Binance officially launches “Inscription Market”
Bitcoin Ordinals has exploded in popularity in the past year. Due to the huge transaction demand behind it, it has become a market that major platforms are competing for. Today (1st), Binance, the leading exchange, announced the official launch of "Binance" "Inscription Market".
At the beginning of last year, software engineer Casey Rodarmor created the NFT protocol "Ordinals". This protocol allows users to attach various types of data such as pictures and text to the smallest unit of Bitcoin "Satoshi" in an "engraved" way. ”, so that each “Satoshi” can be unique, so it is considered like an NFT in the Bitcoin ecosystem. For example, the BRC-20 token, which has been widely welcomed by the community recently, is an inscription token minted through the Ordinal protocol on the Bitcoin blockchain.
However, the Bitcoin network does not support smart contracts. Unlike other blockchain networks, NFTs can automatically execute transactions and there is no trading platform support. Therefore, in the past, Bitcoin NFT transactions mostly relied on over-the-counter transactions. In the early stages of the protocol’s development, Google Sheet is even commonly used.
This time, Binance has added the Inscription Market function to the self-hosted wallet "Binance Web3 Wallet" built into the App, providing a one-stop platform for trading and minting Inscription tokens.
Create a one-stop inscription platform! Three major functions at once
According to a Binance Research report, the minting volume of inscribed tokens has increased rapidly since BRC-20 was first conceptualized in March 2023. Binance Inscription Market provides three main functions for users to explore Inscription tokens:
1. Rich options: trade or mint BRC-20 tokens, EVM tokens and other inscribed tokens2. Convenient transfer: Inscription tokens can be transferred between Binance exchange platform and Web3 wallet with one click3. Fast transactions: BTC transaction accelerator enables a faster transaction experience
Binance believes that blockchain technology has great potential in empowering individuals. Binance Chief Technology Officer Rohit Wad shared: “Therefore, we are encouraged to see that Inscription technology has such great appeal to the global crypto asset community. . Innovation can bring new usage scenarios and additional value to this field, which are significant benefits to the entire industry. By cooperating with industry leaders, we promote the faster development of these innovations so that all users can You can enjoy the forward-looking technology and also feel the convenience.”
Rohit added: “We hope that through the Binance Inscription Market, we will provide users with a one-stop portal to explore, try out the Inscription token and enjoy its dividends, thereby supporting industry development. We hope that the simplified process will make the entire user experience more efficient. Simpler and more fun.”
Advantages: More than 60,000 BRC-20 tokens to choose from, providing deep liquidity
In order to help users enter the world of inscription tokens more easily, Binance Inscription Market uses the API of Ordinals and UniSat, the leading market in the inscription field.
This strategic move brings users the deep liquidity of UniSat and the choice of more than 60,000 BRC-20 tokens, while also maintaining the simplicity, convenience and security of the Binance Web3 wallet.
Lorenzo, head of UniSat, shared: "We are honored to provide assistance to the Binance Inscription Market. Binance is committed to innovation, which is consistent with our vision of promoting positive growth of the industry. UniSat believes that Inscription assets have huge development potential, and we hope to Driven by this major move by Binance, more developers and crypto asset peers will enter the field to explore this exciting field.”
Binance Inscription Market is the latest innovative product launched by Binance to continue to promote the accessibility of Web3 and improve user convenience. Last month, Binance Web3 Wallet launched a series of new features, including the launch of new chains, improved interaction options, and the integration of 19 more full-featured decentralized applications (dApps).
Binance Web3 Wallet and Binance Inscription Market will launch more new features, new upgrades, and support for more new tokens, so users are welcome to look forward to it. More details will be released through Binance’s official channels.
Review editor: Gao Jingyuan
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