ORC-20 tokens are the latest advancement in the world of cryptocurrency, inspired by the popular BRC-20 tokens standard. ORC-20 offers improved flexibility, scalability and security when compared to BRC-20, as well as being backward compatible with the original standard. On May 13, 74,200 ORC-20 transactions were completed - a new record. Of these transactions, around 5,9 BTC was paid, which was mainly concentrated in popular resources like PUNK, PEPE and MEME.

Earlier this month, high demand of Bitcoin created a transaction congestion problem. As a result, Binance had to halt withdrawals temporarily and the fees paid to miners also surpassed block rewards. It is possible that the adoption of ORC-20 tokens may have been to blame. With a current market capital of over $1 billion, the new standard has grown in popularity, however some Bitcoin purists are opposed to the idea, believing it takes away from Bitcoin's original mission to be a decentralized currency.

Furthermore, the ORC-20 standard has been largely criticized for its complexities and lack of advantages over the former standard. While it is still currently an experimental project, there are no guarantees on value for tokens created from this framework. Nonetheless, many believe that ORC-20 could potentially offer a positive contribution to the world of cryptocurrency and overcome the issues of transaction congestion and rising miner fees.



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