  BRC-20 (short for Bitcoin Request for Comment 20) token mania was a key
storyline in the middle of 2023. Setting it apart from conventional ERC-20
token standards on Ethereum, BRC-20 introduces non-fungibility to Bitcoin
through an editable field in each satoshi (0.00000001 Bitcoin, the smallest
unit), making them unique. In this paper, we pioneer the exploration of this
concept, covering its intricate mechanisms, features, and state-of-the-art
applications. By analyzing the multi-dimensional data spanning over months with
factual investigations, we conservatively comment that while BRC-20 expands
Bitcoin's functionality and applicability, it may still not match Ethereum's
abundance of decentralized applications and similar ecosystems.
