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Bitcoin Ordinals Passes its 1 Million Milestone in Less Than 3 Months of Its Launch

Posted on by Subh Rath

The number of inscriptions has surpassed one million less than three months after the Ordinals initiative was begun. As of press time, there are 1,058,189 Ordinals NFTs that have earned miners over 170 BTC in fees, or $4.8 million.

Bitcoin Ordinals, which debuted on January 21, is a technology that allows digital assets to be stored on satoshis (sats), the smallest Bitcoin denomination. It quickly became a fad after its debut in the NFT market, with over 50,000 Ordinal inscriptions received as of February 10.

Read Here: Impact of Ordinals on the Bitcoin Ecosystem

The important milestone of Bitcoin Ordinals was reached on April 8 at 17:44:24 UTC with an inscription consisting of the single, now immortal, word ‘Piggy.’ The ‘Piggies World‘ project, comprising hand-drawn graphics attached to the Bitcoin Ordinals protocol, has an enviable asset.

Now with the rapid growth of Bitcoin Ordinals in the NFT world, many more exciting projects are heading to this protocol for their collection’s launch, including Bit Apes by BAYC Members. 

Key Highlights of Bitcoin Ordinals Rapid Success: 

  • Caser Rodarmor, a software developer, created the protocol last year. It is based on Bitcoin’s Segwit and Taproot updates, which improved the blockchain’s smart contract functionality.
  • Ordinal inscriptions are analogous to Bitcoin’s non-fungible tokens (NFTs). They enable users to mint images, videos, text, and even video games on satellites, taking advantage of the network’s immutability.
  • According to Dune Analytics data, over 170 Bitcoin (US$4.8 million) in fees were paid to inscribe the assets on the Bitcoin blockchain.
  • The millionth inscription occurs as interest in Bitcoin Ordinals grows. According to Dune Analytics statistics, there were 76,374 inscriptions on the network on Tuesday, April 4, a daily high.
  • CoinMarketCap announced that Bitcoin increased 1.23% from 24 hours to 9:30 p.m. Hong Kong time, to trade at US$28,263.
  • With its rising trend, more platforms and corporations are also stepping into the Bitcoin Ordinals world. Last week, Bugatti also announced cooperation with Asprey Studio, a branch of luxury retailer Asprey, to produce a Bitcoin-native NFT collection.

Now, despite its popularity, Ordinals has caused controversy in both Bitcoin and NFT circles, with some saying it undermines the broader message of the world’s largest blockchain network. But, with over a million inscriptions, the Ordinals freight train shows no signs of stopping down – picking Bitcoin back up on its strong grounds in the crypto market. 

Related Article: NFTs Launching on Bitcoin Unsurprisingly Sparks Controversy

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BTCDomain Makes .btc Happen on BTC Layer 1

Posted on by Subh Rath

It truly is time to rejoice now that .btc domains have come to Bitcoin. BTCDomain is a user-friendly domain system built on Bitcoin that allows users to begin registering, trading, and searching .btc domain names. By combining Ordinals and Zero-Knowledge (ZK) technologies, they can securely store all of their metadata on the Bitcoin network while consistently maintaining the integrity of their domain registrar and resolver. 

Why Are Blockchain Domains Important?

A domain serves as a symbol of an individual’s personal identity. The simplicity of using a.btc domain for transactions not only prevents transfer errors caused by complicated wallet addresses, but it also protects users from clipboard replacement attacks, which change wallet addresses during the copy-paste process and is one of the most common and recurring fraudulent acts.

A memorable domain name is also essential for effective marketing and brand awareness for businesses and brands. A distinctive domain name can therefore provide a significant competitive advantage for brands looking to stand out in an age of information overload. Put simply, a great domain name could potentially make all the difference in an age where online competition is at an all time high.

Storing Data On The Bitcoin Network

First and foremost, it is important to remember that the Bitcoin network does not support smart contracts. Bitcoin’s embedded programming language is Bitcoin Script, which allows for programmable payment functionality. However, it is not a Turing-complete programming language; its definition and functions are primarily intended for completing various payment scenarios and are incapable of handling more complicated business logic.

So, how does BTCDomain actually store data on the BTC network? The solution is to use ordinals technology. Ordinals distinguish these Satoshis by assigning sequential numbers to 1 BTC, which is equivalent to 100 million Satoshis. Satoshis can be assigned a stable identifier by using their sequence numbers. Ordinals refer to this “attachment” action as “inscribing,” which is similar to the process of minting Ethereum NFTs.

Moreover, because all inscription data is stored on the blockchain rather than on external storage such as IPFS or AWS S3, it is truly decentralized and preserved in the blockchain alongside all other Bitcoin transactions. To achieve this, .btc domains are inscribed as formatted JSON text onto the Bitcoin mainnet, with each domain being a unique inscription that is akin to a BTC NFT.

