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Bitcoin BRC-20 and Ethereum ERC-20 are two separate token standards, though the former is said to be inspired by the latter.

But how do these two token standards compare, and are they really that different? What features do BRC-20 and ERC-20 share, and could one be better?

ERC-20 is the Ethereum blockchain's primary token standard. First put forward in 2015 by Fabian Fogelsteller in the 20th comment of a GitHub post, the standard's name aptly became "Ethereum Request for Comment-20", or, as it is usually known, ERC-20.

The core focus of ERC-20 is to give tokens the ability to use smart contracts, a key attribute of the Ethereum blockchain as a whole. Smart contracts can automatically execute agreements when a set of specific conditions are met, eliminating the need for a middleman or third party.

ERC-20 is an incredibly popular token standard, as it is the standard used by all fungible tokens created on the Ethereum blockchain. To be fungible, each token must have the same value. For instance, each Shiba Inu token must be worth the same amount so that one can be directly exchanged for another.

There is a standard on Ethereum for non-fungible tokens (NFTs), ERC-721, but we won't discuss that in detail today. Instead, check out our piece comparing ERC-20 and ERC-721 to learn more.

Some of the biggest tokens in the crypto world use the ERC-20 standard, including:

At the time of writing, almost half a million different ERC-20 tokens are built on the Ethereum blockchain. In fact, ERC-20 is the most popular standard used by token developers across the entire crypto realm. However, other standards have gained a solid foothold among crypto users, such as the BNB Smart Chain's BEP-20.

On top of enabling smart contracts, ERC-20 enables a range of other features, including transferring tokens, using tokens on other platforms, and finding out the token balance of a given account or wallet.

Because of their popularity, many ERC-20 tokens are now available to trade on big exchanges like Binance, Coinbase, and Kraken. You can even pay for products using certain ERC-20 tokens, such as Shiba Inu. Various vendors now accept Shiba Inu payments, which speaks to the wide adoption of ERC-20 tokens.

Until 2023, only one asset existed on the Bitcoin blockchain: Bitcoin. While many people love Bitcoin, the blockchain's hosting of just one asset is often considered limiting, especially with other blockchains constantly diversifying with new tokens and projects.

Ethereum has always stood as Bitcoin's competition. Though Bitcoin is more valuable than Ethereum, the price is not all that matters. Ethereum supports thousands of tokens on its blockchain and supports smart contracts, DeFi projects, and decentralized exchanges like UniSwap.

Because of Ethereum's greater range of capabilities, it is preferred by many over Bitcoin. But now, Bitcoin might be able to meet Ethereum at its own level with the introduction of the BRC-20 token standard.

The BRC-20 token standard was launched in March 2023. The standard, proposed by an anonymous user known as "Domo," essentially allows developers to create tokens on top of the Bitcoin blockchain. The tokens created through this standard are known as BRC-20 tokens.

BRC-20 uses the Ordinals protocol to function. Ordinals is a Bitcoin protocol that launched in January 2023two months before BRC-20. The Ordinals protocol addresses another limitation experienced by the Bitcoin blockchain: its inability to host NFTs. NFTs (non-fungible tokens) are still crypto-assets but, as the name states, are not fungible. One NFT cannot be directly exchanged with another to make an even trade.

NFTs were unavailable on the Bitcoin blockchain until the launch of Ordinals. Using the Ordinals protocol, data can be inscribed onto a tiny fraction of Bitcoin, known as a satoshi, during a transaction, effectively creating an NFT. Though Ordinals created hype around Bitcoin, the limitation of a single-asset blockchain still existed. But with the BRC-20 token standard (which works via Ordinals), fungible assets can be created and minted on the Bitcoin blockchain.

BRC-20 is still very much in its infancy at the time of writing, but there are already some notable BRC-20 tokens, including:

Most of the above assets currently have a very low value of under a dollar. PEPE, for example, had a value of around half a dollar on May 9th, 2023. Because things are just starting for BRC-20 right now, there's no way of knowing whether they will continue to be in high demand. This is worth keeping in mind if you're considering investing in BRC-20 tokens.

The most important thing to note here is that the BRC-20 standard is based on ERC-20, so there is definitely a correlation between the two.

At the time of writing, ERC-20 tokens are the more versatile choice for crypto traders. This is because ERC-20 is a well-established token standard that has been around for years, whereas BRC-20 has only been in use for a few months at the time of writing. This isn't to say that BRC-20 doesn't have the same potential as ERC-20, but newer products in the crypto industry should always be looked upon with a degree of skepticism, as trends come and go a lot in the market, with some amounting to nothing at all.

