Monday, June 17, 2024

Bitcoin Ordinals Resolves ‘Cursed Inscriptions’ Problem with Latest Protocol Upgrade!

Recently, a major update has been launched to address “cursed inscriptions” through the Bitcoin Ordinals protocol which allows data to be written onto one of the smaller pieces of bitcoin. This upgrade is intended to rectify more than 71,000 illegible or curse inscriptions that can be recognised and placed on the market.

The words “cursed inscriptions” are used to refer to inscriptions which have been invalidated as a result of erroneous use or intentional misuse of opcodes while they were being created. Those inscriptions have not been recognised by the Protocol, so that they are useless and hardly worth anything. However, as soon as the most recent upgrade has been completed, these previously unrecognized marks will be indexed and made available for trade.

On June 4, developers Casey Rodarmor and Raphaph announced the upgrade to version 0.6.0, which has received support from Twitter users. Casey Rodarmor first proposed in late April to address the problem of inscriptions that are cursed. By establishing a block activating height, this upgrade adds support for some of the different types of curse inscriptions. This will mean that, as a rule, certain types of prior invalid inscriptions are to be indexed according to the normal Positive Remarks.

The significance of this upgrade was emphasized by LeonidasNFT, an Influencer with Ordinals, who said that more than 70,000 existing or invalid inscriptions are currently supported. These inscriptions will be traded as soon as the marketplaces are upgraded to version 0.6.0. He went on to say that curse holders ought to anticipate a change in numbers for negative inscriptions.

Bitcoin Ordinals, similar to non-fungible tokens (NFTs), have gained attention due to their rarity and collectability. Users use these inscriptions to seek unique slices of data that are permanently embedded into the Bitcoin Blockchain and which they expect will increase in value over time. Since the beginning of the inscription hype earlier this year, around 10.8 million ordinal inscriptions have generated a staggering $45.5 million in transaction fees, according to Dune Analytics.

On May 28th, Casey Rodarmor announced in separate statements that he would step down from his position as Ordinals creator and hand the reins over to Raphjaph.

Bitcoin Ordinals aims to resolve the long standing issue of curse inscriptions with its latest protocol upgrade. This development is not simply expanding the availability of previously unsupported inscriptions, but also making them more useful and valuable to the Bitcoin Ordinals protocol. It will be interesting to see how these inscriptions and their associated assets contribute to the wider bitcoin ecosystem as markets continue to evolve.

Source : 

Young, M. (2023, June 5). Bitcoin ordinals rolls out upgrade to rectify “cursed inscriptions” issue. Cointelegraph. 

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