When you're eager to create your own BRC-20 token but unsure where to start, this comprehensive guide will provide you with step-by-step instructions. From the initial token creation to the minting process, enabling transferability, and ultimately listing it for sale, we've got you covered.
What are BRC-20 tokens?
BRC-20 tokens are fungible tokens created using Ordinals protocol, enabling the inscription of JSON data onto Satoshis. BRC-20 tokens utilize a process called ordinal inscriptions to store data on the Bitcoin blockchain.
Similar to Bitcoin addresses, these inscriptions have the capability to store additional information, such as token details like name, symbol, and total supply.
Create BRC-20 Token
Step 1: Create UniSat Wallet
To create a UniSat wallet, simply follow our step-by-step tutorial on how to create and use UniSat wallet.
Step 2: Add BTC to Your Wallet
Copy the UniSat wallet address and deposit small amount of Bitcoin into your UniSat wallet. A maximum of $30 worth of Bitcoins will be utilized to create your BRC-20 token, acquire them in your wallet through minting, and enable them to be transferred.
UniSat offers four types of Bitcoin deposit addresses, and you can choose any address for the deposit. It's important to note that the same address will be utilized to create BRC-20 tokens and spend these deposited Bitcoins.
Step 3: Connect Your Wallet
Visit the UniSat homepage. Click Connect.
Enter your wallet password, and click Unlock. Your wallet will automatically connect to UniSat.
Step 4: Create BRC-20 Token
Write ticker of token. Specify the supply of the BRC-20 token and the limit per mint. You cannot choose a ticker that is already being used by someone else to create a BRC-20 token.
When you want to give financial value to your token based within current user base of the crypto industry, it is suggested, although not obligatory, to take into account the following formula when creating a BRC-20 token:
Supply/Limit per mint ~ 21,000 (21k is upper limit, there's no lower limit suggestion)
Now click Next.
Confirm the text that displays the supply, ticker, and limit per mint. This text will be inscribed on the Bitcoin blockchain. Click Next.
Enter the Bitcoin address which you would like to use deploy (create) these BRC-20 tokens.
Make sure to use either the UniSat wallet that you set up earlier or the Ordinals wallet, as both of these wallets support BRC-20 tokens.
Next, select the network fee and review the other fees associated with the deployment of BRC-20 token. Click Submit & Pay invoices.
Choose the payment method to pay the fee in Bitcoin. You can choose between direct BTC direct deposit, pay with MixPay or pay with UniSat wallet.
In our case, we choose UniSat wallet. Click on Pay with UniSat wallet.
Confirm the transaction in UniSat wallet. Click Sign and Send.
Your tokens will be deployed in few moments. Click Close.
Step 4: Mint BRC-20 Token
After you have created your own BRC-20 token, you do not automatically own any of these tokens. To receive them in your wallet, you need to mint them according to the limit you set during deployment.
Open your UniSat wallet now. Click BRC-20.
Click on token's box.
Click Mint. The Mint option may take a few moments to become enable.
The token's page will open on UniSat. Click Mint Directly.
Now, You can select the amount you want to mint. However, please note that we have set a limit of 1 mint, meaning that we can only mint 1 THUD token with 1 Repeat Mint.
When you increase the number of repeat mints, you can mint more tokens than the mint limit, because you are executing multiple mint processes within a single blockchain transaction. By increasing the number of repeat mints, the fees will also increase proportionally.
For instance, in our case we are minting 1 THUD token, so select 1 Repeat Mint and amount 1. Click Next.
Enter your Bitcoin wallet address where you want to receive this token. Then, select the network fee and click on Submit & Pay invoice.
Choose the method to pay the fee. For instance, we select Pay with UniSat wallet.
Confirm the transaction in your wallet, then click on Sign & Send.
Now, in the wallet, you can see that you have 1 token that you recently minted.
Any token that is newly created and hasn't been fully minted can be minted by anyone this way. The price of the BRC-20 token is determined afterward when someone lists it for sale.
During BRC-20 token creation, by setting the limit per mint equal to supply of tokens, you can obtain all your tokens with just one mint.
Step 5: Transfer BRC-20 Tokens
Open your UniSat wallet. Navigate to BRC-20. Click on token box.
You'll see the box of minted token. The ticker (THUD) helps you identify the token, and the number (1) indicates the quantity of tokens you own. Click on that box.
Your tokens aren't transferable yet. You need to inscribe the transfer first, which means enabling the transfer. Next click Inscribe Transfer.
Specify the amount of tokens you want to enable for transfers, select the network fee and click Next. For instance, we currently have only 1 THUD token, so we will enable the transfer of 1 THUD token.
Bear in mind, when you specify the quantity of tokens for a transfer inscription, they will be grouped together as a bundle. This means that you cannot sell them individually on UniSat marketplace and Ordinals marketplace nor transfer them separately out of your UniSat wallet.
When you wish to have the less number of tokens in each bundle, you can create multiple transfer inscriptions with varying quantities.
Click Pay & Inscribe.
Now, your tokens can transfer from this wallet to another.
Click Transfer, select the transferable token you want to transfer, and click Next.
Enter the recipient's address, select network fee and click Next.
Click Sign & Send.
For instance, we transferred 1 THUD token to our Ordinals wallet.
In the Ordinals wallet under My Inscriptions, you can see that you have received the BRC-20 token, which can be identified by its inscription number.
Step 6: Sell BRC-20 Token
UniSat has a marketplace where you can sell your transferable tokens. You can set your own price for each token.
Click on dropdown menu My Inscriptions.
To sell your tokens, choose the token you want to sell from the list, set a price in satoshis (small unit of Bitcoin), sign the transaction in your wallet, and your tokens will be available to buyers in UniSat marketplace.
Step 7: Buy BRC-20 Token
The UniSat marketplace is open to all buyers. Click Marketplace.
Click on the highlighted box to view the BRC-20 tokens being traded on the UniSat marketplace.
To purchase a BRC-20 token, you can either choose one from the list of actively traded tokens, or you can search for a specific token by its ticker.
Choose the offer that meets your needs. BRC-20 tokens are sold in bundles, such as the 100 ORDI tokens that are currently being offered. Click Buy to purchase the tokens.
After the UniSats pop-up appears, click Confirm and pay the fees to complete the purchase.
Here are the fees involved when you make a purchase from the UniSat marketplace:
|UniSat Service (1.6%)|
|Bitcoin network fee (custom)|
You can easily create, mint, transfer, buy, and sell BRC-20 tokens using UniSat. The Bitcoin network is currently experiencing network congestion, which is causing high transaction fees and slow confirmation times. This is due to the increasing popularity of BRC-20 tokens and the rising number of transactions being processed on the network.
Frequently Asked Questions
1. Who is behind Ordinals Protocol?
Ordinals protocol is open-source. Casey is the founder of Ordinals protocol. We were unable to find any additional information about the team. This the github and official website of the Ordinals. You can join the official discord to interact with Ordinals community.