Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present.
Ordinals, the protocol that allows each bitcoin satoshi to be identified with a non-fungible number, is gaining popularity among certain circles, even when the procedures to include an element in the Bitcoin blockchain (an “inscription“) is still very far from user-friendly, as each user must run a full Bitcoin node to make an inscription.
The protocol, which rose to prominence due to a feature present in the Taproot update allowing the size of a transaction to be as big as the size of a Bitcoin block, already has served to bring more than 7,000 inscriptions to the bitcoin blockchain as of 12:00 p.m. ET on Feb. 6.
While inscriptions can contain various content, determined by a file type that describes the object inside the inscription, most are images, which will be conserved forever as part of the blockchain. However, this feature has spurred controversy, with some criticizing the effects that this could have on the size of the Bitcoin blockchain in the future, limiting its financial use case.
However, Casey Rodarmord, creator of Ordinals, has declared that the idea behind this protocol is to bring fun and interest to Bitcoin again.
Among the more recognizable inscriptions collections being issued is Taproot Wizards, promoted by crypto influencers Udi Wertheimer and Eric Wall. The first Taproot Wizard was issued on top of the biggest block ever mined in the Bitcoin blockchain. It featured an image of the magic internet money meme wizard introduced by Mavensbot, which was used as a Reddit ad in the Bitcoin subreddit back in 2013.
There are already six different inscriptions with art derived from the aforementioned meme. Ordinal Rocks, another collection that claims to be the first one on Ordinals, has 100 images of rocks serialized and present on the bitcoin blockchain. Another collection, called Ordinal Punks, which mimics the Ethereum-based Cryptopunks, also claims to have 100 inscriptions among the first 650 inscriptions on the bitcoin blockchain.
The dynamics of establishing a market for commercializing and monetizing these inscriptions are still a work in progress, as there is currently no marketplace. However, there have been reports of sales in secondary markets, with some inscriptions being sold for almost one bitcoin, but there is currently no way of corroborating if these sales are actually real.
What do you think about the popularity of Ordinals inscriptions? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present.
Ordinals, the protocol that allows each bitcoin satoshi to be identified with a non-fungible number, is gaining popularity among certain circles, even when the procedures to include an element in the Bitcoin blockchain (an “inscription“) is still very far from user-friendly, as each user must run a full Bitcoin node to make an inscription.
The protocol, which rose to prominence due to a feature present in the Taproot update allowing the size of a transaction to be as big as the size of a Bitcoin block, already has served to bring more than 7,000 inscriptions to the bitcoin blockchain as of 12:00 p.m. ET on Feb. 6.
While inscriptions can contain various content, determined by a file type that describes the object inside the inscription, most are images, which will be conserved forever as part of the blockchain. However, this feature has spurred controversy, with some criticizing the effects that this could have on the size of the Bitcoin blockchain in the future, limiting its financial use case.
However, Casey Rodarmord, creator of Ordinals, has declared that the idea behind this protocol is to bring fun and interest to Bitcoin again.
Among the more recognizable inscriptions collections being issued is Taproot Wizards, promoted by crypto influencers Udi Wertheimer and Eric Wall. The first Taproot Wizard was issued on top of the biggest block ever mined in the Bitcoin blockchain. It featured an image of the magic internet money meme wizard introduced by Mavensbot, which was used as a Reddit ad in the Bitcoin subreddit back in 2013.
There are already six different inscriptions with art derived from the aforementioned meme. Ordinal Rocks, another collection that claims to be the first one on Ordinals, has 100 images of rocks serialized and present on the bitcoin blockchain. Another collection, called Ordinal Punks, which mimics the Ethereum-based Cryptopunks, also claims to have 100 inscriptions among the first 650 inscriptions on the bitcoin blockchain.
The dynamics of establishing a market for commercializing and monetizing these inscriptions are still a work in progress, as there is currently no marketplace. However, there have been reports of sales in secondary markets, with some inscriptions being sold for almost one bitcoin, but there is currently no way of corroborating if these sales are actually real.
What do you think about the popularity of Ordinals inscriptions? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.
Monday saw shiba inu (SHIB) continue to trade relatively close to recent highs, despite crypto markets mostly declining.
SHIB/USD hit a high of $0.0000148 earlier today, which comes following a bottom at the $0.0000141 mark on Sunday.
The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.
Looking at the chart, the declines commenced as the relative strength index (RSI) failed to break out of a ceiling at the 80.00 level.
As of writing, the index is now tracking at 77.02, which comes as bulls rejected a breakout of a floor at 75.00.
SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.
Avalanche (AVAX), on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.
Following a high of $20.43 on Sunday, AVAX/USD dropped to an intraday low of $19.74 earlier in the day.
The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.
This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.
A big part of this is due to the 14-day RSI, which is tracking at 59.86, its weakest point since January 10.
Should momentum now continue in a downward direction, price strength could land at a floor of 55.00, with AVAX likely under $19.00.
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Do you expect avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Source From : News