The utilization of the Ordinal inscription process has led to a significant increase in the popularity of the Bitcoin blockchain. Currently, there are over 800,000 inscriptions made on this technology.
Furthermore, the emergence of non-fungible tokens (NFTs) called Bitcoin Stamps has introduced another innovative technology to the blockchain. These stamps utilize a unique image-storing technique to securely store images on the Bitcoin blockchain.
About the New Image Inscription Process
Recently, bitcoin aficionados have been informed of a novel approach for safeguarding images on the Bitcoin network which has an edge over the traditional process of ordinal inscription. The Bitcoin Stamp initiative was crafted by Mike in Space, a renowned Twitter personality.
Essentially, this pioneering technology facilitates the partitioning of an image into several Unspent Transaction Outputs (UTXOs) by encoding it in Base64 text and leveraging the counterparty protocol to propagate it to the Bitcoin platform.
Bitcoin Stamps have an advantage over witness or signature data as they are not susceptible to pruning. However, the creation of a Stamp is more expensive than that of Ordinal inscriptions.
Therefore, the summary from GitHub about these stamps advises that “the fewer the bytes, the better” due to the associated costs. For optimal results, it is recommended to use 8-color-depth files in PNG or GIF format along with 24×24 pixels.
About Bitcoin Stamps
As of March 31st, the first batch of 600 Bitcoin Stamps were produced, and as of now, there are over 8,000 stamps in circulation. These stamps are cataloged on Stampchain.io and supported by the reputable xchain.io of Counterparty.
Moreover, these Bitcoin Stamps can be accessed through the Counterparty assets portal, kaleidoscopexcp.com. In addition, the first-ever Bitcoin Stamp, referred to as Stamp 0, was created a mere four weeks ago on March 7, 2023, at precisely 1:19 a.m. coordinated universal time (UTC).