OKX, a premier cryptocurrency exchange, has made a significant move into the future of digital assets by introducing inscription support for Atomicals (ARC-20), Stamps (SRC-20), Runes, and Dogecoin's Doginals (DRC-20)

This innovative step allows users to create unique, tamper-proof digital assets directly on the Bitcoin blockchain.

Coindesk Interview

In an interview with CoinDesk, OKX's Chief Innovation Officer, Jason Lau, expressed his excitement about the potential of inscriptions. "It's been a little over a year since the first public ordinal and inscription was minted. And throughout that time, the community has really grown; I think of it as a new canvas."

Inscriptions

Inscriptions are recorded directly on-chain, providing a secure and transparent way to create and verify digital assets. Unlike non-fungible tokens (NFTs), which are simply a link between the blockchain and a jpeg or other file stored on a server, inscriptions are immutably stored on the blockchain, ensuring their longevity and authenticity.

OKX's decision to support inscriptions aligns with the growing demand for unique digital assets. According to data from Dune, there are over 58 million inscriptions on the Bitcoin blockchain, with over $166.8 million spent on BRC-20 fees. The popularity of inscriptions has led to the emergence of a thriving ecosystem of creators, collectors, and investors.

Lau emphasizes the importance of having art and data immutably stored on-chain, particularly in light of recent events where Web2 links between jpegs and chains have broken. "These things will last forever, as long as the chain lasts," he said.

While there is a debate around inscriptions on the Bitcoin blockchain, Lau dismisses the notion that they are a waste or blockchain pollution. "I think it really is a bitcoin maxi-driven sort of narrative," he said. "Our perspective is more usage of bitcoin and more usage of bitcoin blockspace is good for the network."


OKX's decision to introduce inscription support marks a significant milestone in the cryptocurrency space. As the digital asset ecosystem continues to evolve, it is essential to embrace innovation and push the boundaries of what is possible.

By leveraging the power of blockchain technology, OKX is poised to remain at the forefront of the industry, providing users with a secure, transparent, and innovative platform for creating and trading digital assets.

References:

Reynolds, S. (2024, January 29). OKX Starts Inscription Support for Atomicals, Stamps, Runes and Doginals. Retrieved from https://www.coindesk.com/tech/2024/01/29/okx-starts-inscription-support-atomicals-stamps-runes-and-doginals/

elegant_solution. (n.d.). Retrieved January 13, 2024, from https://www.freepik.com/author/user28432665

Freepik - Goodstudiominsk. (n.d.). Retrieved January 5, 2024, from https://www.freepik.com/author/goodstudiominsk

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