View and send Ordinals Inscriptions.
Last updated
Last updated
The Ordinals protocol is a system for numbering satoshis, assigning a sequential number to each satoshi and tracking them in transactions. In essence, users can attach additional data to each satoshi using Ordinals, making each satoshi unique. This process is referred to as "engraving."
The term "satoshi" is named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, and represents the smallest denomination of Bitcoin (BTC). One Bitcoin can be divided into 100 million satoshis, meaning each satoshi is worth 0.00000001 Bitcoin.
The numbering of satoshis is based on the order in which they are mined and transferred. The numbering scheme follows the mining order of satoshis, while the transfer scheme follows the order of transaction inputs and outputs, hence the name "Ordinals."
Although traditional NFTs share some similarities with Ordinals, there are several key differences. NFTs are typically created using smart contracts on blockchains like Ethereum, Solana, and BNB Smart Chain, and sometimes the assets they represent are hosted elsewhere. In contrast, Ordinals are directly recorded on individual satoshis and then included in blocks on the Bitcoin blockchain. Ordinals reside entirely on the blockchain and do not require side chains or separate tokens. In this sense, Ordinals recording inherits the simplicity, immutability, security, and durability of Bitcoin itself.
"Inscriptions" are a protocol that allows attaching arbitrary content, such as images, videos, and other files, to individual sats, thereby transforming them into native digital artworks on the Bitcoin blockchain.
The process of inscription is achieved by sending a transaction with a Taproot script, which permanently records the inscription content on the blockchain. Subsequently, this content is uniquely associated with a specific sat, creating an immutable digital artwork. Such digital artworks can be traced, transferred, stored, and even bought and sold.
Bitcoin Taproot is a significant upgrade to the Bitcoin protocol aimed at enhancing the privacy, security, and scalability of Bitcoin. It was activated in November 2021 and represents another important upgrade for Bitcoin since the SegWit upgrade in 2017.
The Taproot update is a key driving factor for Ordinals NFT, as it stores NFT data in the spending script of the Taproot script path. This upgrade makes it easier to structure and store arbitrary witness data, laying the foundation for the "ord" standard. With relaxed data requirements, assuming a transaction can fill the entire block with its transaction and witness data, reaching the 4MB block size (witness data space) limit greatly expands the types of media that can be placed on the blockchain.
Open the BTC wallet in TokenPocket and click on the "NFT" menu in the asset interface. In the NFT category, you can view Ordinals inscriptions. Currently, there are two ways to use Ordinals: pure NFT and BRC20. TokenPocket supports viewing, receiving, and sending Ordinals inscriptions.
Open the inscription content, and in the "Details" section, you can see the parameters of this inscription. Clicking on either "Inscription ID" or "Engraved Hash" will directly redirect you to the browser to view more detailed execution content.
Click on [Send] and make sure to use a Taproot address for receiving payments. You can learn how to use a Taproot address by clicking on the link provided. Customize and set the network fee parameters reasonably to expedite the transfer process. Due to the current congestion on the BTC network, it is recommended to increase the network fee accordingly if you wish to avoid long waiting times and ensure faster transactions.
Please note that due to the accounting method of BRC20, the ownership of BRC20 tokens is not solely determined by the possession of NFTs. Receiving or transferring NFTs related to BRC20 does not necessarily mean actual ownership of BRC20 tokens.
This is determined by the mechanism because the inscription of BRC20 requires NFTs with transferable limits to be inscribed before a transfer can take place. The recipient must receive the inscribed NFT to truly own the BRC20 tokens. TokenPocket currently does not support the inscription function, so it can only send NFTs without synchronizing the balance.
