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  • Writer's picturemicropapa68

🌟 "Discover Unknown Wealth: The Mysterious World of Bitcoin Inscriptions🔍💰 Did you know that Bitcoin is more than just a digital currency?

Bitcoin inscription
Bitcoin inscription

Bitcoin inscription, also known as serial number inscription, is a revolutionary concept that has become popular in the Bitcoin network. In ancient times, inscriptions" refers to inscriptions written on gold and stone, etc. The writing on objects has the nature of praise, warning, etc., and often uses rhyme. These words can record the reason for casting the vessel, the person commemorated, the time and place of production, the name of the craftsman and other information. In ancient times, inscriptions often appeared on bronze ritual vessels, such as bronze inscriptions, which were used to record the appearance and purpose of the vessel.

Bitcoin inscription refers to linking meta-digital coins (the smallest unit of Bitcoin) with metadata such as text, images, and videos to form a unique digital asset. Called digital relics or Bitcoin-native non-fungible tokens (NFTs). This feature allows various types of data to be inscribed and connected to each individual digital currency, forming a unique digital asset. Although the market value and liquidity of inscription tokens are currently low, their value will gain more recognition as exchanges become more online. Perhaps Inscription Token can lead the surge in the next bull market.

The Story of Bitcoin Inscription

Casey Rodarmor, a Bitcoin developer, released open source software called ORD in December 2022. The software runs on top of a Bitcoin Core full node and enables users to encode computer files into hexadecimal data and store it in Bitcoin transactions (called an "inscription"). By "binding" these data to a specific Satoshi (sat for short), it is the smallest unit of Bitcoin. 1 Bitcoin is equal to 100 million Satoshi, and each Satoshi has an ordinal number and a unique number.

Previously, storing data on the Bitcoin blockchain usually used non-spendable OP_RETURN type outputs. Nodes would only forward 1 OP_RETURN per transaction, and each OP_RETURN could only hold up to 80 bytes. But "Inscription" is a newly discovered (or newly created) way to store data. It can easily store close to 400KB of data in a single transaction, and with the help of miners, it can store almost 4MB of data.

Bitcoin NFT uses the Ordinals protocol to engrave content onto satoshi, which can be text, pictures, videos, audio, etc. Due to block size limitations, most Bitcoin NFTs are pixel type. The Ordinals protocol went live in January this year, stimulating the frequency of Bitcoin transactions. By the end of March, the total number of inscriptions exceeded 600K and is still growing rapidly, especially in April. The inscription of Bitcoin NFT does not rely on servers or storage. As long as Bitcoin exists, the inscription will exist. In comparison, NFTs on the Ethereum chain, such as ERC-721 metadata, are stored on platforms such as IPFS, Arweave, or sometimes fully centralized Web2 servers, and are more externally dependent.

What is the use of Bitcoin inscriptions?

  1. Create unique digital assets: Users can create unique digital assets such as NFTs (non-fungible tokens) on the Bitcoin chain through inscriptions, which makes the functionality of the Bitcoin blockchain More diverse​​ sex.

  2. Data Storage: Inscriptions can be used to permanently store various information on the Bitcoin blockchain, such as works of art, personal information, or other important documents​_22200000- 0000-0000-0000-000000000222_​​word.

  3. Extended application scenarios: The emergence of Bitcoin Inscription has broadened the application scope of Bitcoin, which is no longer limited to currency transactions, but involves more creative and personalized usage methods_22200000-0000 -0000-0000-000000000222_​​.

Are there any inscriptions other than the Bitcoin inscription?

The inscription gameplay originated from the Bitcoin network and later became popular on other public chains. Public chains such as Ethereum, Solana (SOL), Avalanche, Horseshoe, and BNB Chain have also begun to introduce similar inscription gameplay.

Source: Twitter(X)

Inscriptions bring many opportunities to get rich, attracting a large number of users to participate. More and more professional teams and players are beginning to use scripts and other methods to compete for the casting of inscriptions. For ordinary retail players, it is relatively difficult to snatch and mint, and they can only buy them in the secondary market. Since Inscription is an emerging project with extremely high fluctuations and high investment risks, people without cryptocurrency knowledge should not blindly follow the trend.

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