Skip to main content

Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions

Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions

On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and tracking solution for Bitcoin-based Ordinal inscriptions. Moreover, users can use Bitgo’s Ordinal inscription storage system to inscribe their own inscriptions onto the Bitcoin blockchain.

Bitgo’s New Solution Allows for Safe Sending of Ordinal Inscriptions

Bitgo has announced a new storage solution for Bitcoin-based Ordinal inscriptions that allows users to store and track inscriptions. Bitgo has detailed that in the “coming days,” users who leverage Bitgo’s new solution will be able to send “inscribed satoshis to an address of their choice safely.” The company says that starting today, “you can add inscription tracking to any bitcoin hot wallet on Bitgo.”

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. Users can unfreeze the inscription from this view if they want to use the bitcoin in a normal transaction without worrying about where the inscribed satoshis are sent.

Ordinal inscriptions have become quite popular this year, and to date, there are more than 657,000 inscriptions residing on the Bitcoin blockchain. So far, close to 150 BTC worth $4.24 million have been paid to miners to confirm Ordinal inscriptions. At present, the ecosystem is still nascent, but certain Ordinal inscription collections have swelled in value, and statistics show that 13 markets have seen $15.74 million in trades.

“Bitcoin Ordinals brought an entirely new layer of engagement to the Bitcoin Network but, upon launch, the surrounding ecosystem missed key security components to ensure high-value Ordinals inscriptions were safeguarded,” Chen Fang, Bitgo’s COO said in a statement 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 mining fees.”

What do you think the future holds for the use and adoption of Ordinal inscriptions in the Bitcoin ecosystem? Share your thoughts in the comments section below.



from Bitcoin News https://ift.tt/hGfoBwP
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more