LET'S UNDERSTAND THE TERMS OF INTRAPHATION.!

How Can Inscriptions Be Used?

Inscriptions are metadata added or “written” into Bitcoin satoshis (sats), the smallest unit of the Bitcoin currency, which can include information attached to transactions. They only exist as digital entries or “digital artifacts” on the Bitcoin blockchain, which is the public ledger of all bitcoin transactions.

Ordinal is the result of the inscription made in a Bitcoin transaction, which includes input and output, where the input is the address from which Bitcoin is sent, and the output is the address to which Bitcoin is sent. Inscriptions are limited by the block space allowance for each satoshi, with a maximum size of around 4 MB.

Although satoshis themselves are essentially inscriptionless, additional data in the form of transaction comments, messages, or assets can be embedded into satoshis. This is what makes an inscription. The inscription can contain any information the sender wishes to attach to the transaction as long as it meets a specified limit on the block size.

How Can Inscriptions Be Used?

Inscriptions can be used for various purposes, such as including transaction context, a payment reference or invoice number, providing a message to the recipient, or attaching a document or file to a transaction as an NFT. This flexibility in writing or generating digital artifacts on Bitcoin satoshis is what adds to Ordinals' functionality and usability.

Provisions Regarding Inscriptions

BIP - Bitcoin Improvement Proposal.

Ordinal – The end result of a pairwise identifier written alongside a digital artifact on a Bitcoin Satoshi.

- Assigning sats with numismatic value, allowing them to be collected and traded as objects such as non-fungible tokens (NFTs).

Digital Artifact - Basically an inscription, which can be an NFT. An immutable, on-chain, and unrestricted digital artifact is an NFT.

Satoshi (sats) - The smallest unit used in measuring Bitcoin, named after the anonymous creator of Bitcoin.