DRC-20
DRC-20 is a token standard on the Dogecoin network that allows developers and users to create fungible assets within Dogecoin's ecosystem. It is similar to ERC-20 on Ethereum.
What Is DRC-20 in Crypto?
DRC-20 is a token standard on the
Dogecoin network that allows developers and users to create
fungible assets within Dogecoin's ecosystem. It is similar to
ERC-20 on
Ethereum.
How Does DRC-20 Work?
DRC-20 tokens are created using smart contracts on the Dogecoin network. They are
interoperable, meaning that they can be used across different DRC-20 tokens and services. Minting new DRC-20 tokens comes at a low cost, approximately 0.1 DOGE per mint, which allows for experimentation. These tokens can be used to create new
dApps across multiple sectors, thanks to their unique tokenization capabilities.
Why Is DRC-20 Important?
DRC-20 enables the creation of dApps and allows developers to issue tokens that take network fees in the form of dogecoin (DOGE), which adds to the value proposition for dogecoin and paves way for potential
DeFi services built on the blockchain.
How To Mint DRC-20 Tokens?
The creation of DRC-20 tokens follows a straightforward process, requiring only a few steps and a modest investment. Here is a guide explaining how to mint DRC-20 tokens on the Dogecoin blockchain:
1. Create a DPalWallet: Begin by creating a DPalWallet, an essential tool for participating in the DRC-20 ecosystem. Visit dpalwallet.io and follow the customary procedures of downloading the wallet, crafting an account, selecting a password, and securely preserving your seed phrase.
2. Deposit Doge Into Your Wallet: To commence, it is necessary to possess Doge within your wallet. You may deposit Doge from any crypto exchange.
3. DRC-20 Token Minting: Once Doge is in your wallet, you can start minting DRC-20 tokens. To accomplish this, select the "Mint" option within your DPalWallet, and enter the desired quantity of tokens for
minting. Additionally, specify the token's name and symbol.
4. Validate the Transaction: Following the inscription of your tokens, the validation of the transaction is required to finalize the minting process. Enter your wallet password and proceed with the confirmation. You can monitor the transaction's progress at chain.so/DOGE.
5. Receipt and Authentication of Tokens: Subsequent to the confirmation of your transaction, your DRC-20 tokens shall arrive within your DPalWallet. You can authenticate the tokens by inspecting the transaction on the Dogecoin blockchain explorer.
DRC-20 vs ERC-20
DRC-20 is a token standard on the Dogecoin network, while ERC-20 is a token standard on the Ethereum network. Both standards enable the creation of fungible digital assets, but they differ in their technical details and implementation.
Minting new DRC-20 tokens comes at a low cost, approximately 0.1 DOGE per mint, which allows for experimentation. Moreover, ERC-20 is a well-established token standard that has been around for years, while DRC-20 is a newer token standard. It can seamlessly interact with other Ethereum-based tokens, increasing
liquidity and compatibility. It enables the creation of a range of features, including transferring tokens, using tokens on other platforms, and finding out the token balance of a given account or wallet.
What Are the Benefits of Using DRC-20 Tokens?
DRC-20 tokens provide developers with a standardized way of creating and managing digital assets on the Dogecoin blockchain. This makes it easier for developers to create new and innovative blockchain applications, which can help drive the adoption and growth of the Dogecoin network. Additionally, because DRC-20 tokens are interoperable, they can be used across different applications and services, which makes them versatile asset for businesses and developers.