Plain meaning
Start with the shortest useful explanation before going deeper.
An experimental fungible token standard on Bitcoin using Ordinals inscriptions in JSON format to deploy, mint, and transfer tokens. BRC-20 tokens store state in inscription data and require off-chain indexers to track balances, as Bitcoin has no native token state concept. The standard gained significant adoption in 2023-2024 but creates excessive junk UTXOs, leading to the development of the UTXO-native Runes protocol as an alternative.