Blogs & Articles: BitGo Introduces Solution To Securely Store Ordinal Inscriptions On The Bitcoin Blockchain 🔗 1 year ago

BitGo has introduced a new security solution to protect Ordinals inscriptions from accidental transfers and enable users to inscribe their own content onto Bitcoin.

BitGo, a leading provider of digital asset custody solutions, has introduced a new security solution for protecting Bitcoin Ordinals inscriptions from accidental transfers, also enabling users to inscribe their own content onto the Bitcoin blockchain. 

Ordinals inscriptions allow people to inscribe text, images, and videos directly on the Bitcoin blockchain. However, given that they are still a relatively new technology for Bitcoin, most wallets cannot yet easily receive, send or store them, which puts potentially high-value inscriptions at risk of being accidentally transferred or sent to mining fees.

BitGo's new solution enables users to add inscriptions tracking to any Bitcoin hot wallet on BitGo, which means that any transaction received into the wallet will be checked for inscriptions and frozen if inscribed to prevent the loss of valuable inscriptions. BitGo users will be also able to send inscribed satoshis to an address of their choice safely, and have a new option on inscription-enabled wallets to mint an inscription when making a new transaction.

"Bitcoin Ordinals brought an entirely new layer of engagement to the Bitcoin network but, upon launch, the surrounding ecosystem missed key security components to ensure high-value Ordinals inscriptions were safeguarded,” said Chen Fang, BitGo's Chief Operations Officer. “That's why we're very excited to announce the release of BitGo's solution to securely store Inscriptions and prevent them from being accidentally transferred or sent to mining fees."

BitGo’s latest security solution for Bitcoin Ordinals inscriptions aims to offer much-needed protection to inscriptions that could potentially have high value. The new solution will allow users to trustlessly inscribe their own content onto the Bitcoin blockchain, while ensuring that their inscriptions are safeguarded and cannot be lost or accidentally transferred.