In the Bitcoin ecosystem, the double-spending problem of BRC-20 tokens has always been a topic of great concern. Recently, Magic Eden announced the suspension of trading, which once again aroused people's concerns about the security of digital currency. This article will delve into the essence of the BRC-20 double-spending problem, analyze the reasons behind the Magic Eden incident, and how to avoid similar risks.

The Bitcoin ecosystem has always attracted much attention, and BRC-20 tokens, as part of it, have gradually emerged in recent years. However, the ensuing double-spending problem has made people begin to re-examine the security of digital currency. As a well-known trading platform, Magic Eden's announcement of the suspension of trading has undoubtedly brought shock to the entire ecosystem.

 Double-spending problem of BRC-20 tokens

The BRC-20 token is a token built in the Bitcoin ecosystem, and its double-spending problem has always been a problem that plagues digital currency transactions. The so-called double-spending problem refers to the same digital currency being used for transactions multiple times in a short period of time, resulting in inconsistencies in transaction records and even possible fraud.

In the Bitcoin ecosystem, due to the decentralized nature, the double-spending problem has always been a certain risk. Especially on centralized platforms such as exchanges, double-spending problems are more likely to occur due to the delay and asymmetry of information transmission. This is why trading platforms such as Magic Eden need to take measures to suspend transactions to prevent the further spread of the double-spending problem.

 Enlightenment from the Magic Eden incident

As a well-known digital currency trading platform, the suspension of trading by Magic Eden has caused people to think deeply about the security of digital currency. This incident once again reminds us that safety is always the first priority in digital currency transactions. Trading platforms need to strengthen supervision and technical means to ensure the safety of user assets.

In addition, the Magic Eden incident also revealed some potential risks in the digital currency ecosystem. In addition to the double-spending problem, the transaction speed and privacy protection of digital currencies also need more attention and improvement. Only by continuously improving the digital currency ecosystem can more people feel at ease to participate in it.

 Measures to avoid similar risks

In order to avoid similar double-spending problems and transaction risks, the digital currency ecosystem needs to take a series of effective measures. First, strengthen technical supervision and improve the security and stability of digital currency trading platforms. Secondly, strengthen user education and improve users' awareness and prevention capabilities of digital currency security. Finally, strengthen industry cooperation to jointly create a healthier and more sustainable digital currency ecosystem.

In general, the double-spending problem of BRC-20 tokens and the Magic Eden incident once again remind us that the digital currency ecosystem still faces many risks and challenges. Only by continuously strengthening supervision and technological innovation can we ensure the security and stability of the digital currency ecosystem. Let us work together to create a healthier and more trustworthy digital currency world!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120BTC.coM): The Bitcoin homogeneous token standard BRC-20 craze started in mid-April and has been going on for more than half a year. Although the current popularity has greatly declined and the prices of currencies with larger market capitalizations (such as $ordi) have also retreated a lot, it is undeniable that this has created an unprecedented ecosystem for Bitcoin.

 BRC-20 token "sequence index" problem

However, the recent BRC-20 trading problem has begun to cause market concerns. Community user @SanjFomojis posted: Due to recent order problems, there is currently a risk of double spending. Currently, different markets are using different versions of ord, which index different inscription numbers.

In other words, there is a problem with the sequence index of the BRC-20 token, resulting in different versions running at the same time on the three major exchanges trading BRC-20 tokens, namely OKX, UniSat, and Magic Eden, which may lead to double spending problems and further cause user assets to be lost.

Note: Double spending, also known as double payment, refers to the repeated spending of an asset due to the "infinite replication" feature of digital assets.

The community responded to the "sequence index" related issues of BRC-20 tokens on Github.

 Magic Eden announced the suspension of BRC-20 transactions

In response, various exchanges have also issued emergency response measures. Among them, Magic Eden took the lead in stating that BRC-20 transactions will be suspended to best protect users until all BRC-20s reach a comprehensive consensus.

During this period, all trading activities on other Magic Eden will continue to proceed normally.

 UniSat Wallet and OKX normal transactions

UniSat Wallet posted on the X (original Twitter) platform: We have realized that the brc-20 index does not match due to different ord software versions. UniSat
Wallet and services are consistent with the current ord0.9 version to ensure that the matching results with ordinals.com are correct. We are monitoring the work of contributors and indexers and will notify our users in a timely manner.

As of press time, UniSat has not suspended BRC-20 trading, while OKX has not responded to this matter. BRC-20 related tokens can still be traded on the platform.