Lately there has only been talk about Bitcoin Ordinals, but do you know what these NFT's are about? In this article we will cover exactly that! Check out the content below.
Bitcoin Ordinals are a technology that allows digital assets to be inscribed in 1 satoshi, which is the smallest unit of a bitcoin. This way, it is possible to register, for example, a work of digital art, text or information, which will be associated with that particular satoshi.
Ordinals were enabled through the Taproot update, introduced in 2021. They allow each satoshi to be transformed into unique assets by adding data to them, which is known to users as Inscription (or "inscription", in free Portuguese).
Registering an Ordinals can be quite an expensive task, due to Bitcoin's scarce block space. The larger the NFT to be registered on the blockchain, the higher the transaction fee paid for that registration will tend to be.
An Ordinal, basically, is an NFT exclusive to the Bitcoin network
Lately there has only been talk about Bitcoin Ordinals, but do you know what these NFT's are about? In this article we will cover exactly that! Check out the content below.
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The Taproot update is an update to Bitcoin that aims to improve the privacy and efficiency of its network. It was activated in November 2021, after mining block number 709,632. The update consists of three main points: improving security, increasing privacy and improving the efficiency of the Bitcoin network.
The update makes it easier to create smart contracts, although they remain complex. One of the main new features of the update is the introduction of Bitcoin Ordinals, which allow the registration of digital assets in 1 satoshi, the smallest unit of a bitcoin.
As we mentioned above, this allows you to register, for example, a work of digital art, text or information, which will be associated with that particular satoshi. Registering an Ordinals can be quite an expensive task, due to Bitcoin's scarce block space. The larger the NFT to be registered on the blockchain, the higher the transaction fee paid for that registration will tend to be.
NFTs are non-fungible tokens that can be created on various blockchains, including Ethereum, Binance Smart Chain and Solana. They allow users to create unique digital assets such as digital artworks, music, videos, and other types of digital assets.
Each NFT is unique and can be bought, sold or traded like any other asset. NFTs are created using smart contracts, which are programs that automatically execute contract rules when certain conditions are met.
Smart contracts allow users to create NFTs with custom features such as royalties, which allow the NFT creator to receive a percentage of the sale price whenever the NFT is sold.
In summary, while Bitcoin Ordinals allow users to stake digital assets in 1 satoshi, NFTs allow users to create unique digital assets across multiple blockchains. Both types of digital assets have their own characteristics and limitations, and the choice of which to use will depend on the user's specific needs.
Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
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