Bugs Discovered On Ordinals Protocol As Bitcoin Rips Above $30,000

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices are now trading above $30,000 for the first time in over eight months. The rally coincides with the discovery of an indexing bug in Ordinals protocol, a platform where users can mint non-fungible tokens (NFTs) on Bitcoin.

The 1,200 Orphaned Inscriptions On Ordinals Protocol

The bug in the Ordinals protocol was discovered to have led to approximately 1,200 inscriptions that were supposed to be included in Bitcoin being excluded though they were all valid. These “orphaned” inscriptions were because the indexing flaw only caused the protocol to pick out inscriptions in the first transaction input.

Compared to smart contracting platforms, especially Ethereum, which is dominant, NFT enthusiasts say storing files on Bitcoin is relatively cheaper. Ordinals protocol was launched after the activation of the Taproot upgrade on Bitcoin. Ordinals allow users to activate a smart contract code on transactions enabling them to embed an inscription on each Satoshi.

Users can freely create inscriptions on the Ordinals protocol and input them on each Satoshi, the smallest unit of Bitcoin. Since each “inscription” is unique, they can act as NFTs. Unlike in Ethereum, where files are stored in a server and where block space demand is also high, creating inscriptions on Bitcoin save resources.

Ordinal protocol proponents also say this option offers efficient storage means with better authenticity. However, users who use them won’t benefit from creator royalties like they would have done in Ethereum and other alternatives. Ordinarily, the option for creator royalties on NFTs minted on Ethereum offers artists a way of generating passive income on subsequent sales.

With the bug now revealed, the Ordinals protocol community has forwarded two proposals to address the issue of orphaned inscriptions and the resulting numbering error.

A bug was found in the ordinals protocol that caused ~1,200 inscriptions that should have been valid to not get included. The first of these "orphan" inscriptions happened just before inscription number 420,285. The bug was caused by the ordinals protocol only counting…

— Leonidas (@LeonidasNFT) April 10, 2023

One option is proactively changing inscription numbers by picking “a block height to upgrade the ordinals protocol that will retroactively index/include the approximately 1,200 orphan inscriptions.”

The second option is not to change the inscription numbers. Instead, developers will pick a block height to upgrade the ordinals protocol while changing the indexing rules. In this rule change, the protocol will automatically assign an inscription number to those not included in the first input of a transaction. Should this be done, the orphaned inscriptions will be viewed as “misprints.”

Bitcoin Rallying

As the Ordinals protocol discusses the way forward, Bitcoin prices are looking better. Earlier today, prices broke above $30,000 and BTC is trading above Q1 2023 highs, printing a new 2023 high.

Bitcoin Price On April 11| Source: BTCUSDT On Binance, TradingView

From the candlestick arrangement, the current rally continues the trend from December 2022.

Feature Image From Canva, Chart From TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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