I.What is Inscriptions (INSC): In 2023, the concept of inscriptions emerged as a new phenomenon, primarily revolving around the Ordinals protocol, which allows data to be inscribed onto the smallest unit of Bitcoin, called satoshis (sats). This process of engraving data onto satoshis is known as inscribing, resulting in what is termed as Inscriptions (INSC). Users can inscribe text, images, audio, video, and other data onto satoshis, creating what is referred to as “BRC-20 Inscriptions (INSC)”. Due to its uniqueness and permanence on the Bitcoin blockchain, this form of inscription has garnered widespread attention, somewhat akin to the concept of Non-Fungible Tokens (NFTs). Since its inception, INSC has experienced immense popularity, with ordi experiencing a thousand-fold increase in just a month, currently showing a rise of 30,000 times, followed by sats, rats, and Ethereum’s ETHs experiencing hundreds of times increase, creating one myth after another.
II.Reasons Behind the Popularity of Inscriptions (INSC):
1.It introduces a new method of asset issuance within the Bitcoin network, with inscribed assets being considered rare and unique digital assets akin to collectible stamps, attracting enthusiasts in the cryptocurrency community.
2.Inscriptions transactions contribute to the gas income of the Bitcoin network, making it highly attractive to miners and other stakeholders, especially after the Bitcoin halving in 2024 significantly reduced mining profits, further drawing participation and speculation.
III. Key Features of Inscriptions (INSC) Summarized:
1.First come, first served: Transactions with higher gas fees are prioritized, creating a fair distribution mechanism.
2.Uniqueness: Once inscribed, subsequent inscriptions of the same data are not allowed, ensuring each inscription is unique.
3.Immutability: Once inscribed on satoshis, data cannot be altered, providing security against tampering.
4.Fairness: Inscriptions can be minted by anyone, fostering a level playing field for large holders, projects, and retail investors alike, embodying the spirit of Satoshi Nakamoto.
5.Enhanced Security: Absence of smart contracts mitigates contract vulnerabilities, reducing risks.
IV.How to Choose Inscriptions: Numerous inscription projects exist, such as ORDI, SATS, INSC, BTCs, RATS on the Bitcoin chain; ETHS, Facet on the Ethereum chain; SOLS on Solana; AVAV, ASCT on Avalanche; EOSS on EOS; BNBS on BNB; OKTS on OKT; NEOS on NEO; FILS on Filecoin, etc. Although many inscriptions may have reset to zero since December 2023, investing in promising projects may yield favorable returns.
V.Risks of Inscription Investment: Investment in Bitcoin inscriptions (BRC-20 assets) carries market volatility and regulatory risks. Market fluctuations stem from speculative nature, while evolving regulations may impact the asset’s value and liquidity.
VI.Impact on Mainstream Markets: The emergence of inscriptions, particularly BRC20 assets, has energized the cryptocurrency market, influencing Bitcoin’s network and other ecosystems. The adoption of protocols like Ordinals has heightened Bitcoin network’s appeal.
VII. INSC Trading Platforms: Gate Exchange, Bit Exchange, Unisat, Eowallet Web3, Binance Wallet.
VIII. Social Platforms:
INSC Official Twitter: Twitter.com/insc_cn
INSC Official Telegram: t.me/insc_brc20
INSC Debox Official Club: https://m.debox.pro/group?id=ii0k186f