LIVEEducational Post
What Are Bitcoin Stamps?
Bitcoin Stamps represent a method for integrating digital art within the Bitcoin blockchain. They encode data within unspent transaction outputs (UTXOs), ensuring its immutability by permanently including it in the blockchain.
How Bitcoin Stamps Work?
A Bitcoin Stamp is created by turning a piece of digital art into a base64 string. The string is added to a Bitcoin transaction, marked with a "STAMP:" prefix. This data is spread out over several outputs using multi-signature transactions. This approach ensures that digital artwork will be permanently recorded on the Bitcoin blockchain.
Each Bitcoin Stamp gets a special number that's based on when the transaction happened, making it easier to keep them in order. For a Stamp to be officially recognized, it must meet certain rules, like being part of the first transaction that includes a valid "STAMP:base64" string.
Bitcoin Stamps Protocols
There are two main protocols used in Bitcoin Stamps: SRC-20 and SRC-721.
1. SRC-20. The SRC-20 token standard is built on the open Counterparty protocol. It embeds arbitrary data within spendable data transactions – unlike Ordinals, which places data in the witness section.
2. SRC-721. The SRC-721 standard makes it cheaper to create detailed NFTs. It uses the Bitcoin STAMPS protocol to store pictures in layers, cutting down on file size with methods such as indexed color palettes for each layer. The layers can be pulled together into a single NFT, allowing for the creation of high-quality images without incurring high costs.
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