Inscriptions, bitcoin-native NFTs attached to sats, is ready for testing!
13.4k sats \ 13 comments \ @rodarmor 16 Dec 2022 bitcoin
I've been working on a project called ordinals, which assigns identities to individual sats and tracks them across transactions.
Building on ordinal theory, we just got inscriptions ready for testing. Inscriptions are Bitcoin-native NFTS that can contain arbitrary content, like an image or text, and are attached to individual sats, which can be transferred using the ordinal transfer rules.
Creating Bitcoin-native NFTs is actually the whole reason I started working on ordinals in the first place. Bitcoin has no obvious thing that can "own" an NFT. Addresses should not be reused, and UTXOs are created and destroyed in transactions. Ordinals assign identity to individual sats, to which NFTs can be assigned.
Along with the code, which is on GitHub, there's also an overview of how inscriptions work, a guide to making inscriptions on signet, and a twitter thread about the release.
We're looking for testing and feedback, so if you feel like giving it a whirl on signet, let us know how it went on GitHub!
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392 sats \ 0 replies \ @rijndael 17 Dec 2022
I followed the guide last night and inscribed a couple of sats on signet. Really easy. you all did a great job with the tooling and docs! It's been fun to play with sending them around and seeing how the index tracks them.
If anyone wants to post a signet address, I'll send you this masterpiece: https://signet.ordinals.com/tx/aaac9d1dc57ab7967b515c0436d50ea82279d1b0dd17f609b3ac49fab433bb0c
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297 sats \ 1 reply \ @HardMoney 17 Dec 2022
Do you think that Ordinals create an attack vector against bitcoin's fungibility?
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9 sats \ 0 replies \ @FreddyAllArk 17 Dec 2022
They do
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293 sats \ 0 replies \ @HardMoney 17 Dec 2022
If an NFT is assigned to a sat does the individual who owns that sat have the ability to control and change the NFT associated with it?
ie if I receive a sat with an NFT assigned to it by someone else can I remove it or change it?
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370 sats \ 1 reply \ @scottathan 17 Dec 2022
Wouldn't a coinjoin destroy the inscription though?
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785 sats \ 0 replies \ @rodarmor OP 17 Dec 2022
Nope! A coinjoin is a transaction with a bunch of arbitrarily ordered inputs and outputs, often of equal size. The ordinal transfer algorithm works just as well for such transactions, and the sat containing the inscription will move to one of the outputs. It'll be an arbitrary output, so definitely don't use rare sats in a coinjoin.
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156 sats \ 1 reply \ @Scroogey 17 Dec 2022
This is just nuts, like inventing a scheme whereby the value of $20 note increases significantly when its serial number ends in a famous persons birthday.
And then assuming a significant portion of the users will bother checking their serial numbers every time they transact.
Nuts, in a funny way, I guess.
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393 sats \ 0 replies \ @rijndael 17 Dec 2022
people literally do that: https://www.coincollecting.com/dollar-bills-worth-looking-out-for
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11 sats \ 0 replies \ @FreddyAllArk 17 Dec 2022
This is terrible for Privacy :(
This should be done on a separate Layer with the option to unlink the Sat when it is swapped out from the layer to layer 1
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0 sats \ 1 reply \ @DarthCoin 18 Dec 2022
NFTs are bullshit useless crap
CHANGE MY MIND
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0 sats \ 0 replies \ @om 18 Dec 2022
Domains are NFTs though. They are entries in a centralized database permissioned by government.
Is it really acceptable though?
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0 sats \ 0 replies \ @longlifelearner20 18 Dec 2022
It seems like a very interesting project and a new one, i was actually wondering why haven't anyone thought about getting a bitcoin's Nft address that doesn't support Ethereum but here it is, looking forward to try live upon this concept which you have breakdown. :)
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0 sats \ 0 replies \ @satcat 17 Dec 2022
Ok I'll bite, how does one attach anything to an abstract concept "sat", which strictly speaking is completely non-existent?
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