BİNANCE AND BRC20
Main Takeaways
- The Binance Inscriptions Marketplace, integrated within Binance Web3 Wallet, offers a seamless and user-friendly way to trade and mint a vast array of inscription tokens.
- Inscriptions enable the embedding of diverse data, like text and images, directly onto the Bitcoin network (and other chains), opening up new avenues for tokenization.
- Our Inscriptions Marketplace supports 60,000 of the most popular BRC-20s, multiple other chains via dApp, and a BTC Transaction Accelerator for faster transactions.
Welcome to a new chapter for the Binance Web3 Wallet with the introduction of the Inscriptions Marketplace. This platform isn’t just another trading hub; it represents a leap into the world of inscriptions, blending innovation with user accessibility. From the basics of what inscriptions are and their origins in Bitcoin, to the role of BRC-20 tokens and the expansion into Ethereum Virtual Machine (EVM) chains, this guide will walk you through every step of the way.
We’ll also discuss the practical benefits of inscriptions, and the burgeoning market they’ve created. And for those ready to dive in, we’ll show you how to get started with the Inscriptions Marketplace. Get ready to embark on an exciting journey into this emerging trend.
The Binance Inscriptions Marketplace: Your One-Stop Solution
In our ongoing quest to make Web3 as accessible as possible, we’re excited to announce the launch of the Binance Inscriptions Marketplace — a new platform within the Binance Web3 Wallet. This marketplace is your gateway into the world of inscriptions. Let’s delve into what you can expect from our Inscriptions Marketplace:
Your One-Stop Solution for Inscription Tokens: The Binance Inscriptions Marketplace offers a seamless, user-friendly interface for trading and inscribing a wide variety of inscriptions, including BRC-20 and EVM tokens. This consolidation provides users with a single platform to manage their inscriptions, simplifying the process and enhancing the overall user experience.
BTC Transaction Accelerator: The marketplace also provides access to a BTC Transaction Accelerator. This tool significantly speeds up Bitcoin transactions, a vital aspect when dealing with inscriptions. Faster transactions mean quicker trades and inscriptions, keeping users ahead in the fast-paced world of digital assets.
Integration with UniSat for Enhanced Liquidity and Options: The Binance Inscriptions Marketplace leverages the API of UniSat, a pioneer in the ordinals and inscriptions space. This integration allows users access to UniSat’s deep liquidity and a vast offering of over 60,000 BRC-20 tokens. This partnership amplifies the marketplace’s capabilities, offering users an unmatched range of options and liquidity.
Accessibility and Convenience: The Inscriptions Marketplace, within our Web3 Wallet, is designed with accessibility and convenience in mind. It caters to all, from BRC-20 enthusiasts to those new to Web3, providing a secure and enjoyable experience. Users will also be able to move inscriptions between their Web3 Wallet and the Binance exchange with a single click.
The introduction of the Inscriptions Marketplace is a welcome development for our Web3 Wallet, enhancing your journey through the decentralized web with its array of features. But if you’re unfamiliar with the concept of inscriptions, or eager to grasp their full impact, then read on as we delve into the essentials, shedding light on their role in the current landscape.
What are Inscriptions?
In the ever-evolving world of blockchain, an exciting new concept has emerged: Inscriptions.
The concept of inscriptions originated with Bitcoin Ordinals. Since the Bitcoin network doesn’t support smart contracts, it couldn’t directly handle NFTs — or similar tokens.
However, with the innovation of Ordinals, developers found a way to inscribe data onto individual satoshis (the smallest unit of Bitcoin). This opened a new frontier for creating digital assets on a blockchain originally not designed for them.
Unlike traditional Bitcoin blockchain entries, which involve transactional data, inscriptions can include a variety of data types, such as text and images. They are immutable, meaning once written, they cannot be altered or deleted, ensuring permanence and security.
BRC-20 Tokens and Their Role
BRC-20 tokens represent a significant leap in the world of inscriptions. They are a type of inscription token minted via the Ordinal protocols on the Bitcoin blockchain.
