From our previous discussion, we learnt what bitcoin ordinals are and what makes them what they are today. If you missed that, get it Here!. Today we focus on ordinal inscriptions.
What are Inscriptions?
We discussed that ordinals are satoshis. Inscriptions are like a serial number for ordinals, they are a way of adding data to bitcoin.
Why ordinal inscription is important.
When you label a satoshi and put your own data on it, it receives a unique number (inscription number).
Inscription numbers increase with time. An ordinal inscribed earlier always has a lower inscription number, hence making them more rare.
Using ordinal inscriptions adds value.
In the world of bitcoin ordinals, many factors determine the value of your ordinal. Let’s discuss a few of them below.
Satributes.
- Uncommon: these are the first satoshis of every block. The availability of this attribute is (1 sat in every 2.4 billion sats).
- rare: these sats are those that don’t have data on them. Also known as clean sats. They are collected for their nature.
Recursions.
Recursion is a way to use information from previous bitcoin inscriptions to create new inscriptions. Like a collage made of mini-inscriptions.
This method is relevant because it allows storing a lot of data on the network without using a lot of space on the block.
Conclusion.
We have finally covered all there is to know on basics of bitcoin ordinals. Stay tuned to Crypto University (HERE) to get access to real-time insights in the crypto world.
The people at Magic Eden made the information used in this production possible.