Do Not Trust, Just Verify

Here is an example of how to decode satoshi.btc data from the Bitcoin Network. Click the genesis transaction history of satoshi.btc or use any Bitcoin explorer to examine transaction “4d8cf99819690c37fcd62b63f3b7f357da71fd7f5c0de058f60180545f44fc63”.Turn it into JSON view. After this step, simply copy the second part in “witness” part and then paste it into any “hex to string converter” tool.

If done correctly, it becomes possible to see the metadata of this satoshi.btc. Users’ domain metadata will be securely stored within the Bitcoin network for as long as it exists. Furthermore, each Bitcoin full node maintains a copy of a user’s valuable domain name, ensuring its longevity and accessibility.

Also, you could search more domain’s metadata via btcdomains.io. Using “Inscription id” without the “i0” at the end as transaction hash, you could examine any registered domain’s metadata on the bitcoin chain.

Unlocking .btc Domain Trading with Bitcoin Transactions & PSBT

If the question revolves around how to trade .btc domains, the answer is found in Bitcoin transactions. Users’ domains are linked to Satoshis via their sequence numbers, as previously stated. When users send Satoshis to someone else, the associated inscription is also transferred. This procedure makes domain trading easier.

Also, ‘Partially Signed Bitcoin Transactions’ (PSBT) are a useful feature of Bitcoin. This feature allows users to trade selected Satoshis with anyone who has a specific amount of BTC. They can participate in user-friendly trading on Ordinals trading platforms such as MagicEden by leveraging PSBT. Overall, the trading experience is indeed comparable to Ethereum, with the main point of difference being that this is for Bitcoin instead.

Bolstering Security & Trust With Zero-Knowledge Tech

In order to address the concerns about malicious data servers and the need for high trust in domains, it is critical to consider the potential consequences of a server misusing its power and redirecting BTC to unintended recipients. To address this issue, BTCDomain uses ZK technology.

Using advanced mathematical methods, ZK technology ensures a trustworthy computing environment. It enables programs to run on a single computer and generate both output and a ZK proof. Anyone can confidently confirm that the program was executed without tampering by verifying the ZK proof. This additional layer of protection can keep data servers from performing unauthorized actions.

Put simply, ZK technology creates a trusted environment which protects against malicious behavior and ensures transaction integrity. When combined with Ordinal’s ability to make Bitcoin a data-available chain, it allows for the creation of a system that functions similarly to smart contracts while relying solely on Bitcoin. Users can hence have greater confidence in the system’s security and reliability with ZK technology in place.

BTCDomain: Pioneering A New Era Of Decentralized Domains & Enhanced Security On Bitcoin

To sum it up, by introducing the innovative concept of .btc domains, BTCDomain is revolutionizing the Bitcoin ecosystem. In this way, BTCDomain creates a decentralized, safe, and user-friendly environment for registering, trading, and searching.btc domain names by leveraging Ordinals and Zero-Knowledge technologies. This breakthrough has the potential to reshape individuals’ and businesses’ online identities, making transactions more simple and secure.

Besides that, the frictionless trading experience of inscriptions via Bitcoin transactions and PSBT, combined with the robust security provided by ZK technology, pave the way for a new era in the blockchain domain landscape. BTCDomain thus ushers in a bright future for the Bitcoin network by combining the benefits of Ordinals and ZK technology, one that bears a strong resemblance to smart contract functionality while remaining true to Bitcoin’s decentralized nature.

In conclusion, embracing BTCDomain is a significant step toward greater adoption and usability because it bridges the gap between blockchain and the traditional Internet infrastructure.

For additional information and regular updates, visit the official website along with the Twitter, Discord, Medium, and GitHub channels.

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AIO Exchange Will Be Launching Soon, Here’s Everything You Need To Know

Posted on by Subh Rath

Cryptocurrencies have become exceedingly popular, with a wide range of crypto exchanges publicly available today. With that in mind, users can trade a variety of digital assets on AIO Exchange, including Bitcoin, Ethereum, Litecoin, and 4,000 others, thereby making AIO the largest public CEX.

Users are welcomed into this impressive platform which offers one-click trading across over 16 top crypto exchanges with a dashboard which shows the current market prices for multiple cryptocurrencies, in addition to a variety of trading tools and resources, when they visit the site.

What makes AIO Exchange so special?

