Ordinals

Ordinals are non-fungible assets on Bitcoin - but they are different from NFTs. Each ordinal inscription is stored completely on the Bitcoin chain. Most ordinals are text files.

Introduction

Bitcoin Ordinals, a novel concept developed in 2023, have gained significant attention for their unique way of inscribing data directly onto individual satoshis, the smallest unit of Bitcoin. 100% of the data of each ordinal inscription is stored on Bitcoin itself, unlike NFTs which require external storage sources.

This innovation opens up new possibilities for digital asset representation on the Bitcoin blockchain. Libre, known for its fast and user-friendly blockchain solutions, integrates Bitcoin Ordinals, offering users an enhanced experience for transferring, trading, and building with wrapped ordinal inscriptions.

Getting Started with Bitcoin Ordinals on Libre

The best way to understand is to try it for yourself. If you're new to Libre, follow these steps to set up your account:

Download the Bitcoin Libre wallet for your mobile device (chrome coming soon).
Follow the instructions to create a new account.
Ensure your wallet is secure with a strong password and backup your private keys.
Search ordinal inscriptions, inscribe one yourself, create a collection, list it for sale, or purchase one yourself.

Understanding Bitcoin Ordinals

Bitcoin Ordinals are essentially digital artifacts inscribed onto individual satoshis. Unlike standard Bitcoin transactions, which are fungible, each inscribed satoshi becomes a unique, non-fungible token (NFT) due to its distinct data inscription. This innovation allows for a new form of digital asset creation and ownership on the Bitcoin blockchain.

Integrating Bitcoin Ordinals with Libre

Libre.org is first and foremost a search engine for Bitcoin ordinals. Future developments will include ways to buy and sell these ordinals on Bitcoin and ways to leverage and use these ordinals as wrapped assets on the Libre chain.

Using Bitcoin Ordinals in Libre Apps

Several apps in the Libre ecosystem support Bitcoin Ordinals, allowing for various applications, from trading BRC-20 tokens on https://www.libredex.org to collecting unique digital artifacts.

Technical Aspects of Bitcoin Ordinals on Libre

Inscribing data onto a satoshi involves embedding small pieces of information within a Bitcoin transaction. These inscriptions are immutable and verifiable, ensuring the uniqueness of each Bitcoin Ordinal. The Libre blockchain enhances this by providing a faster and more cost-effective platform for managing and transferring these Ordinals by using a peg-in and peg-out process - right now, this is only active on the Libre Dex which is in beta.

Best Practices for Bitcoin Ordinals

When dealing with Bitcoin Ordinals, it's crucial to:

Back up your wallet, especially after creating new Ordinals.
Be cautious about the data you inscribe, as it is permanent.
Keep your private keys secure to prevent unauthorized access to your Ordinals.
Use an Ordinal-friendly wallet so you don't spend the wrong UTXO and lose your inscription.

FAQs

Q: Can Bitcoin Ordinals be transferred like regular Bitcoin? A: Yes, but with additional steps to ensure the integrity of the inscribed data.

Q: Are Bitcoin Ordinals compatible with all Bitcoin wallets? A: Not all wallets support Ordinals. Use a compatible wallet, preferably one recommended by Libre.

Conclusion

Bitcoin Ordinals bring a new dimension to the Bitcoin ecosystem, and Libre's integration of this technology offers an accessible platform for users to explore and utilize these unique digital assets.

Libre Chain Docs