ERC-20 tokens are also more widely accepted by different crypto wallets.

If you're a big fan of smart contracts, you also may not like BRC-20. The BRC-20 standard uses Ordinals inscriptions, not smart contracts, to function.

However, BRC-20 has already gained a large following of passionate enthusiasts who are excited to see where things head. As the BRC-20 market grows, more traders are questioning whether this token standard will soon rise through the ranks to meet ERC-20.

Furthermore, as BRC-20 is a new yet widely popular token standard, many criminals are already looking to capitalize on yet another crypto trend. Because of this, there are heaps of scam BRC-20 tokens, and rug-pulls are a common issue.

It's also important to remember that the Bitcoin blockchain frequently suffers from scalability issues and high transaction fees, largely exacerbated by its use of the proof of work consensus mechanism. Ethereum, on the other hand, uses the proof of stake mechanism, which is generally more efficient.

ERC-20 and BRC-20 tokens exist on hugely popular blockchains, which certainly works to their advantage.

While the Ethereum blockchain is already a popular destination for crypto developers, the Bitcoin blockchain may now also gain even more popularity for its support of token creation and minting. Over the coming months and years, Bitcoin could become a top choice for token development through BRC-20. But, for now, ERC-20 tokens remain the superior choice.

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BRC-20 vs. ERC-20 Tokens: What's the Difference? - MUO - MakeUseOf

Blockchain technology has gained significant attention in recent years due to its potential to revolutionize the way we see money, store money, and exchange data. By providing a secure and decentralized platform for transactions, blockchain technology can help to prevent fraud, reduce costs, and increase transparency in a wide range of industries. However, as with any new technology, there are risks associated with its use, particularly when it comes to cybersecurity.

In this article, we will explore the security benefits of blockchain technology, the cybersecurity risks associated with its use, and the best practices for implementing strong cybersecurity measures in blockchain technology. We will also examine real-life examples of cybersecurity breaches involving blockchain technology and discuss the potential impact of emerging trends and technologies on blockchain cybersecurity.

Blockchain technology provides several key security benefits that make it an attractive platform for transactions. Perhaps the most important of these benefits is its ability to provide a tamper-proof and secure ledger of transactions. This is achieved through the use of cryptographic algorithms like Hash functions, Merkle trees, digital signature, and public key cryptography that ensure the integrity of the data on the blockchain.

Each transaction on the blockchain is verified and validated by a network of nodes, which use complex algorithms to ensure that the transaction is valid and that the data on the blockchain has not been tampered with. Once a transaction has been validated, it is added to the blockchain, creating a secure and immutable record of the transaction.

In addition to its tamper-proof nature, blockchain technology is also highly secure due to its decentralized nature. Because there is no central authority or point of control, it is difficult for cybercriminals to compromise the security of the blockchain.

While blockchain technology is highly secure, it is not invincible. There are several cybersecurity risks associated with the use of blockchain, including:

Cybercriminals can target blockchain networks with attacks such as 51% attacks, denial of service (DoS) attacks, and phishing attacks. These attacks can compromise the security of the blockchain and lead to theft of funds or manipulation of data.

For example, transactions on the Bitcoin network can be vulnerable to attacks, particularly transaction malleability attacks. In this kind of attack, an attacker modifies a transactions ID hash and broadcasts the changed transaction to the network. If the altered transaction is confirmed by miners before the original transaction, the senders account will be debited twice while believing the initial transaction failed. In 2014, Mt. Gox, a Bitcoin exchange, went bankrupt due to a malleability attack. To address this problem, Bitcoin introduced the Segregated Witness (SegWit) process which separates signature data from Bitcoin transactions, replacing it with a non-malleable hash commitment.

Routing attacks are another type of cyber attack on blockchain networks that can affect both individual nodes and the entire network. The attacker can tamper with transactions before sending them to peers, partitioning the network into separate groups that cant communicate with each other, and delaying propagating messages.

Then we have the Key generation flaws. In December 2014, a hacker known as Johoe was able to access private keys provided by Blockchain.info by exploiting vulnerabilities in key generation. A code update led to poor randomness of inputs for generating public user keys, allowing the hacker to exploit this vulnerability. Although it was quickly fixed, the same flaw is still possible with the ECDSA algorithm.

Smart contracts, which are self-executing contracts with the terms of the agreement written into code on the blockchain, can be vulnerable to coding errors or bugs. These vulnerabilities can be exploited by cybercriminals to steal funds or manipulate data.

In March 2021, Meerkat Finance, another DeFi project built on the BNB Chain, suffered a hack that resulted in a loss of $31 million worth of cryptocurrencies. The attacker exploited a vulnerability in Meerkat Finances smart contract that allowed them to mint unlimited amounts of the projects native token, before swapping it for other cryptocurrencies and withdrawing the funds.

