One of the biggest narratives in 2023 is the Ordinals protocol and BRC20 token standard. The emergence of the Bitcoin Ordinals protocol laid the foundation for Inscription racing, dividing Bitcoin into Satoshis as units and engraving different information on each Satoshi to achieve non-fungible asset effects. Subsequently, many applications using the Ordinals scheme, including BRC20, continuously targeted the market, causing a wave in the Inscription sector on the Bitcoin chain.
Inspired by the Ordinals protocol, Domo created an experimental Token standard called BRC-20 for Bitcoin on March 8th, 2023. It utilizes JSON data ordinals and Inscriptions to deploy token contracts, mint tokens, and transfer tokens. Satoshis are used to store and manage various token information.
There have been ways to mint and issue assets before Bitcoin, such as the colored coins in 2012 and Counterparty in 2014, but they did not capture user pain points. The adoption of Fair launch+asset control protocol on BRC20 has stimulated real user demand. The explosive growth of BRC-20 has also opened up new possibilities for asset issuance on Bitcoin, bringing new traffic to the BTC ecosystem and laying the groundwork for both the BTC ecosystem and the inscription ecosystem.
Inscription technology is one of the important directions for the development of the Bitcoin ecosystem. By adding new data types and operation methods to the Bitcoin blockchain, Inscription provides developers with richer application scenarios and development tools. With the promotion of Inscription minting, the innovation capability of the Bitcoin ecosystem has been significantly improved, providing investors with more wealth opportunities.
BRC-20 is not only a technological innovation but also represents how blockchain technology can continuously evolve to meet modern digital economy needs. It opens up new paths for practicality and functionality in Bitcoin, providing a fresh platform for creation and transactions for both the Bitcoin community and its users. With further development of Bitcoin inscription, there is reason to believe that it will play an increasingly important role in future digital world.
With the influx of funds, the wealth effect of the Bitcoin ecosystem continues to ferment. BitMateX cryptocurrency exchange is built on a new solution and can serve as an exchange for inscription assets. Users only need to access various inscription assets through the BitMateX frontend, and further engage in trading inscription assets through a good trading experience. With its innovative technical architecture and user-friendly interface, BitMateX enables BRC to expand its scenarios in the digital currency exchange, aiming to promote further development of the inscription market and capture liquidity and value.
In fact, the inscription market is still in its early stages with incomplete infrastructure. A large number of BRC20 assets urgently need to capture liquidity and empower them through new scenarios. During this window period, the advantage of BitMateX cryptocurrency exchange lies in its large user base and more convenient user experience, allowing users to have more autonomy in arranging their trading pace. When there is congestion in Bitcoin network transactions, users can accelerate or cancel transactions to seize trading opportunities. This will give more users a chance to get involved with BTC ecosystem tokens and further enhance consensus on BTC ecology.
Currently, BRC20 narrative market capitalization has reached a scale of 3 billion US dollars, while there are also numerous inscription assets entering the market every day. All these will lay a foundation for the development of BitMateX’s value system. With strong transaction alerts and technological infrastructure, BitMateX cryptocurrency exchange provides users with secure, efficient, and convenient trading experiences for inscriptions. This experience not only represents an innovative application of existing blockchain technology but also demonstrates deep insights into future trends in digital currency markets.