Binance Pool Introduces Revolutionary Ordinals Inscription Service on Bitcoin Network August 31, 2023 August 31, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 31, 2023 by Kelly Cromley

Binance Pool Introduces Revolutionary Ordinals Inscription Service on Bitcoin Network

Binance Pool, a prominent entity in the cryptocurrency realm, has introduced its groundbreaking Ordinals Inscription Service. This innovative feature enables users to incorporate additional data onto individual satoshis within the Bitcoin network, paving the way for the creation of unique digital artifacts securely stored on the blockchain.

The Ordinals Inscription Service, exclusively accessible to users possessing a verified Taproot address, is designed to supercharge the Bitcoin functionality by facilitating the inscription of extra data onto its smallest unit, the satoshi. This groundbreaking feature effectively transforms each inscribed satoshi into a form of Bitcoin Non-Fungible Token (NFT), thereby making it unique.

Pioneering Service Enables Unique Digital Artifacts Creation on Blockchain

Ordinals, the protocol associated with this service, allows users to inscribe digital content onto the Bitcoin blockchain, thereby changing individual satoshis into non-fungible tokens. The protocol assigns unique numbers to satoshis based on their mining date and tracks them throughout transactions. This is in stark contrast to the traditional Ethereum-based NFTs, which typically store metadata off-chain, as Ordinals facilitates on-chain content storage.

While trading tools for Ordinals are still in development, wallets such as Ordinals Wallet and Hiro Wallet are currently providing storage and transfer facilities for these novel tokens. As this technology gains momentum, it’s anticipated that it will mature, offering more user-friendly tools and expanding its spectrum of use-cases.

In order to use this service, users are required to complete Identity Verification (KYC) and generate a Taproot address. To aid users in these procedures, Binance has made available guides and related materials.

The unveiling of the Ordinals Inscription Service represents a considerable stride towards broadening Bitcoin’s functionalities beyond its original purpose as a digital currency. Binance Pool, by facilitating the inscription of extra data onto individual satoshis, is creating new opportunities for digital ownership and asset management on the Bitcoin network.

On the regulatory front, the necessity for a verified Taproot address offers an extra layer of security and authenticity to the service. However, Binance maintains the right to modify or revoke this announcement at any time, as per the terms and conditions specified in the original English version of the announcement.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.