Enabled by the Ordinals protocol, BRC-20 tokens assign ordinal numbers to satoshis (Bitcoin’s smallest unit), allowing for the creation of fungible tokens directly on the Bitcoin blockchain.
This approach differs from Bitcoin’s non-fungible Ordinals, as BRC-20 tokens are interchangeable and maintain uniform value. This innovation extends Bitcoin’s utility beyond its traditional role, transforming Bitcoin into a more versatile platform for supporting new tokens.
Inscriptions on EVM Chains: Expanding the Blockchain Frontier
As inscriptions gain traction, their application on Ethereum Virtual Machine (EVM) chains represents a significant evolution — akin to their counterparts on the Bitcoin blockchain, but with a twist. Instead of inscriptions on individual satoshis, they involve embedding data within the transaction input data on Ethereum (or equivalent EVM-compatible chains).
This process allows for the inscription of diverse data types — such as text, images, and code — directly onto EVM blockchains. This ensures that the inscribed data is an integral part of the blockchain transaction, thereby maintaining its permanence and security.
EVM inscriptions don’t rely on smart contracts, but are instead a part of the transaction input data. This approach makes inscriptions on EVM-chains inherently different, and often more efficient in terms of gas usage, compared to storing data in smart contracts.
Why Inscriptions Matter
Inscriptions aren’t just a novel feature in the blockchain space; they bring benefits that every user should be aware of. Let’s explore the key reasons why you should pay attention to them.
On-Chain Simplicity and Increased Decentralization: Inscriptions help facilitate direct on-chain interactions. This eliminates the need for off-chain protocols, simplifying the process of asset handling on the blockchain. By keeping more activities on-chain, inscriptions contribute to maintaining the decentralized ethos of blockchain technology. A key factor driving the growth of inscriptions is the democratization and accessibility of token creation.
Fair Launch — Democratizing Token Access: Thanks to inscriptions, anyone can deploy a token, and anyone can mint transparently (following the per mint limit). Importantly, it’s not easy for an inscription token to be controlled by a small group if the per mint limit is set properly. It’s this careful balance that embodies the spirit of blockchain’s decentralized ethos.
A New Form of Tokenization: Inscriptions open up a new realm of possibilities for tokenization on the blockchain. Traditionally, Bitcoin has been seen as a digital store of value, akin to gold. However, with inscriptions, Bitcoin (and other blockchains) can be used in an entirely new way. This tokenization adds another layer of value to the blockchain, expanding its utility.
Bitcoin Inscriptions — Enhanced Network Security: By increasing the volume of transactions (and thereby the transaction fees), inscriptions incentivize more miners to participate. This leads to a higher hashing power, making the network more secure. The likelihood of a 51% attack, where an entity gains control of the majority of mining power, is significantly reduced.
EVM Inscriptions — Reduced Costs: Inscription tokens offer a cost-effective alternative to traditional smart contract-based tokens, making transactions cheaper and more efficient. The reason lies in the lower cost of transferring these tokens. Moving ETH, along with an inscription token, is less expensive than transacting with a token built through smart contracts.
Birth of a New Market: The rise of this trend has attracted a diverse community, fostering a burgeoning market for minting, trading, and owning inscriptions. This market gained significant recognition when a BRC-20 token, ORDI, reached a $1 billion market cap in December 2023, illustrating the substantial potential of these assets. Adoption extends beyond Bitcoin, with over 200 million inscriptions across various other blockchains, highlighting their wide appeal.
How to Get Started With Inscriptions
Getting started with the Binance Inscriptions Marketplace is easy as 1, 2, 3.
1. Log into your Binance App and navigate to the [Wallets] tab.
2. Select [Web3], then [Discover].
3. Click on the [Inscriptions Marketplace] banner and begin your inscriptions adventure!
Please see our FAQs on how to manage BRC-20 tokens and how to manage EVM tokens for further information.
