Bitcoin Ordinals preventing double-spending attacks on NFTs?

Bitcoin Ordinals preventing double-spending attacks on NFTs?

Play-To-Earn Games News, P2E Games News | 22 Apr 2023 17:57 UTC

What are Bitcoin Ordinals? Role of Ordinals in Preventing Double-Spending Attacks in Bitcoin NFTs! Bitcoin Ordinals are yet another advancement in the Bitcoin network to store digital content on the blockchain.

Ordinals in the network relate to the sequence to add transactions to the blockchain. Every transaction in the blockchain has a unique ordinal number. Transactions in that block also inherit that ordinal number as well. By ensuring the process of transaction in the sequential form, this number helps avoid double-spending hacks in Bitcoin NFTs. If two transactions with the same ordinal number come to the network at the same time, the system automatically accepts one with the higher number.

The network generates the ordinal number, which is present in the header of each block. It is a number that grows sequentially with each new block uploaded to the blockchain. A block's ordinal number identifies its position in the blockchain, with zero being the first block (Genesis block).

Bitcoin Ordinals Origin

When the NFT market based on Ethereum's ERC-721 standard opened in 2021, developer and artist Rodarmor saw a chance to make a competitive but unique experience. Bitcoin ordinals was the name for the theory-based method he came up with and worked on until 2022. In January 2023, Casey Rodarmor talked about the Bitcoin ordinals system. Digital material can be written with the help of the protocol. It puts artwork, cartoons, or music on Bitcoin satoshis or sats, which are small units of money.

Because of ordinals, Bitcoin network traffic, fees, and storage space have all gone up by a lot. It's the first big improvement to the Bitcoin application tier, and it changes the focus from just being a "store of value" to something with more uses.

Ordinal Inscription

Ordinal Inscriptions have made a lot of noise in the world of Bitcoin. In this network, the way that blocks are given numbers in order is called a "inscription." The ordinal engraving is a number that shows where a block is in the chain of blocks. Since 2008, NFTs have been a goal of the people who work on Bitcoin. Counterparty, the company behind the Rare Pepe NFT line, started the project in 2014, and Stacks joined in 2017. The inscription method puts the data about the content on the Bitcoin transaction's witness.

In an interview, Alex Miller, CEO of Hiro, a developer for the layer-2 smart contract network Stacks, talked about how important Stacks is. "It was very smart of the team to come up with Ordinals. It's a very important part of the Bitcoin philosophy that they basically took different things and put them together in a way that the original authors didn't see coming or expect.

As the first step in making Ordinals, users download Bitcoin Core and sync the node to the blockchain. After the sync is done, the next step is to make an Ordinals wallet and send some satoshis to the account.

Segregated Witness, or SegWit, fixed many problems with Bitcoin Core, raised the number of transactions that could be included in a block, and made it possible for Layer 2 payment systems like the Bitcoin Lightning Network to be used. SegWit caused a heated debate in the community, which led to a network hard fork that created two competitive blockchains: Bitcoin Cash and Bitcoin Satoshi's Vision, or Bitcoin SV.

Even though some people say that Ordinals take advantage of the network. The person who made Ordinals, Casey Rodarmor, thinks that these claims are not true.

Taproot: A Bitcoin Update

With the help of Taproot, all participants in a transaction can work together to make these complicated exchanges seem to be routine, person-to-person exchanges. They accomplish it by merging their signatures to produce a new signature and their public keys. This is achievable by using a tool called Schnorr signatures.

Moreover, the Taproot upgrade complicates transactions with single and multiple signatures, making it harder to distinguish transaction inputs on the blockchain of Bitcoin. By enhancing encryption while minimizing the quantity of data required to create it, Taproot lowers transaction costs, which have increased significantly as Bitcoin has gained more popularity.

What’s next?

The competition is still on to design wallets that allow users to view the Bitcoin NFT. It also streamlined ways to subscribe to Bitcoin. Gamma, a Bitcoin NFT marketplace on Stacks, started offering a premium service that enables users to inscribe images and text in order to provide collectors with an easy way to make Ordinal Inscriptions. The developer of the Satoshibles NFT collection's Ordinals bot is another project offering this functionality.

Summary Bitcoin Ordinals

Ordinals are a new addition to the Bitcoin network. They are used to store digital information on the blockchain. They have to do with how events get added to the blockchain. Every transaction in the Bitcoin network has a unique ordinal number, and each transaction in a block gets the same number. This number helps prevent double-spending attacks on Bitcoin NFTs, which makes sure that the transfers are real.

When a block is mined and put to the blockchain, the process of making an ordinal number starts. Each block is given an ordinal number by the network. This number is in the block's header. The ordinal number is a number that goes up by one every time a new block is added to the blockchain. The Genesis block, which is the first block in the network, has an ordinal number of 0.

The ordinal number of a block shows where it is in the blockchain, and every transaction in that block gets that number. When a new Bitcoin transaction is made, it gets an ordinal number based on the order in which it is added to the blockchain. This number makes sure that the deal is valid and that the money hasn't been spent twice.

If there are two transactions on the network with the same ordinal number at the same time, the system will simply accept the one with the higher number. This helps stop attacks on Bitcoin NFTs called "double-spending," in which an attacker tries to spend the same NFT more than once. The ordinal number adds another layer of security to the blockchain by making sure that transactions happen in the right order.

In conclusion, Bitcoin Ordinals are an important part of the Bitcoin network because they give each transaction and block in the blockchain a unique number that goes in order. Their part in stopping double-spending attacks on Bitcoin NFTs is important because it helps make sure that the network only accepts the valid transaction, which makes the blockchain more secure.

