Bitcoin (BTC) Ordinals has quickly grown into a very established name within the Bitcoin ecosystem. By adding data to individual satoshis, known as inscriptions, it is possible to create and trade non-fungible tokens (NFTs) and BRC-20 tokens on the Bitcoin blockchain. The network already counts more than 10 million of these inscriptions and the new service, despite the some disagreement within the communitycan no longer be removed from the ecosystem.
As more and more crypto investors venture into the innovation on the network, developers also keep busy to keep improving the service. The Ordinals protocol has now been upgraded to version 0.6.0, but what exactly has changed?
New Bitcoin Ordinals update
On June 4, developers, including Twitter user Raphjaph, announced that the protocol has undergone an upgrade that would be the first step in indexing the previously unrecognized inscriptions.
Version 0.6.0 of the Ordinals Protocol just went live!
Here is everything you need to know about this major update:
Many previously unrecognized inscriptions are now indexed by the Ordinals Protocol as “Cursed Inscriptions”. This is important because about 70k existing but… pic.twitter.com/Mh1pArg2p9
— Leonidas.og (@LeonidasNFT) June 4, 2023
To give some more context, part of the total pile of inscriptions are called ‘cursed’. The term cursed inscriptions refers to the unrecognized assets created through misuse or deliberate misuse of opcodes to create inscriptions. These cursed inscriptions are currently not indexed and therefore not identified by Ordinals.
The new update indexes specific types of previously invalid inscriptions as normal positive inscriptions.
Over 70,000 existing but invalid inscriptions will now be supported, meaning they will become tradable once the marketplaces upgrade to the new version of the Ordinals protocol.
NFTs and Tokens on Bitcoin:
It has now been more than four months since Bitcoin’s capabilities were expanded with the arrival of Ordinals. NFTs and tokens have now been launched en masse on the network and the miners are reaping the benefits. Next data from Dune the inscriptions have generated a total of $45.5 million in transaction fees, which is ultimately part of the miner income.
The huge hype of a few weeks ago has now died down, but this is anything but a cause for concern. The number of inscriptions continues to increase and the development of the protocol therefore continues.
