Business News Report SMW
June 26, 2023

CertiK Audits OKX’s BRC-20 Token Contracts, Paving the Way for Ordinals on the Bitcoin Blockchain

In Brief

CertiK successfully conducts a security audit of OKX’s BRC-20 token contracts, marking a significant milestone in introducing Ordinals to the Bitcoin blockchain.

OKX reaffirms its commitment to Bitcoin and drives innovation in BRC-20 transaction indexing on the Bitcoin blockchain.

The audits support OKX in seamlessly integrating the new token technology onto its platform, with plans to support inscription and enhance trading capabilities for tokens and Bitcoin NFTs.

CertiK Audits OKX's BRC-20 Token Contracts, Paving the Way for Ordinals on the Bitcoin Blockchain

Blockchain security firm CertiK has completed the audit of OKX’s BRC-20 token contracts. This is a significant achievement that enables Ordinals to run on the Bitcoin blockchain. OKX, a global crypto exchange, is demonstrating its dedication to Bitcoin and its innovation in BRC-20 transaction indexing on the Bitcoin network.

These audits, along with upcoming ones, will facilitate OKX in implementing operations to seamlessly integrate the new token technology onto its platform. The exchange’s roadmap includes supporting inscription, which will expand investment opportunities for its user base. In addition, the platform plans to enhance trading capabilities by enabling transactions for tokens and Bitcoin NFTs.

CertiK’s team told Metaverse Post that unlike ERC-20 tokens, where users’ token balances are stored on the blockchain, the BRC-20 token standard requires an indexer that supports the extraction of JSON information from inscriptions. The indexer processes it and records the balance information in the off-chain database. 

“The indexer needs to strictly follow the rules specified in the BRC-20 documentation. This indexer was the primary focus of the audit we completed with OKX,” the team stated.

“CertiK’s partnership with OKX aligns with our mission to enhance security and transparency in the blockchain space. By conducting a security audit of OKX’s implementation of the BRC-20 token standard, we’ve ensured that the integration of this new technology onto OKX’s platform is secure and reliable, protecting users from potential vulnerabilities,” CertiK added.

The partnership also supports innovation in the crypto space. The implementation of the BRC-20 token standard on OKX’s platform will enable more diverse transactions for more users, thereby fostering a truly decentralized free market. Finally, the partnership enhances transparency in the space. By undergoing regular security audits, OKX is demonstrating its commitment to this fundamental value of Web3.

Jason Lau, OKX’s Chief Innovation Officer, stated that this advancement caters to the community’s interests while offering reliable, secure, and user-friendly tools for handling these tokens.

Last month, CertiK partnered with Alibaba Cloud to provide blockchain security services to cloud-based web3 projects. Developers and enterprises deploying on Alibaba Cloud can use CertiK’s security suite, including code reviews, risk assessments, team identity verification, and background checks. The collaboration aims to drive the mass adoption of blockchain technology by integrating it into cloud computing through Alibaba Cloud’s Blockchain as a Service (BaaS) platform.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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