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On Thursday, digital asset provider Bitgo announced the launch of its storage and tracking solution for Bitcoin-based Ordinal Inscriptions. Also, users can use Bitgo’s Ordinal inscription storage system to enter their own inscriptions on the Bitcoin blockchain.
Bitgo has announced a new storage solution for Bitcoin-based Ordinal Inscriptions that allows users to store and track inscriptions. Bitgo has detailed that in the “coming days,” users leveraging Bitgo’s new solution will be able to send “enrolled satoshis to an address of their choice securely.” The company says that starting today, “you can add enrollment tracking to any bitcoin hot wallet on Bitgo.”
Transactions received in the Bitgo wallet are now checked for inscriptions and frozen to prevent loss of inscriptions. Bitgo’s dashboard will have a new “Unspents” view showing inscriptions and links to the public Ordinals explorer for more information. Users can release the inscription from this view if they want to use bitcoin in a normal transaction without worrying about where the inscribed satoshis are sent.
Ordinary inscriptions have become quite popular this year, and to date there are more than 657,000 inscriptions on the Bitcoin blockchain. So far, close to 150 BTC worth $4.24 million have been paid to miners for verifying Ordinal inscriptions. Currently, the ecosystem is still nascent, but some Ordinal Inscription collections have increased in value, with statistics showing that 13 markets have seen $15.74 million in trades.
“Bitcoin Ordinals brought a whole new layer of engagement to the Bitcoin Network, but at launch, the surrounding ecosystem was missing key security components to ensure high-value Ordinals inscriptions were safeguarded,” said Chen Fang, Bitgo’s COO in a statement Thursday. “Therefore, we are very excited to announce the launch of Bitgo’s solution to securely store inscriptions 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 Inscriptions in the Bitcoin ecosystem? Share your thoughts in the comments section below.
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