BRC20 is a token standard on the ICON blockchain, similar to ERC20 on Ethereum. It stands for "Blockchain Research Council 20." BRC20 tokens can be created, issued, and traded on the ICON network within smart contracts.

BRC20 tokens follow a set of rules and specifications, which define their functionalities and behaviors. These tokens can represent various digital assets, such as cryptocurrencies, utility tokens, or even real-world assets like stocks or commodities.

The BRC20 standard ensures interoperability and compatibility between different tokens and smart contracts on the ICON network. It allows developers to build decentralized applications (dApps) that utilize these tokens for various purposes, such as rewards, voting systems, or in-app currencies within a specific ecosystem.

Just like ERC20 tokens, BRC20 tokens offer advantages like increased liquidity, ease of integration with different wallets and exchanges, and standardized functionalities. They also provide transparency and security by leveraging the advanced features of blockchain technology.

Overall, BRC20 tokens play a crucial role in fostering innovation, creating decentralized ecosystems, and enabling new use cases within the ICON network.