Cybercriminals can use social engineering techniques to trick users into divulging their private keys or other sensitive information. This can lead to theft of funds or compromise of the blockchain network.

In July 2020, hackers took control of several high-profile Twitter accounts, including those of Elon Musk and Barack Obama, and used them to promote a Bitcoin scam. The attack was carried out by social engineering Twitter employees to give the hackers access to internal systems and tools.

Then the next year, in 2021, a group of hackers used SIM-swapping attacks to steal over $100 million worth of cryptocurrencies from several victims. They used social engineering tactics to convince the victims mobile carriers to transfer control of their phone numbers to new SIM cards, allowing the hackers to bypass two-factor authentication and access the victims crypto wallets. Researchers also discovered several fake mobile apps on Google Play Store and Apple App Store that impersonated popular crypto wallets and exchanges. The apps were designed to steal users login credentials and private keys, allowing the attackers to access their crypto wallets.

To mitigate these risks, it is important for organizations to implement strong cybersecurity measures when using blockchain technology. Some best practices include:

1. Multi-factor authentication: Requiring users to provide multiple forms of identification, such as a password and a fingerprint, can make it more difficult for cybercriminals to gain unauthorized access to the blockchain network.

2. Encryption: Encrypting data on the blockchain can make it more difficult for cybercriminals to access sensitive information.

3. Regular vulnerability assessments: Regularly assessing the security of the blockchain network can help to identify and mitigate vulnerabilities before they can be exploited by cybercriminals.

In June 2016, The DAO, a decentralized autonomous organization built on the Ethereum blockchain, suffered a $50 million hack. The attacker was able to exploit a vulnerability in the organizations smart contract code to siphon off funds from the organizations digital wallet. The hack ultimately led to a contentious hard fork of the Ethereum blockchain, with some members of the community advocating for the return of the stolen funds and others arguing that it would set a dangerous precedent.

In September 2020, KuCoin, a cryptocurrency exchange, suffered a $280 million hack. The hackers were able to gain access to the exchanges hot wallets and steal various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. However, the exchange was able to recover most of the stolen funds by working with other exchanges and blockchain networks.

In April 2021, DeFi100, a decentralized finance platform, disappeared from the internet after its developers were accused of scamming investors out of millions of dollars in cryptocurrency. The platforms website and social media accounts were taken down, and the developers behind the project went into hiding, leaving investors with no way to recover their funds.

That same year, in August 2021, Poly Network, a decentralized finance platform, suffered a $600 million hack. The hacker was able to exploit a vulnerability in the platforms smart contracts to steal cryptocurrencies from multiple blockchain networks. However, the hacker later returned the stolen funds and claimed that it was an attempt to expose vulnerabilities in the platforms security.

These case studies highlight the importance of strong cybersecurity measures in blockchain networks and the potential consequences of failing to adequately secure these systems.

These breaches highlight the importance of implementing strong cybersecurity measures when using blockchain technology. In response to these breaches, the blockchain community has developed new tools and technologies to enhance the security of blockchain networks. For example, many blockchain networks now use multi-signature authentication, which requires multiple parties to sign off on a transaction before it can be executed. This makes it more difficult for cybercriminals to gain unauthorized access to the blockchain network.

As blockchain technology continues to evolve, new trends and technologies are emerging that have the potential to enhance the security of blockchain networks. One such technology is zero-knowledge proofs, which allow users to prove the validity of a transaction without revealing any sensitive information. This can help to protect the privacy of users on the blockchain while still maintaining the integrity of the data on the network.

Another emerging trend in blockchain cybersecurity is the use of artificial intelligence and machine learning to detect and prevent cyber-attacks. By analyzing large amounts of data, AI and machine learning algorithms can identify patterns and anomalies that may indicate a potential cyber attack. This can help organizations proactively identify and mitigate security threats on the blockchain network.

As with any new technology, it is important for organizations to carefully evaluate the risks and benefits of using blockchain technology, and to implement appropriate security measures to protect against cyber attacks. By doing so, organizations can help to ensure the security and integrity of their data on the blockchain network.

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Exploring Cybersecurity Risks & Best Practices in the Age of ... - CryptoTvplus

Blockchain technology has revolutionized various industries, offering secure, decentralized, and transparent solutions for a wide range of applications. As we look ahead to 2023, its important to identify the top blockchains that stand out in terms of scalability, security, functionality, and community support. In this article, we will explore the top 5 five blockchains to consider using in 2023, along with their key features and advantages.

