What is the arc20 network?

The ARC20 network is a novel experimental token standard built on the Atomicals protocol, specifically designed for fungible tokens (colored coins) that represent digital ownership within the Bitcoin network. It introduces a simple yet ingenious concept: each token is represented by satoshis, the smallest unit of Bitcoin, establishing a fundamental connection between the token and the underlying Bitcoin network. This network enhances transparency, decentralization, and utility within the crypto ecosystem, paving the way for innovations in decentralized finance and asset tokenization.