On Thursday, digital asset custodian Bitgo unveiled a storage and tracking system for Bitcoin-based Ordinal inscriptions. The new solution also allows users to inscribe their own inscriptions onto the Bitcoin blockchain.
Bitgo Launches System for Sending Ordinal Inscriptions Safely
Bitgo has announced a new storage solution for Bitcoin-based Ordinal inscriptions that enables users to store and track inscriptions. Over the “coming days,” users will be able to securely send “inscribed satoshis to an address of their choice” through Bitgo’s new solution. According to the company, users can add inscription tracking to any bitcoin hot wallet on Bitgo starting today.
Transactions received into the Bitgo wallet are now checked for inscriptions and frozen to prevent the loss of inscriptions. Bitgo’s dashboard will have a new “Unspents” view that displays inscriptions and links to the public Ordinals explorer for more information. If desired, users can unfreeze the inscription from this view so that the bitcoin can be used in a standard transaction without worrying about where the inscribed satoshis are sent.
Ordinal inscriptions have become quite popular this year, and there are currently over 657,000 inscriptions residing on the Bitcoin blockchain. To date, nearly 150 BTC, worth $4.24 million, have been paid to miners to process Ordinal inscriptions. At present, the ecosystem is still in its infancy, but certain Ordinal inscription collections have increased in value, and statistics show that 13 markets have seen $15.74 million in trades.
“Bitcoin Ordinals brought a brand new layer of engagement to the Bitcoin Network but, upon launch, the surrounding ecosystem lacked key security components to guarantee high-value Ordinals inscriptions were safeguarded,” Chen Fang, Bitgo’s COO remarked on Thursday. “That’s why we’re very excited to announce the release of Bitgo’s solution to securely store inscriptions and prevent them from being accidentally transferred or sent to miners’ fees.”
What do you think the future holds for the use and utilization of Ordinal inscriptions in the Bitcoin ecosystem? Feel free to share your thoughts in the comment section below.
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.
