent within the Dogecoin community. Critics express concerns about the potential negative impact of DRC-20 on the network, particularly in terms of network congestion. They argue that this development deviates from Dogecoin’s original vision of being a practical and widely adopted everyday currency.
One Dogecoin community member took to Twitter to express their dissatisfaction, stating, “The DRC-20 Dogecoin community should stop this shameless hype.” Another member of the community echoed this sentiment, stating, “Everyone should probably focus on the transactional currency use case.” The concerns raised by these community members highlight the importance of ongoing discussions and dialogue within the Dogecoin community to ensure that decisions regarding token deployments align with the broader goals and values of the currency.

Conclusion

The introduction of the DRC-20 token standard has definitely sparked more interest in the Dogecoin blockchain and its potential uses. Ultimately, the future direction of Dogecoin and its ecosystem will depend on the collective decisions and actions of its community and it will be interesting to see how this trend develops over time. As more people become aware of the benefits of DRC-20 tokens on the Dogecoin network, we can expect to see even more growth in transaction volume and network activity.Thank you for reading my article. Great_crypto