A quick look at the latest progress of OKX Bitcoin ecology, the era of multi-standard inscriptions has begun

OKX has been committed to strengthening the Bitcoin ecological infrastructure since joining the Ordinals protocol. The latest news shows that OKX plans to integrate the SRC-20 standard into the OKX Web3 wallet in early February, by which time users can easily view and transfer SRC-20 inscriptions. In addition, OKX’s R&D team also plans to gradually integrate ARC-20, DRC-20 and Runealpha protocols by the end of February. During this period, the OKX MarketPlace market will also launch ARC-20, Runealpha, DRC-20 and other sections accordingly to provide users with convenient and fast inscription buying and selling functions. This move further demonstrates OKX’s active participation in the development of the Bitcoin ecosystem and its commitment to providing better services to users.

Up to now, OKX Web3 wallet has become an important part of the Bitcoin ecosystem. It is not only the largest BRC-20 inscription and BTC NFT trading market, but also a one-stop inscription ecosystem, aiming to provide users with Provide richer and more convenient services. OKX has made the latest progress in the construction of the Bitcoin ecosystem and has thought and planned for the future development of the Bitcoin ecosystem. Through continuous efforts, OKX will continue to be committed to becoming a leader in the Bitcoin ecosystem, promoting the development of the Web3 industry, and creating more opportunities and value for users.

1. Overview of the latest progress in OKX Bitcoin ecological construction

SRC-20 (Stamps)

The Bitcoin Stamps system was founded by Posted by Mike In Space in March 2023. Initially, the system existed as a proof-of-concept project on Counterparty, which has been a second-layer Bitcoin project since 2014. However, as the underlying protocol was updated, Stamps completely switched to Bitcoin Inscription in the summer of 2023, adopting the familiar SRC-20 protocol.

The main difference between Stamps’ SRC-20 protocol and Ordinals’ BRC-20 protocol is the architectural design. The data of SRC-20 does not rely on UTXO, but uses the account address model, which reduces the cost of parser development while ensuring that SRC data is not restricted by the rules of the tailor-made asset protocol. In addition, SRC-20 adopts a multi-signature address mode without occupying UTXO, and there will be no UTXO reuse like other asset protocols.

OKX Web3 wallet will be connected to the SRC-20 protocol in early February. At that time, users can view and transfer related assets on the asset display page.

ARC-20 (Atomicals)

The full name of Atomic Protocol is Atomicals Protocol, which includes the homogeneous token standard ARC-20, NFT, Realm (domain name) and Atomicals Virtual Machine (AVM), etc. Compared with the Ordinals protocol, the Atomics protocol differs in the ordering of asset transactions. The Atomics protocol does not rely on third-party orderers and can be used to create, transfer and upgrade a variety of digital items, including native NFTs, games, digital identities and domain names, etc.

It should be noted that the protocol is based on UTXO (Unspent Transaction Output) for minting and transfer. According to the provisions of the ARC-20 protocol, each issuance of a token requires a corresponding number of sats UTXOs as support. This means that each token is tied to 1 satoshi (short for satoshi), ensuring that each token is never worth less than 1 satoshi. In addition, when minting tokens, the ARC-20 standard adopts a proof-of-work mechanism similar to Bitcoin, which requires the use of computing power to calculate the prefix as a necessary condition for minting the token. In the future, ARC-20 and Atomics will bring new opportunities to Bitcoin in asset management and asset issuance.

OKX Web3 Wallet plans to complete access to the ARC-20 protocol at the end of February, and plans to launch the independently developed ARC-20 MaketpPlace in late February. At that time, users can view and transfer related assets on the display page, and can also use the taker and pending order functions to conduct trading operations on related assets.

Runes (Runealpha)

The Runes system is a new Bitcoin asset issuance program designed by Casey Rodarmor, the founder of the Ordinals protocol. It is expected to be launched in April this year (before and after the Bitcoin halving). The plan aims to give Bitcoin users a better experience. Runealpha is a protocol standard designed based on the rules of Runes and based on the UTXO model.

OKX Web3 wallet will complete access to Runealpha at the end of February. At that time, users can view and transfer related assets on the display page.

2. Based on industry development, promote the development of multi-chain inscription ecology

In addition to supporting the asset issuance agreement of the Bitcoin ecology, OKX will also support Doggy According to the Doginals (DRC-20) standard of the currency, users can also view and trade/transfer related assets in the OKX Web3 wallet. Currently, OKX Web3 wallet supports the inscription exploration and engraving functions of 23 mainstream public chains, including Bitcoin, Polygon, and Ethereum. As the largest BRC-20 inscription and BTC NFT trading market, OKX has been committed to becoming a one-stop inscription ecosystem in the Web3 industry, providing users with richer and more convenient services.

Jason Lau, chief innovation officer of OKX, said: "Although the infrastructure of Bitcoin's ecological inscription has been relatively complete, there are still many inscription assets on the market based on different chains and different protocol standards that are more like isolated islands. This greatly It has raised the threshold for users to participate. OKX's vision is to simplify the complexity of Web3 and help more users participate efficiently and conveniently. To this end, OKX has chosen to integrate a variety of leading inscription standards in the industry to help users have one-stop access through their wallets Seamlessly experience the multi-chain inscription ecology.

In addition, OKX insists on promoting and setting new standards in the industry through technological innovation. Currently, the wallet already supports batch casting and automatic error detection functions, which enhances the practicality and Functionality. At the same time, OKX also provides an inscription area and an inscription tracking tool to help users deeply explore and learn about the evolving ecosystem."

Last year, OKX strongly supported the construction of the Ordinals market and achieved good results. Dune Data shows that since the OKX Web3 Wallet NFT platform announced its access to the Oridinals market in May last year, supporting many functions such as inscription casting, engraving, sending, and receiving BRC-20 and BTC NFTs, its Oridinals market share has continued to increase from the initial 0.3%. Since the second explosion of the Bitcoin ecosystem in November, OKX Ordinals' market share has remained above 80% for a long time, and has maintained a leading position since then.

The person in charge of product research and development said frankly that after establishing in-depth links with the developer community and actively practicing it, OKX has a deeper understanding of innovation than before. They hope to develop while also contributing to the industry. . On the 12th of this month, OKX has announced that it will open source the BRC-20 parser. This will facilitate the unification of industry parsing standards and avoid problems such as loss of user assets caused by data misalignment.

Next, OKX will continue to pay attention to other application scenarios in the Bitcoin ecosystem. On the one hand, hot inscription assets are empowered in application scenarios, such as the native DeFi and native stablecoins of the Bitcoin ecosystem. In addition, , at the underlying technical level, the development of the Bitcoin Layer 2 track will provide more possibilities for the performance and scalability of the Bitcoin network. Many project parties will develop their own products around these hot narratives to promote ecological prosperity and development. For example, Runes, the asset issuance protocol advocated by Ordinals founder Casey, will be launched in April. During the same period, the Lightning Network will also make major moves. As an innovation-driven Web3 technology company, OKX will actively participate in the most popular and cutting-edge narratives, work with the developer community to build a more prosperous Bitcoin ecosystem, and jointly promote the mature development of the multi-chain inscription era.

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