On Thursday, digital asset custody provider Bitgo announced the launch of its Bitcoin-based enrollment storage and tracking solution Ordinal. In addition, users can use Bitgo’s Ordinal enrollment storage system to post their own enrollments on the Bitcoin blockchain.
The new Bitgo solution allows the secure sending of ordinal registrations
bitgo has announced a new Bitcoin-based ordinal enrollment storage solution that allows users to store and track enrollments. Bitgo has detailed that in the “next few days”, users who take advantage of Bitgo’s new solution will be able to send “registered satoshis to an address of their choice securely”. The company says that starting today, “you can add signup tracking to any bitcoin hot wallet on Bitgo.”
Transactions received in the Bitgo wallet are now checked for signups and are frozen to prevent loss of signups. The Bitgo dashboard will have a new “Unspent” view that shows signups and links to the Ordinals public browser for more information. Users can unfreeze enrollment from this view if they want to use the bitcoin in a normal transaction without worrying about where enrolled satoshis are sent.
Ordinal inscriptions have become quite popular this year, and to date there are more than 657,000 registrations that resides on the Bitcoin blockchain. so far close to 150 BTC $4.24 million has been paid to miners to confirm ordinal signups. At present, the ecosystem is still nascent, but certain ordinal inscription collections have increased in value, and statistics show that 13 markets have seen $15.74 million in trades
“Bitcoin Ordinals brought a whole new layer of participation to the Bitcoin network, but upon launch, the surrounding ecosystem lost key security components to ensure high-value Ordinals signups were protected,” said Chen Fang, COO of Bitgo, in a statement on Thursday. “That is why we are very excited to announce the launch of Bitgo’s solution to securely store signups and prevent them from being accidentally transferred or sent to mining fees.”
What do you think the future holds for the use and adoption of ordinal signups in the Bitcoin ecosystem? Share your thoughts in the comments section below.
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