Binance launches marketplace focused on Ordinals protocol

Cryptocurrency exchange Binance has introduced a marketplace focused exclusively on the inscriptions of the Ordinals protocol.

According to the exchange announcement, the new platform will allow the sale, purchase, and mining of BRC-20 standard tokens and other EVM-compatible assets.

The marketplace for inscriptions is hosted on Binance’s web3 wallet, accessible through the platform’s app. According to the developers, the new product’s features include buying, selling, and mining BRC-20 tokens and other EVM coins, seamless transfers between the Binance platform and its crypto wallet, and increased transaction speeds.

Notably, despite the hype surrounding the “inscription” of the Ordinals protocol, the tool is still controversial. Thus, in December 2023, the U.S. National Vulnerability Database (NVD) expanded the list of cybersecurity threats by adding inscriptions created in the Ordinals protocol.

Adding to the list means a specific vulnerability has been identified, cataloged, and deemed essential to public attention. NVD is currently actively analyzing the vulnerabilities of the Bitcoin (BTC) network. NVD cites the spread of non-transactional data and spam throughout the network of the first cryptocurrency as one of the potential consequences. This may negatively impact performance and commissions.

Bitcoin Core developer Luke Dashjr claims that BTC inscriptions use the vulnerability to send spam on the network. Dashjr appears to be standing his ground, saying that non-fungible tokens (NFTs) on the Bitcoin network “never existed” in the first place, calling them all “fraud.”