Breaking: Binance Pool Introduces Ordinals Inscription Service on Bitcoin network
Zach Anderson Aug 31, 2023 10:30
Binance Pool introduces Ordinals Inscription Service, enabling users to embed data onto satoshis within Bitcoin network, enhancing digital ownership and asset management beyond digital currency.
Binance Pool has rolled out its new Ordinals Inscription Service, a feature that allows users to embed additional data onto individual satoshis within the Bitcoin network. The service aims to facilitate the creation of unique digital artifacts, securely stored on the blockchain.
Taproot Address Requirement
To access the Ordinals Inscription Service, users must possess a Taproot address. Binance has outlined this prerequisite clearly, emphasizing that only verified accounts with a Taproot address can utilize the service.
What Are Ordinals?
The Ordinals Inscription Service is designed to enhance the utility of Bitcoin by allowing for the inscription of additional data onto its smallest unit, the satoshi. This essentially creates a form of Bitcoin NFT (Non-Fungible Token), making each inscribed satoshi unique in its own right.
Bitcoin Ordinals offer a way to inscribe digital content onto the Bitcoin blockchain, transforming individual satoshis into non-fungible tokens (NFTs). The Ordinals protocol assigns unique numbers to satoshis based on their mining date and tracks them through transactions. Unlike traditional Ethereum-based NFTs, which often store metadata off-chain, Ordinals allow for on-chain storage of content. Trading tools for Ordinals are still emerging, but wallets like Ordinals Wallet and Hiro Wallet facilitate their storage and transfer. As the technology gains traction, it is expected to mature, offering more user-friendly tools and broadening its range of use-cases.
Source: Binance
Verification and Terms
Users looking to take advantage of this service must complete Identity Verification (KYC) and generate a Taproot address. Binance has provided guides and related materials to assist users in these processes.
Implications and Future Outlook
The launch of the Ordinals Inscription Service marks a significant step in expanding the functionalities of Bitcoin beyond its original scope as a digital currency. By enabling the inscription of additional data onto individual satoshis, Binance Pool is opening up new avenues for digital ownership and asset management on the Bitcoin network.
In terms of regulatory compliance, the requirement for a verified Taproot address adds an additional layer of security and legitimacy to the service. However, Binance reserves the right to amend or cancel this announcement at any time, according to the terms and conditions outlined in the original English version of the announcement.
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