The Binance mining pool has announced the launch of Ordinals Inscription Service. The solution makes it easy for users to create Bitcoin NFTs.
According to the statement, the service allows you to write data directly to individual satoshicreating unique digital artifacts.
The Ordinals protocol was introduced at the beginning of the year and supports signatures in various formats such as text or images, and also makes it possible to issue BRC-20 standard tokens.
The Binance Pool team warned that a Taproot address and a verified account are required to use the new platform.
Due to the limited space in a Bitcoin block, the size of a text file is limited to 300 KB. If this limit is exceeded, the image will be compressed and converted to WEBP format. For security reasons, the platform will remove the metadata.
For BRC-20 tokens, the service makes it possible to create several types of assets in one issue.
The developers have warned that after paying commissions and fees, signatures can take several hours or days to be confirmed.
They also recalled that the data placed on the blockchain can no longer be changed or deleted.
Recall that over the summer, trading volumes in bitcoin-NFT collapsed by more than 92%. However, the share of transactions related to Ordinals in the network of the first cryptocurrency reaches 85%.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!