Home
News
- 1 An anonymous wallet spends around 1.5 BTC to inscribe 9 MB of encrypted data on the Bitcoin Blockchain Report.
- 2 The inscription was uploaded on the ‘X’ account of Ordinals explorer Ord.io.
- 3 Taproot upgrade accelerated transaction processing and cost efficiency and increased transaction speed.
As per the data, throughout 332 transactions, an anonymous wallet used around 1.5 BTC worth $67527 as of writing to inscribe nearly 9000 kb of encrypted data onto the Bitcoin blockchain.
However, the most costly transaction cost thousands of U.S. dollars in fees, although most transactions were near $200 or below this. No one can read the inscribed data, as the data remains encrypted.
The inscription was uploaded on the ‘X’ account of Ordinals explorer Ord.io, which prompted X users to speculate on the inscription’s meaning, make jokes, and rickroll each other.
Ordinals are majorly used to store art directly on-chain, though all types of data can be inscribed, including texts. The procedure was entirely operated using Ordinals protocol, which ascribes data to certain satoshis- the smallest unit of a Bitcoin.
Most recently, one more astonishing piece of news broke up: an anonymous wallet recently transferred $1.2 Million to a Genesis wallet that Satoshi Nakamoto mines.
No movement of funds has been seen from Satoshi’s wallet since 2010; a question in the crypto industry is broadly circulated: Is Satoshi Back?
Bitcoin Network Upgrade 2021 Explained…
In November 2021, Bitcoin undertook one of the most significant network upgrades since its inception. The update, known as Taproot, accelerated transaction processing, cost efficiency, and increased transaction speed.
Since it has become more difficult to identify participants in a transaction on the public blockchain of Bitcoin, the Taproot update is beneficial in terms of privacy. It did this by passing off multi-signature transactions as single-signature ones.
The Taproot update to the Bitcoin network was vital because it enabled the blockchain to handle scalability concerns and process transactions more quickly.
November 2021 saw the change go live via a soft fork.
Bitcoin Lightning Network Explained
The Lightning Network is a second layer added to the Bitcoin network that allows for off-chain transactions between participants. In 2015, two developers, Thaddeus Dryja and Joseph Poon, came up with a proposal for the lightning network.
It is meant to facilitate quick transactions across participating nodes (network members who run independently) and has been offered as a solution to the Bitcoin scalability problem.
The Lightning Network may also be used for various off-chain transactions, such as cryptocurrency exchanges.
Bitcoin Price Action
At the time of writing, Bitcoin, the pioneer of the crypto industry, was trading at $45,055.64, with an intraday surge of 2.60%. The trading volume in the past 24 hours has shown a significant growth of 75.89%.
Moreover, the BTC price surged 63.12% in the past three months, and in the weekly time frame, a boost of 6.43% is observed. At the same time, Bitcoin dominance remained at over 50% and was 54.10%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
