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- 1 Bitcoin Ordinals gained popularity akin to NFTs given rarity-like similarities.
- 2 The market has been ever expanding since the inception in January, this year.
- 3 Over 71K inscriptions are invalid, which the upgrade has sought to validate and make tradeable.
Bitcoin Ordinals Inscriptions met with an upgrade recently which intends to sort out the inscriptions not in use. Such objects are termed as “cursed inscriptions.” The upgrade is expected to rectify more than 71K such invalid inscriptions. Following the enhancements, the entities that remained unknown till now, would be able to trade.
The developers team behind Bitcoin Ordinals informed about the update. On Sunday, June 4, the newly appointed project lead maintainer, pseudonym developer Raphjaph informed about the version 0.6.0 upgrade on Ordinals protocol. The v0.6.0 was asserted as the “first step in recognizing more types of inscriptions.”
Ordinals’ creator and former lead maintainer, Casey Rodarmor, first proposed the upgrade to recognize the “cursed inscriptions” and turn them into “blessed” ones. The aim was to index the inscriptions that had been unrecognized till date and make them trade.
The inscriptions created with the intentions of either incorrect use or with the deliberate intention of misusing were primarily referred to as cursed inscriptions. Such pieces lose their recognition and become invalid in the contingency, and untradeable.
Following the Bitcoin Ordinals v0.6.0 upgrade, a specific subset would provide support to different categories of such cursed inscriptions. After the block activation attaining a certain block height, indexing of specific divisions of invalid inscriptions would start, and then, turn them into the valid ones.
Users across the crypto community praised the step of bringing over 71K unrecognized and invalid inscriptions in the mainstream market and making them eligible for trading.
Bitcoin Ordinals protocol was created and launched by Rodarmor in January, 2023. The Ordinals are objects having non-fungible asset attributes. It made it possible to inscribe data on Satoshi (SAT), the eighth part of a Bitcoin (BTC).
In the months to follow, the hype of inscriptions spread all over like wildfire. The Bitcoin blockchain network had seen thousands of them imprinted by different creators. The activities went to increase enough that it started creating congestion but the transaction fees over the network jumped significantly.
The Bitcoin Ordinals Inscriptions recently hit a milestone at the end of May 2023, when the number of these non-fungible tokens crossed 10 Million. Along with the sheer size of the number these inscriptions hit, was the time of less than six months in which it reached the height.
In terms of rarity and collectability, the inscriptions gained recognition as non-fungible tokens available across the blockchain networks with smart contracts. Despite being the newest contender in the sector, Bitcoin based NFTs witnessed tremendous highs in a short time period.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
