Bitcoin Ordinals preventing double-spending attacks on NFTs?

Bitcoin Ordinals preventing double-spending attacks on NFTs?

Play-To-Earn Games News, P2E Games News | 02 Jun 2024 08:02 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.

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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.

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