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The storage and tracking solution for Bitcoin-based Ordinal inscriptions was launched on Thursday, according to digital asset custody service Bitgo. Additionally, anyone can add their own inscriptions to the Bitcoin blockchain using Bitgo’s Ordinal Inscription Storage technology.
Bitgo’s New Solution Allows for Safe Sending of Ordinal Inscriptions
Users can now keep and track inscriptions thanks to a new storage option that Bitgo has released for Ordinal inscriptions based on Bitcoin. According to information provided by Bitgo, users who utilize the new solution will soon be able to transfer “inscribed satoshis to an address of their choice safely.” According to the business, “you can add inscription tracking to any bitcoin hot wallet on Bitgo” as of right now.
Transactions deposited into the Bitgo wallet are now inspected for inscriptions and delayed to prevent inscription loss. The new “Unspents” view on Bitgo’s dashboard will show inscriptions and provide connections to the public Ordinals explorer for more details. Users who don’t want to be concerned about where the inscribed satoshis are transferred can unfreeze the inscription from this view and utilize the bitcoin in a typical transaction.
This year, ordinary inscriptions have gained much traction; as of now, the Bitcoin blockchain hosts more than 657,000 ordinary inscriptions. Around 150 BTC, or $4.24 million, have already been given to miners in exchange for confirming Ordinal inscriptions. The ecosystem is still developing, but figures reveal that 13 marketplaces have seen deals worth $15.74 million and that several Ordinal inscription collections have increased.
“Bitcoin Ordinals provided an entirely new layer of engagement to the Bitcoin Network, but at launch, the surrounding ecosystem neglected essential security components to ensure that high-value Ordinals inscriptions were preserved,” stated Chen Fang, Bitgo’s COO, in a statement. We’re therefore thrilled to announce the availability of Bitgo’s solution to safely store inscriptions and prevent them from being unintentionally transferred or used for mining fees.
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