Bitget PR Update: Inscription Token Comments by Alvin Kan - COO of BGW (EN)

Alvin Kan (Bitget Wallet COO) comments on Bitcoin Inscription hot topics

SINGAPORE, Dec. 27, 2023 /PRNewswire/ -- Tokens included in the Bitcoin inscription have been a recent topic of discussion. Inscription, in brief, is a concept referring to the Bitcoin mainnet where it has given rise to several token projects adapting data such as images, videos, and text on Bitcoin. Bitcoin inscription-based tokens like ORDI, SATS, RATS, and several other Bitcoin inscription tokens are experiencing significant price increases in the last week. This has become a primary focus for Bitget Wallet, one of the Bitget ecosystem's largest global crypto exchange platforms, to enhance research and adoption of Bitcoin inscription tokens.

Bitget Wallet itself has seen an increase in its user base. Upon investigation, this increase is among users interacting with Bitcoin inscription tokens in the last month. However, Alvin Kan, COO of Bitget Wallet, also provided some comments that the concept of Bitcoin inscription is inspiring other token projects, one of them being EVM. EVM, or Ethereum Virtual Machine, is, in brief, a key component in the Ethereum ecosystem.

"In my opinion, the ripple effects of BRC-20 and Ordinals inscriptions back in April have paved the way for other blockchains in the Web3 industry, where other blockchains have finally launched their inscription projects."

Alvin also mentioned that there is currently a considerable and urgent demand for inscriptions on the EVM system.

"Because the Bitcoin network operates on a UTXO or 'accountless' model, which may not be too familiar to some, there are still some funds that have not flowed into the Bitcoin network. Additionally, many Web3 users still see Bitcoin as a peer-to-peer transaction network. Therefore, there is still a large and urgent demand for inscriptions on account-based EVM chains."

Alvin added that education during the last bull market was mostly focused on EVM chains, so its user base is large, leading to a significant surge in inscription token projects.

In this interview, Alvin provided answers regarding which blockchain system is currently the most promising.

"As the blockchain with the highest market value in inscriptions, Bitcoin inscription projects like ORDI, SATS, RATS, and others have formed a strong market position and have been recognized as the pioneering group of inscriptions on Web3."

Alvin added that the increasing popularity of Bitcoin inscriptions has attracted many developers to create various products based on inscriptions. Thus, Bitcoin inscriptions will continue to rise in the future. This also makes the Web3 industry, and specifically crypto, an opportunity for continuous innovation for all crypto asset investors. Bitget Wallet itself will also focus on the development of Bitcoin inscription projects and others to provide the best services for users.