Background Knowledge
After the emergence of Turing-complete Ethereum, the ERC-20 token standard became the go-to choice for issuing digital tokens. Similar standards emerged on other blockchains, such as Solana’s SPL and BSC Chain’s BIP-20. These standards regulate token issuance, transfers, and other functionalities—like specifying token names, symbols, and total supply.
Bitcoin, lacking Turing completeness, couldn’t support such token standards initially. However, with optimizations in storage mechanisms and technical upgrades, developers found ways to enable asset issuance on Bitcoin. In December 2022, Casey Rodarmor introduced the Ordinals Protocol, allowing users to inscribe data (like images) directly onto Bitcoin transactions, leading to a BTC NFT market.
Soon after, an anonymous developer named domo launched the BRC-20 standard, enabling fungible tokens (FTs) on Bitcoin through direct on-chain inscriptions. This sparked a wave of similar activities across other blockchains, including BSC Chain.
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What Are BSC Inscriptions?
Before diving into BSC inscriptions, let’s examine BRC-20. BRC-20 tokens are created by embedding JSON-formatted text into Bitcoin’s witness field during transactions. For example, deploying a token like ordi requires the following format:
{"p": "brc-20", "op": "deploy", "tick": "ordi", "max": "21000000", "lim": "10000"}Similarly, BSC-20 inscriptions follow a comparable structure but are written into the inputdata field of BSC transactions. A popular BSC inscription, bnbs, uses this format:
{"p": "bsc-20", "op": "mint", "tick": "bnbs", "amt": "1000"}Unlike Bitcoin, BSC supports multiple inscription protocols by modifying the "p" field (e.g., BNB-20, DRC-20).
Current State of BSC Inscriptions
The BSC ecosystem has seen explosive growth in inscriptions like bnbs, bscs, and SOFI. For instance, bnbs initially cost only gas fees but surged to 4 BNB (~$1,220) per inscription by January 2024.
However, challenges persist:
- Low liquidity: Most inscriptions suffer from thin trading volumes.
- Speculative risks: Many lack intrinsic value, relying purely on hype.
How to Engage with BSC Inscriptions
1. Inscribing
- Deploy a new inscription: Use tools like EVM.ink to inscribe custom JSON text (e.g.,
{"p": "bsc-20", "op": "deploy", "tick": "Gate", "max": "21000000"}). - Mint existing inscriptions: Follow the protocol’s format (e.g.,
{"p": "bsc-20", "op": "mint", "tick": "bnbs", "amt": "1000"}).
2. Trading
Platforms like EVM.ink and BSCS Market facilitate BSC inscription trading.
Conclusion
BSC inscriptions revitalized the chain’s activity but face post-hype challenges like liquidity crises. Their fair launch mechanism (no pre-sales) and contract-less design are strengths, but they lack functionalities like staking or vesting schedules. As the market matures, the technology’s true utility may emerge.
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FAQ
Q1: What’s the difference between BRC-20 and BSC-20?
A: BRC-20 is Bitcoin’s inscription standard, while BSC-20 operates on BSC Chain with EVM compatibility.
Q2: Are BSC inscriptions a good investment?
A: High-risk due to volatility and low liquidity. Research thoroughly before participating.
Q3: How do I trade BSC inscriptions?
A: Use dedicated markets like EVM.ink or BSCS Market.
Q4: Can I create my own inscription standard on BSC?
A: Yes, by modifying the "p" field in the JSON (e.g., {"p": "my-protocol"}).
Q5: Why do inscriptions have low liquidity?
A: They’re often held by few addresses, and trading volumes are speculative.
Q6: What’s the future of BSC inscriptions?
A: While currently speculative, they may evolve into niche utilities like decentralized identity or asset tagging.