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The Bitcoin Manual

ORC-20 is an experimental open token standard built on Bitcoin ordinals that aims to extend and address several limitations of the earlier BRC-20 format. ORC-20 inscriptions are JSON-based payloads attached to specific satoshis and follow the UTXO transaction model, which enables built-in anti-double-spending behavior, partial transactions with cancellable nonces, and more flexible metadata and naming. The standard supports deploy, mint, send, cancel, upgrade, and migration events, and it allows wrappers to convert existing BRC-20 tokens into ORC-20 format. While ORC-20 promises greater adaptability, upgradability, and improved indexing for ordinal tokens, it remains experimental and carries the same speculative risks and potential for token issuer dilution or market manipulation as prior inscription-based token experiments. This article serves as an explainer and a starting point for further research.

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Introduction

Overview

ORC-20 is an experimental open standard for creating fungible tokens on Bitcoin using ordinals and inscriptions. Like BRC-20, ORC-20 stores JSON payloads inscribed onto individual satoshis, but it rethinks key parts of the model to introduce greater flexibility, anti-double-spend protections, and richer metadata. The standard is intended to be backwards-compatible with BRC-20 in some migration scenarios while adding features that make tokens easier to transfer, index, and manage using the native UTXO semantics of Bitcoin. The technology is nascent and primarily explored by developers and traders interested in on-chain token mechanics rather than established financial products.

Core Capabilities

  1. UTXO-based transfers: ORC-20 adopts Bitcoin’s UTXO model for token movement so that each transfer specifies the recipient amount and the sender’s change, making it inherently resistant to double-spend issues seen in simpler inscription indexing approaches.

  2. Partial transactions and cancellation: ORC-20 supports partial tx semantics where an in-progress transfer can include a nonce and a partial state; senders can cancel or roll back partial operations by referencing that nonce.

  3. Flexible JSON keys and metadata: The ORC-20 JSON format allows custom keys (for things like tax, message, URL) and case-insensitive values, enabling richer on-chain metadata compared to rigid BRC-20 schemas.

  4. Upgradable parameters: ORC-20 tokens can support upgrades to properties like maximum supply or mint limits through defined events, giving minters optional governance over token economics (with attendant risks for holders).

  5. Migration and wrappers: The standard includes a migration path from BRC-20 using wrapper ordinals, enabling deployers to re-inscribe or convert prior tokens into ORC-20 format if they control the original deployer rights.

How ORC-20 Works (Technical Highlights)

ORC-20 inscriptions are stored as JSON and are designed to be parsed by indexers and wallets that understand the specification. Transactions follow the UTXO model, meaning token balances are effectively tracked as outputs tied to specific satoshis. On each transfer, the sender defines how much the receiver gets and how much returns as change, and previous inscribed balances become invalidated once spent. This model makes on-chain indexing easier to reason about and reduces certain classes of race or double-spend conditions that have affected earlier inscription-based tokens.

Events in ORC-20 include deploy, mint, send, cancel, and upgrade. Deploy creates the token definition (and can be used to wrap BRC-20 tokens), mint issues new supply according to rules, send transfers tokens respecting UTXO semantics, cancel aborts or reverses partial sends keyed by a nonce, and upgrade adjusts token parameters if the contract allows.

Differences From BRC-20

Compared to BRC-20, ORC-20 emphasizes:

  • Built-in anti-double-spending through UTXO alignment rather than relying on external centralized indexers.
  • Flexible naming and metadata instead of fixed four-character tickers and limited keys.
  • Upgradeability and partial tx handling, which give more utility but also increase potential centralization or dilution risks if deployers misuse upgrade powers.
Use Cases and Limitations

ORC-20 could enable more practical token utilities on Bitcoin by making transfers cleaner for wallets and exchanges and by offering richer token metadata. Some proponents argue this might open paths toward issuing equity-like instruments, but regulatory, custody, and identity challenges make that risky and impractical compared with purpose-built sidechains or regulated security token offerings. Important limitations include experimental status, reliance on wallet and indexer support to realize functionality, and the same speculative dynamics that produced meme token bubbles on BRC-20.

Recommended Reasons and Cautions

  • Recommended for developers and traders exploring new on-chain token mechanics or building tooling that needs UTXO-aligned token semantics.

  • Approach with caution if you are an investor: ORC-20 remains experimental, and features like upgradability and migration can lead to dilution or unexpected token behavior. Token issuance on the Bitcoin base layer can create friction for regulation, custody, and exchange integration.

Resources and Next Steps

If you want to learn more, consult the ORC-20 specification at docs.orc20.org, follow ordinal tooling and wallet updates, and review migration/wrapper patterns closely before interacting with live tokens. Always do your own research and treat inscription-based tokens as high-risk experimental assets rather than established financial instruments.

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