Bitcoin Ordinals are advancement in the Bitcoin network to store digital content on the blockchain and avoid hacks in Bitcoin NFTs.
Bitcoin Ordinals are advancement in the Bitcoin network to store digital content on the blockchain and avoid hacks in Bitcoin NFTs.

Play to Earn Gaming News

Want to know the most profitable (P2E) games to play? We provide reviews of video games on our website. Our P2E games were carefully put together to give you all the information you need.

Add details on the game's kind, platform, tokens, white papers, and social media links. You can find the latest gaming news, game trailers, and in-depth reviews. We are pleased to provide you with daily news updates on the most recent play-to-earn, P2E, blockchain, non-fungible tokens (NFTs), crypto, Web3, and metaverse games.

Find the top P2E games and developers by browsing our "Best Games" and "Game Lists" sections. If you want to know what's going on in the gaming industry, check out our "Video Game News" section daily.

If you are launching a game or have news regarding PlayToEarn games, please send us a press release. Our PlayToEarn Game news reporters will cover the event. Our website with video game reviews will assist you in locating the top play-to-earn (P2E) games.

Tags

Blockchain games, NFTs, Bitcoin, Bitcoin Ordinals, Ordinals
See All
It is the Time for Web3 Gaming to Notch It Up

It is the Time for Web3 Gaming to Notch It Up

Web3 gaming is an innovative fusion of blockchain technology and gaming, poised to have a significant impact on the industry. It combines the utility of blockchain within video games, creating a new category called Web3 games. Enthusiasts believe it holds immense potential and could emerge as a major player in the gaming landscape.While Web3 gaming has garnered excitement and investment, challenges are evident. Despite its growth, daily unique active wallets remain low compared to the global gam...

Read more
SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

SAGA’s Multiverse Summit Takes Place Aboard a Yacht, Revealing Web3 Tech to Empower Multiverse

At the Multiverse Summit hosted by Saga, a leading Web3 infrastructure protocol, Liao from Saga unveiled several groundbreaking innovations aimed at transforming the gaming and entertainment industries. The summit took place aboard a yacht on the Rhine River during Gamescom 2023 in Cologne, Germany, and showcased Saga's commitment to revolutionizing the gaming landscape.Key highlights from the summit included the introduction of the latest version of the Saga protocol called Pegasus. This versio...

Read more
Crypto Gaming: Earning and Investing in Virtual Economies

Crypto Gaming: Earning and Investing in Virtual Economies

The convergence of cryptocurrency and gaming has given rise to a groundbreaking phenomenon called crypto gaming, where players can earn cryptocurrency while playing games. This article explores the world of crypto gaming, focusing on legitimate opportunities, popular games, methods of earning, and the potential for investment.Legitimate opportunities in crypto gaming provide players with immersive experiences where they can own in-game assets and trade them in open marketplaces, thereby enhancin...

Read more
PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

PlayToEarnGames.com Newsletter 11: NFTs, RPGs & More!

This week in the Web3 game industry, significant developments took place as two top game releases, NFL Rivals and Champions Arena, transitioned from beta versions to full live releases on iOS and Android app stores. NFL Rivals, which already boasts a substantial fan base, achieved over 2 million downloads. Additionally, other games like Eternal Dragons, Everseed, and Rogue Nation introduced new updates. Alpha versions of Boss Fighters and Citizen Conflict were also unveiled, offering players pas...

Read more
Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) Games: Where Gaming and Crypto Converge

Play-to-Earn (P2E) games are a revolutionary concept within the gaming world that leverage blockchain technology to combine gaming with cryptocurrency. These games offer players the opportunity to not only enjoy immersive gameplay but also earn real value through digital assets. Unlike traditional games, where rewards are confined to the virtual realm, P2E games allow players to translate their in-game achievements into tangible rewards like cryptocurrencies and non-fungible tokens (NFTs), which...

Read more
MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

MapleStory Universe Aims to Deliver Fair and Unbiased NFT Gaming Experience with Chainlink

Nexon has partnered with Chainlink, a major player in Web3 infrastructure, to enhance its NFT-focused blockchain gaming ecosystem, MapleStory Universe. This collaboration aims to utilize Chainlink's Verifiable Random Function (VRF) technology to create more authentic and equitable experiences for players. MapleStory Universe is a large-scale online role-playing game hosted on the Polygon Supernet, with a focus on delivering top-notch Reward Experiences (RX) through the application of VRF, consid...

Read more
PlayToEarnGames.com

Welcome to PlayToEarnGames.com, your daily source for the latest NFTs and Cryptocurrency News. Whether it's PlayToEarn, cryptocurrencies, wallets, blockchain technology, trends & analysis, beta releases, or other game industry insights, our team of dedicated writers is here to keep you informed. But that's not all; we know that gaming is at the heart of it all.
In our P2E games section, we provide you with the best game reviews across a variety of top genres, including Play To Earn, Web3, Crypto, NFT, Metaverse, Blockchain, and much more. Our comprehensive game reviews cover everything you need to know, from gameplay instructions and videos to in-game footage and images. We also provide links to social media platforms like Twitter, Discord, and Reddit, whitepapers for deeper insights, and, of course, where you can play the game.
So, take a moment to explore our Play-To-Earn game website, and we sincerely hope you enjoy your visit. Stay tuned for the latest updates from the gaming industry and its up-to-date insights to game developers and their game details. So check our section Video Games, Gaming News, Game Developer, Game Trailers/Game Videos, and our Event Calendar with all the mints, drops and more.