Digital asset custody provider Bitgo announced Thursday the launch of its Bitcoin-based Ordinal inscription storage and tracking solution. Additionally, users can use Bitgo’s Ordinal inscription storage system to inscribe their own inscriptions into the Bitcoin blockchain.
Bitgo’s New Solution Enables Secure Transmission of Ordinal Inscriptions
Bitgohas announced a new storage solution for Bitcoin-based ordinal inscriptions, allowing users to store and track inscriptions.Bitgo will “soon” allow users who utilize Bitgo’s new solution to ” detailed that they will be able to securely send inscribed satoshis to an address of their choice.” The company states that starting today, “inscription tracking can be added to any Bitgo bitcoin hot wallet.”
Transactions received in Bitgo wallets are now checked for inscriptions and frozen to prevent loss of inscriptions; Bitgo’s dashboard has a new “Unspents” view that displays inscriptions and links to the publicly available Ordinal Explorer for more information. Users can unfreeze their inscriptions from this view if they wish to use their bitcoins in normal transactions without worrying about where their inscribed satoshis are being sent.
Since the beginning of this year, ordinal nameplates have become quite popular, with more thanto date. 657,000 inscriptionsthat exist on the Bitcoin blockchain. So far, close to150 BTCworth of $4.24 million has been paid to miners to verify Ordinal inscriptions. Currently, the ecosystem is still in its infancy, but certain Ordinal inscription collections are swelling in value, with statistics showing that $15.74 millionhas been traded on 13 markets.
“Bitcoin Ordinals have brought a whole new layer of engagement to the Bitcoin network, but at launch, the surrounding ecosystem missed a key security component to ensure the protection of the highly valuable Ordinal inscriptions.” Bitgo COO Chen Fang said in a statement on Thursday.” That is why we are very pleased to announce the release of Bitgo’s solution to secure inscriptions and prevent them from being accidentally transferred or turned over to mining expenses.”
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