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Token | Bitcoin Glossary | Mapping Bitcoin

Token

Geral

Also known as: digital token

A digital asset issued on top of a blockchain. On Bitcoin, tokens can be created using protocols like RGB, Omni Layer, or Ordinals inscriptions, though Bitcoin's primary design prioritizes its native currency over token issuance.

Overview

A token is a digital asset that exists on top of a blockchain rather than being the blockchain's native currency. While Bitcoin's primary purpose is to serve as a decentralized monetary network for its native asset (bitcoin), several protocols have been developed to issue additional tokens on the Bitcoin network or its associated layers.

Token Protocols on Bitcoin

Omni Layer (formerly Mastercoin)

One of the earliest token protocols on Bitcoin, Omni Layer embeds token transaction data within Bitcoin transactions using OP_RETURN outputs. Tether (USDT) originally launched on Omni Layer before migrating primarily to other platforms.

Ordinals and BRC-20

The Ordinals protocol assigns unique identifiers to individual satoshis, enabling NFT-like inscriptions. The BRC-20 standard extends this concept to create fungible tokens by inscribing JSON data onto satoshis.

RGB Protocol

RGB is a more sophisticated token and smart contract system that stores token state off-chain and uses Bitcoin transactions only for commitment anchors. This approach preserves Bitcoin's blockchain efficiency and privacy.

Bitcoin Community Perspective

The Bitcoin community has a nuanced view of tokens:

Bitcoin-native currency:
  ✓ Decentralized issuance (mining)
  ✓ Fixed supply (21 million)
  ✓ No issuer risk

Tokens on Bitcoin:
  ? Centralized issuance (someone creates them)
  ? Variable supply (issuer decides)
  ? Counterparty risk (trust the issuer)

Many Bitcoiners are skeptical of token projects, viewing them as potential distractions from Bitcoin's core monetary mission or as vectors for scams and regulatory risk. Others see carefully designed token protocols as legitimate extensions of Bitcoin's functionality.

Tokens vs. Bitcoin

Unlike bitcoin, which derives value from its decentralized monetary properties and proof-of-work security, tokens typically derive value from a specific use case, backing asset, or community. This fundamental difference means tokens carry issuer risk that bitcoin does not, and they should be evaluated on entirely different criteria than Bitcoin itself.

Termos Relacionados

RGB ProtocolDesenvolvimento

A smart contract system that uses Bitcoin and the Lightning Network for state management while keeping contract logic and data off-chain. RGB enables the issuance of tokens, NFTs, and other digital assets anchored to Bitcoin without bloating the blockchain.

OrdinalsProtocolo

A numbering scheme that assigns a unique serial number to each individual satoshi based on the order in which it was mined. The Ordinals protocol enables inscriptions (data attached to specific satoshis), which has been used to create NFT-like artifacts on Bitcoin.

SidechainProtocolo

An independent blockchain that is pegged to Bitcoin, allowing bitcoin to be transferred between chains. Sidechains can implement different features, consensus rules, or trade-offs while anchoring security back to the Bitcoin main chain through a two-way peg mechanism.

AltcoinGeral

Any cryptocurrency other than Bitcoin. The term is short for 'alternative coin' and encompasses thousands of projects that launched after Bitcoin, each with varying degrees of technical differentiation.