By George Ward
Following the uproars that greeted the Bitcoin Ordinal system vulnerability, developers have reportedly rolled out version 0.6.0 to rectify the “cursed inscriptions” on the protocol. The latest move is the first move by the developers to recognize and rectify many of the cursed or invalid inscriptions on the Bitcoin Ordinals network.
New Upgrade For Cursed Inscriptions
The creators of the Bitcoin Ordinals protocol have launched a significant enhancement to address the staggering 71,000 invalid or “cursed” inscriptions to ensure easy and seamless transactions. Dubbed the “cursed inscriptions,” the name came into existence due to erroneous opcodes utilization or deliberate misuse of inscriptions, rendering them invalid and unacknowledged.
In an announcement on June 4, a group of developers, spearheaded by the notable Twitter user Raphjaph, unveiled the highly anticipated version 0.6.0 upgrade to the Ordinals protocol. The latest release marks the initial phase in cataloging and indexing the extensive collection of previously overlooked and unacknowledged inscriptions.
In late April, the creator of Ordinals, Casey Rodarmor, put forth a proposal to address the persistent issue of cursed inscriptions. His visionary solution aimed to transform these “cursed” inscriptions into their “blessed” counterparts.
The recently deployed upgrade supports a selected subset of various cursed inscription types. Additionally, the new feature involves the establishment of a block activation height, enabling the seamless indexing of previously invalid inscriptions as standard positive inscriptions.
The famous Ordinals influencer, LeonidasNFT, explained the remarkable development, stating that these newly indexed inscriptions would be seamlessly incorporated into the list of tradable Ordinals. He added that individuals possessing cursed inscriptions should anticipate a notable shift in the negative inscription numbers.
What Are Bitcoin Ordinals?
Bitcoin Ordinals revolutionize the concept of nonfungible asset artifacts by providing a unique platform to engrave data onto the tiniest unit of Bitcoin, known as a satoshi. The protocol was the brainchild of Casey Rodarmor, after making its debut in January, appealing to the cryptocurrency community.
The following month, the frenzy surrounding inscriptions reached new heights as thousands were imprinted onto the Bitcoin blockchain. Thus, there was congestion and notable surges in transaction fees.
Ordinal inscriptions have garnered significant attention due to their striking resemblance to NFTs regarding rarity and collectability. Enthusiastic users are eagerly pursuing a distinctive bit of data that is indelibly imprinted onto the Bitcoin blockchain.
As a result, these initial or converted inscriptions on satoshis hold the potential to attain substantial value in the future. Per the latest data from Dune Analytics, the exponential rise in ordinal inscriptions has resulted in a whopping $45.5 million in transaction fees, with a staggering count of 10.8 million inscriptions recorded since its inception earlier this year.
Following the recent turn of events, Rodarmor disclosed that he would step down and entrust the future of this groundbreaking project to the capable hands of Raphjaph. By introducing Ordinals and inscriptions, Bitcoin developers have seamlessly bridged the world of NFTs with Bitcoin.
Thus, the Bitcoin network can rival the Ethereum network for the top spot position in the NFT space. Also, this innovative integration enables the inclusion of diverse content, ranging from captivating images and videos to dynamic HTML, within a Bitcoin transaction.
Since its inception, the project has kindled intense debates surrounding the implications of ordinals and inscriptions on the Bitcoin ecosystem.