Ethereum is an open-source blockchain platform that enables the development of decentralized applications (dApps) and the execution of smart contracts. It introduced the concept of a programmable blockchain, allowing developers to create and deploy their applications on its network. Ethereum is one of the top 5 blockchains.

Binance Smart Chain is a blockchain platform developed by the cryptocurrency exchange Binance. It operates parallel to the Binance Chain and offers compatibility with the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their Ethereum-based projects to BSC.

Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and the execution of smart contracts. It takes a scientific approach, incorporating peer-reviewed research and formal methods into its development process that makes it one of the top 5 blockchains.

Polkadot is a multi-chain blockchain platform that facilitates the transfer of assets and data between different blockchains. It aims to create an interconnected ecosystem of specialized blockchains, known as parachains, which can communicate and share information securely.

Solana is a high-performance blockchain platform designed for decentralized applications and crypto-currencies. It offers fast transaction speeds and low fees, making it suitable for applications that require real-time interactions and high throughput.

As we approach 2023, Ethereum, Binance Smart Chain, Cardano, Polkadot, and Solana emerge as the top five blockchains with exceptional features, scalability, and functionality. Each blockchain offers unique advantages and caters to specific use cases. When selecting a blockchain for your project, consider factors such as scalability, security, community support, and the requirements of your application. Conduct thorough research to make an informed decision and leverage the benefits these top blockchains offer for a successful venture.

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Top 5 Blockchains to Use in 2023 - CryptoTicker.io - Bitcoin Price, Ethereum Price & Crypto News

New York, May 15, 2023 (GLOBE NEWSWIRE) -- CertiK, the New York-based blockchain security company, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced the signing of a partnership to provide blockchain security services to cloud-based Web3 projects. Web3 developers can now accelerate their development process and secure their applications and smart contracts with CertiKs Security Suite and Alibaba Clouds scalable, highly efficient, and secure infrastructure.

Cloud-based computing services have driven the evolution of communications technology over the last decade, and cybersecurity has played a key role. New technology is not suitable for mass adoption until it has proven itself to be secure, which is exactly what CertiK is bringing to Alibaba Clouds Blockchain as a Service (BaaS) platform.

Blockchain is a novel technology that unlocks powerful new ways to perform secure, decentralized, and highly-efficient distributed computing. The integration of Web3 applications, smart contracts, and blockchains is the next step in the evolution of cloud computing.

With this new partnership, developers and enterprises can conduct code reviews, risk assessments, team identity verification, background checks, and more using the services and tools provided by CertiK and deployed on Alibaba Cloud.

Alibaba Cloud has gone live with CertiK's smart contract auditing service and Layer 1 blockchain auditing service fully integrated. In the near future, penetration testing and CertiK's Skynet due diligence tool will also be introduced, providing end-to-end security solutions.

Were excited to bring our years of blockchain security experience to Alibaba Clouds platform, said CertiK co-founder, Prof. Ronghui Gu. Weve believed in the power of blockchain technology for over half a decade, and to see Alibaba Cloud commit to this same vision and embrace a comprehensive approach to security is extremely rewarding. We look forward to bringing secure blockchain development and deployment to the widest audience possible.

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"Alibaba Cloud has always been committed to providing customers with safe and reliable cloud computing services, and actively promoting the development of new technologies and applications. This cooperation will provide us with more comprehensive technical support and security solutions to better serve the blockchain and Web3 ecosystem, said Raymond Xiao, Head of International Web3 Solutions, Alibaba Cloud Intelligence

CertiK experts will monitor deployments to Alibaba Cloud environments, helping developers and enterprises perform secure cloud computing, maintain high-uptime cloud storage, and build secure infrastructure, while automated tools run behind the scenes and around the clock.

In addition, the upcoming Skynet vulnerability scanning platform scans code and identifies vulnerabilities in real time, providing developers with real-time monitoring and remediation recommendations.

Beyond the integration of the Security Suite, CertiK and Alibaba Cloud will support the continued growth of the Web3 world through the joint organization of hackathons, developer education sessions, and application development programs.

About CertiK

CertiK is a pioneer in blockchain security, leveraging best-in-class AI technology and expert manual review to protect and monitor blockchain protocols and smart contracts. Founded in 2018 by professors from Yale University and Columbia University, CertiK secures the Web3 world, by applying cutting-edge innovations from academia to enterprise, enabling mission-critical applications to scale with safety and correctness. CertiK has audited more than 3,900 Web3 projects and secured hundreds of billions of dollars of market capitalization.

