In the constantly changing field of blockchain technology, the BRC-20 token standard has emerged as a revolutionary milestone, igniting a widespread craze for blockchain inscriptions across various chains, including prominent ones like PRC-20 on Polygon PoS, Doginals on Dogecoin, and Solana Inscriptions on Solana. This trend has given birth to a multitude of cryptocurrencies, each with its unique inscription method, shaping the future of digital assets.
The most recent and electrifying addition to this trend is the XRC20 token, riding high on the BRC-20 hype train.
What is Twitscription (XRC20)?
Twitscription claims to be the world’s first inscription for social. Its XRC20 inscription standard represents a novel concept in Web3-verse, born from the fertile grounds of social media innovation.
The XRC20 is the digital assets native to the “Twitter chain.” These tokens are minted or deployed in a rather unconventional manner – through updates on Twitter, akin to tweeting. Every time a user mints or deploys an XRC20 token, it results in a Twitter update. You can imagine the virality of this, if the dev pulls it off (so far, they succeed!)
Source: https://app.twitscription.xyz/tokens
Despite being just a day old at the time of this article, XRC20 has already caused a significant stir. The hype surrounding XRC20 is undeniable, with about 500,000 updates on Twitter and a trending hashtag #XRC20.
Day 1. https://t.co/UioKiswDux#XRC20 @twitscription_x pic.twitter.com/xnkUa87lCb
— TwitScription (XRC20) (@twitscription_x) December 27, 2023
The Big Question: Is XRC20 Deployed On-Chain?
The short answer: I don’t know.
In Twitscription’s first tweet, there’s a mention about “Base” – which I assume is Coinbase’s Ethereum L2 chain. Check this out:
— TwitScription (XRC20) (@twitscription_x) December 27, 2023
However, on the Twitscription homepage and in the app page, you’ll see Arbitrum logo. Arbitrum is also an Ethereum L2 solution. So, is XRC20 deployed on Base or Arbitrum? Or, is XRC20 deployed on-chain, at all?
Please pardon my skepticism, but on-chain deployment means there are a certain amount of network fees to be paid for inscribing a token on it. With Twitscription, so far, there’s no fees charged. Does Twitscription foot the bill? So many questions, so little answers.
What’s the Future Like for XRC20?
Predicting the future of XRC20 is like navigating uncharted waters. Its nature as a ‘social token’ sets it apart. XRC20 tokens ride with the viral nature of social media updates. It’s a genius play on the inscriptions hype.
The developers have hinted at a marketplace, potentially enabling the trading of XRC20 tokens. This could be something to watch for.
Conclusion
The longevity of the XRC20 fad is uncertain. It’s still too early. Given that a high percentage of projects in this space tend to be fleeting, XRC20 might follow suit. Or it might not. Again, I don’t know.
However, like many other inscription projects, its survival largely depends on community perception. In a bullish market where almost anything can skyrocket, Twitscription and its XRC20 could unexpectedly soar.
As a crypto and NFT enthusiast, one might be skeptical and view this as nonsensical. Yet, in a world where financial value can be as abstract as fiat currencies or as tangible as pet rocks, the notion of creating our own value through crypto, NFTs, inscriptions, and now twitscriptions, seems just another intriguing chapter in the vast book of digital assets.
Bottom line, I’m all for it. But I will remain skeptical for the time being. As always, don’t take my words for it; do your own research; this is NOT a financial advice, mind you.
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