Unacknowledged Ordinal inscriptions are set to be cataloged by a groundbreaking protocol update. This clever move would facilitate their circulation in the digital asset trading sphere.
Developers Roll Out a Significant Upgrade
The minds pioneering the Bitcoin Ordinals protocol have introduced an upgrade explicitly designed to resolve issues associated with over 71,000 invalid or so-called “cursed” inscriptions. This strategic move would thus enable their entry into the trading market.
The term ‘cursed inscriptions’ refers to the inscriptions spawned due to incorrect application or deliberate manipulation of opcodes. That led to the inscriptions’ invalidation and subsequent non-recognition.
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! On the 4th of June, it was unveiled that the Ordinals protocol underwent an enhancement, updating to version 0.6.0. That was the initial phase of the ambitious plan to catalog the hitherto unacknowledged inscriptions.
The Solution to ‘Cursed Inscriptions’
To resolve the predicament of cursed inscriptions, the creator of Ordinals, Casey Rodarmor, submitted a proposal in late April. The idea was to acknowledge these cursed inscriptions, transforming them into ‘blessed’ ones.
The newly introduced upgrade facilitates support for a particular set of cursed inscriptions. It is executed by establishing a block activation height at which specific forms of previously invalid inscriptions would commence their journey as regular positive inscriptions.
Ordinals influencer, LeonidasNFT, elucidated on the significant addition to the roster of tradable indexed Ordinals. He highlighted the importance of supporting over 70,000 pre-existing but invalid inscriptions. He emphasized, “Once marketplaces adopt the v0.6.0 upgrade, trading these inscriptions will become a reality.”
Furthermore, he forecasted a shift in the perception of individuals holding cursed inscriptions, anticipating a positive turn for these negative inscription numbers.
Understanding Bitcoin Ordinals: The Nonfungible Asset Artifacts
Bitcoin Ordinals are unique asset artifacts that facilitate the engraving of data onto the most miniature division of a Bitcoin – a satoshi.
This innovative protocol was introduced in January by Casey Rodarmor. It subsequently sparked the inscription frenzy the following month, with thousands of inscriptions stamped on the Bitcoin blockchain. That led to increased network congestion and a surge in transaction fees.
A Comparison with NFTs
Ordinal inscriptions are similar to Non-Fungible Tokens (NFTs) regarding their rarity and collectability. Users are enticed by the unique portion of data permanently engraved onto the Bitcoin blockchain. These early or converted inscriptions on satoshis could potentially accrue significant value over time.
With approximately 11 million Ordinal inscriptions generating $45.5 million in transaction fees since their inception earlier this year, these unique digital assets’ future looks promising.
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