Typically, exchanges have differing prices, fees and blockchains accessible to their users, which makes it difficult and overwhelming to properly navigate through all of the various features. More importantly, there isn’t a public solution at the moment which enables users to successfully trade on other CEXs at ease. This is where AIO comes into play, as the award winning exchange re-defines orders by enabling users to deposit, trade, and withdraw to the best exchange with a single click. The exchange provides a detailed breakdown of the estimated cost, including deposit-withdrawal chains and settlement times. Moreover, its algorithm considers exchange processing time and advanced users can even tailor their quote to execute on a single or multiple exchanges.

Additionally, users can track their orders until they are completed. There is also no need to log in to individual exchanges or deal with any kind of email approvals, as the entire transaction and ordering procedure will be handled by AIO. Lastly, the total fees consist of the corresponding exchange  deposit, withdrawal, and an AIO fee.

What does AIO Exchange offer?

AIO Exchange, also known as the ‘Exchange Built On Other Exchanges,’ is a one-stop exchange solution with connectivity to over 16 exchanges. Users can choose from a variety of liquid exchanges to use, or if they desire, the system can choose the best price from among them all. Other useful features include combining orderbook, transaction, exchange, and blockchain data on a single platform for maximum flexibility, accessibility, and convenience.

One of AIO Exchange’s most notable features is its advanced trading interface, which offers customers an array of useful tools to assist them in making informed trading decisions. The cutting-edge platform includes charting tools, price information, and much more. Besides that, AIO Exchange allows users to create custom trading pairs, giving them greater control and flexibility over their trades.

In addition , AIO Exchange enables many arbitrage choices in the markets. Essentially, this refers to the action of buying and selling the same asset on two different exchanges to make a return via the price difference. With AIO, users can connect up to 16+ top exchanges which makes it a highly effective tool for people to arbitrage in just a single click, making it both highly accessible and convenient.

The AIO Exchange Token

Users who own AIO Exchange tokens effectively own a portion of AIO Exchange, entitling them to a portion of all transaction and withdrawal fees. In the fourth quarter of 2023, instant settlement orders will power high-reward staking and other benefits.

AIO Exchange tokens serve as the exchange’s backbone, directly supporting the world’s most diverse exchange platform. The ecosystem requires AIO to fund transactions through the cheapest of the platform’s 16+ exchanges. Elsewhere, withdrawal fees and transactions account for 90% of AIO Token profit distribution. The remaining 10% will be used to cover operating expenses. Note, the minimum amount required to receive the profit distribution is 100 AIO tokens. This is to ensure that the transaction fee processing is worthwhile, and to encourage the minimum holding.

AIO Exchange tokens are also Solana-based (SPL), allowing for lightning-fast transactions and maximum ecosystem flexibility. The tokens have a fixed supply of 100 million, but the team intends to distribute more tokens on other blockchains in the future to address some of Solana’s flaws and integrate new features. This will be accomplished through a 1:1 burn:mint ratio, which will ensure that the fixed supply of AIO tokens across all blockchains remains at 100 million.

What else does AIO Exchange offer?

To enable low-cost, high-speed transactions and thousands of tokens, AIO Exchange operates on a variety of blockchains. It supports multi-chain tokens, which means that a token does not have to be exchanged on its own network. In fact, AIO allows for multi-chain transactions. Also, to further minimize transaction speeds, AIO hosts dedicated infrastructure and full-nodes for the more congested blockchains (including Bitcoin, BitcoinCash, and Litecoin).

For API users and those who make frequent withdrawals, the AIO Exchange Wallet offers low and competitive transaction fees, making it a viable option. It also offers quick transaction speeds, which are essential for regular traders, arbitrageurs, and merchants.

AIO Exchange uses dedicated node infrastructure and proprietary technology to provide quick total settlement times at a low cost. It is also very secure because, unlike the vast majority of exchanges, AIO does not have a single private key for any two (or more) of its wallets, which means the exchange does not share keys for any transactions which are not securely encrypted and compiled in code. This also means that even if one wallet key is compromised, none of the others would be affected.

About AIO Exchange

AIO Exchange is a product and trading name of Edward Sharp and Co Limited CR-381861, which is registered under the Company Register Act in the Cayman Islands and the United Kingdom. The team has been silently developing the project for 2 years. The website is user-friendly, with a clean and modern interface that’s simple to navigate.

Aside from the services listed above, AIO is the inaugural crypto exchange platform to offer crypto-dividends directly to users’ cold wallets. It is also the world’s first public platform which aggregates this many exchanges. For comparison, Fireblocks offers similar tools but is limited and not public. 

In addition to earning USDT profits from the exchange, users can also earn fiat currency profits from the exchange. Furthermore, the AIO Exchange API should be utilized because of its capabilities linked with connectivity, power, abstraction, and dedicated blockchain RPC nodes.