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CertiK Partners with Alibaba Cloud to Bring Blockchain Security to the Cloud - Yahoo Finance

For years, industry leaders, skeptics and enthusiasts alike have questioned if blockchain would ever be adopted by mainstream institutions, and if so, when? Well that day has come and passed, in large part thanks to the ability to tokenize assets on-chain. Blockchain technologies are now playing a vital role across industries, and are propelling businesses forward. Particularly in the financial services space, blockchains are making a tremendous difference in reducing friction, improving efficiency and bringing down costs.

Asset tokenization is the process in which a digital representation of an asset is created on a blockchain and used to verify and track the authenticity and ownership history of the asset. This technology can be applied to virtually any asset, including securities, real estate, art and much more. The value of tokenization is in the application of the trustless and efficient record-keeping abilities of a blockchain to any asset in the physical world.

Tokenization is already making waves in mainstream circles, with financial powerhouses like Blackrock, Goldman Sachs, BNY Mellon and JP Morgan all implementing blockchain technology into their operations in a variety of interesting and innovative ways. The tokenization of asset classes is opening new doors to further drive efficiencies in capital markets, shortening transaction and settlement times, while also improving costs and proliferating access for investors of all kinds.

Tokenized on-chain assets opens up access to liquidity in the market while increasing freedom and access for investors to form and participate in capital markets. Traditionally illiquid assets, such as real estate or fine art, can have their value unlocked through the process of tokenization, which opens the door to tremendous possibilities for new investment. For example, a recent report published by Boston Consulting Group outlined how Asias largest private market exchange, ADDX, has started to do this by using programmable smart contracts built on the blockchain to tokenize and fractionalize multi-asset securities including private equity, hedge funds, bonds and even pre-IPO companies. By utilizing customizable smart contracts, ADDX has been able to overcome the intricate manual processes previously necessitated when dealing with complex transactions while opening up the possibility for smaller investors to take part in the aforementioned transactions.

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Fractionalization is a key aspect of tokenization that allows for shares of any item, through its token, to be further split up into smaller pieces, which effectively proliferates and democratizes access to these assets. Fractionalization provides a new way for more investors than ever before to access these financial tools and opportunities.

Arguably the most pertinent issue faced by modern markets and customers across the globe is the incredibly high amount of friction that exists across our financial infrastructure. Asset tokenization is relieving this friction, making financial institutions and infrastructure far more efficient in terms of time, cost and labor, while at the same time, proliferating access to capital markets. The friction that currently plagues our global financial rails is one of the largest barriers to capital formation and wealth growth, and in many instances, it prevents smaller investors from participating. However, thanks to the reduction in cost due to alleviated friction facilitated by blockchain technology and fractionalized assets, less wealthy investors will be now able to explore and participate in new investment opportunities that traditionally would have been unavailable to them.

The investment banking giant Goldman Sachs has also been very successful in utilizing blockchain technology to improve its existing financial infrastructure. In a recent op-ed in the Wall Street Journal penned by CEO David Solomon, Solomon discussed how Goldman Sachs arranged a US$125 million two-year digital bond for the European Investment Bank along with two other banks, all based on a private blockchain. Without tokenized assets on-chain, it would have taken five days to settle for a transaction of this magnitude to settle. However, the settlement took just 60 seconds after the bond had been tokenized on a private blockchain. The ability to reduce settlement times can, and will, lower costs across the globe for all market participants including banks, customers and regulators, ultimately making markets incredibly more efficient.

The rapid proliferation of tokenized assets across industries in the last few years is a clear sign that this technology is here to stay. However, there are still some challenges standing in the way of even wider adoption.

One such issue is the technical difficulty of creating these platforms. Cryptography is not an easy discipline to learn, and creating permissioned and private blockchains for enterprise use is a tremendous undertaking. This level of difficulty, and the relatively new technology being used, makes it difficult for leaders at incumbent institutions to update their already profitable systems and businesses with new instruments that they may not fully understand. However, now that a handful of influential business leaders across global markets have proclaimed their own grand successes with this technology, the rush to follow suit is underway. Even global governments, notoriously the hardest institutions to change, are feverishly looking into tokenizing their national currencies through the creation of central bank digital currencies.

Institutions from banks to governments across the world have widespread access to the most amazing transactional machinery mankind has yet to devise. We can buy and sell quite literally anything on the blockchain. This evolution of technology is facilitating an equally exciting evolution in financial services one that is benefiting users on both ends of every transaction. The benefits of this technology are staggering, and as the adoption of blockchain technology continues to advance and spread across institutions, we can continue to look forward to the new ways innovators will implement tokenization platforms to solve their complex business challenges.

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Tokenization is changing the world, from finance to art - Yahoo Finance