An explanation on Gate.io's support for deposit and withdrawal of BRC-20 tokens with addresses starting with “1”

Announcements An explanation on Gate.io's support for deposit and withdrawal of BRC-20 tokens with addresses starting with “1”

2023-05-07 10:24:05 UTC 63915 Read

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BRC-20 refers to an experimental token standard on the BTC chain that enables token transfers via the Ordinals protocol. BRC-20 is different from ERC-20 in that BRC-20 is issued on the BTC chain (using the PoW consensus mechanism) and has limited token issuance functionalities because BTC chain does not support smart contracts.

Gate.io currently supports the deposit and withdrawal services for BRC-20 tokens. As per the characteristics of BRC-20, Gate.io addresses for BRC-20 tokens have the format of starting with "1". Addresses starting with "1" and "bc" have different address formats but have completely compatible private keys, which does not affect the deposit and withdrawal of BRC-20 tokens.

Below is an example of transferring BRC-20 tokens using a BTC address starting with "1":
https://unisat.io/brc20?t=1683450872209&q=1LPcmmCYAtobhNVwzWTbenJv9ocCs918Hc

Gate.io is the world's first centralized platform to support BRC-20 tokens and currently offers deposit and trading services for these tokens. The withdrawal services will be available in one week. Please stay tuned for updates on our wallet services.
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Gate.io Team
May 7th, 2023

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