The all-encompassing exchange pays out frequent, timely dividends and the payouts can also be obtained on a weekly basis. Users can also see a detailed breakdown of when they will receive their tokens and the minimum payouts through the website. Lastly, profits from the exchange are distributed directly to AIO Token holders in proportion to their ownership of the total supply.

For more information and regular updates, visit the official website, roadmap, and the Instagram, Telegram, and Twitter channels.

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Easy Way To Obtain Crypto License in Dubai: Gofaizen & Sherle Launches A New Service

Posted on by Subh Rath

Tallinn, Estonia – Gofaizen & Sherle, a leading fintech and crypto consultancy firm based in Estonia, has recently launched its first crypto  product for the United Arab Emirates (UAE). The product is designed to assist businesses and startup owners in obtaining crypto licenses in two key zones in UAE – the DMCC free zone and IFZA free zone, both located in Dubai.

The licensing procedure takes up to 12 weeks and includes collecting all the necessary documents, registration, and opening a corporate account. Gofaizen & Sherle’s product offers a clear and simple way to obtain a crypto license for any project.

«According to industry experts, the UAE is quickly becoming one of the most attractive jurisdictions for crypto projects. With its fast-paced development and business-friendly regulations and tax regimes. We believe that the crypto industry has the power to transform the economy and create new value for a more effective and secure business environment,” says Mark Gofaizen, senior partner, Gofaizen & Sherle. “That’s why we’re thrilled to launch our latest product in the UAE, as part of our global strategy to help businesses grow and thrive around the world.”

Gofaizen & Sherle can assist in obtaining a license in two key jurisdictions. The DMCC free zone is the prestigious and reputable free zone in the UAE, offering a higher company status and better chances for account opening. The licensing procedure requires confirmation of the director’s experience in the crypto currency/financial sphere, and the license obtainment deadline is 3-4 weeks. The minimal share capital requirement of 50,000 AED (€12,750) must be submitted to the corporate account within six months after registration.

The IFZA free zone is a cheaper and faster way to obtain the license, with no need to deposit share capital or prove previous experience in crypto and finance.

The product offers different types of licenses, including buying or selling crypto commodities, providing services based on blockchain as a technology, creating a metaverse service provider, or an NFT marketplace.

About Gofaizen & Sherle

Gofaizen & Sherle is a leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations focused on EU markets while expanding globally. Its headquarter is located in Tallinn with representative offices in Lithuania, the Czech Republic, and Poland. The firm services scope features company registration, business strategy development, and financial licensing including crypto businesses, EMI, and other types of licenses.

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AI Blockchain Solution CryptoGPT (GPT) Gets Listed on Leading Exchange Bitget

Posted on by Subh Rath

Victoria Seychelles, 10th March 2023 – Bitget, the largest crypto copy trading platform, announced the listing of CryptoGPT (GPT) in the AI Zone of the spot market. The deposit service will be open on March 10th, 7 AM (UTC), and trading will commence at 11 AM (UTC) on the same day. GPT Spot grid trading and Spot margin trading will be launched within three hours after the start of trading. 

CryptoGPT is an Ethereum-based, layer 2 blockchain solution that aims to revolutionize the AI and data market. It is a Blockchain protocol designed for the Artificial Intelligence revolution and the CryptoGPT ecosystem establishes data as an emerging asset class to contribute to a trillion-dollar global data & AI economy.

The platform enables users to monetize their data using encrypted zero-knowledge-proof technology, providing a new way for people to profit from the development of technology. To drive mass adoption, CryptoGPT has already entered the consumer market with apps in various areas, including fitness, dating, gaming, education, and travel. In addition to its data monetization platform, CryptoGPT will also offer a series of non-fungible tokens (NFTs) that store an owner’s activity data. 

Gracy Chen, Managing Director of Bitget, states “As AI continues to be an important trend for many industries, including crypto, we believe the transformative power comes from the combination of AI and blockchain technology. CryptoGPT’s ecosystem, dedicated to AI development and data monetization, represents an innovative approach to the future of decentralized finance. At Bitget, we always exert ourselves to support promising and creative projects and look forward to seeing how AI technology will contribute to the development of the crypto industry.” 

As a leading derivatives crypto platform, Bitget is expanding its product offerings beyond derivatives. In the drive for expansion of the spot trading services, the platform listed over 50 promising blockchain projects over the last two months. As of Feb 2023, Bitget has supported about 450 coins with over 580 trading pairs. And among all the top 10 spot trading platforms on Coinmarketcap, Bitget ranks 2nd in terms of the number of coins listed. 

About Bitget

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

For more information, visit: Website  |  Twitter  |  Telegram  |  LinkedIn  | Discord

For media inquiries, contact:  media@bitget.com 

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