Yuga Labs: TwelveFold legend transfer processing operation started

It is reported that Yuga Labs announced on social media that the TwelveFold inscription transfer processing operation has been started. Once all inscriptions have been cast on the Bitcoin blockchain, all works will be transferred to the empty receiving address of the auction winner, and a notice will be published on the official website. However, Yuga Labs said that the information submitted earlier showed that 21 TwelveFold receiving addresses were not empty, but TwelveFold works would still be sent to these addresses. Yuga Labs reminded that if the inscriptions were retained with other Bitcoin assets, the inscriptions would be accidentally transferred during the normal use of Bitcoin, so it is recommended to store, hold and transfer the inscriptions safely.

Interpretation of this information:

Yuga Labs has announced on social media that TwelveFold inscription transfer processing operation has begun. The inscriptions will be cast on the Bitcoin blockchain and transferred to the empty receiving address of the auction winner. However, Yuga Labs has discovered that 21 receiving addresses are not empty, but they will still send TwelveFold works to these addresses. The company has also cautioned that if the inscriptions are retained with other Bitcoin assets, they may be accidentally transferred during normal use, and it is advised to store, hold and transfer the inscriptions carefully.

This announcement from Yuga Labs highlights an essential aspect of blockchain technology – the immutability of ledger entries. In the case of the TwelveFold inscriptions, once they are cast on the Bitcoin blockchain, they will be permanent and cannot be deleted or modified. This provides unparalleled security and trust in the authenticity of the inscriptions, making them ideal for use in the art world where authentication is crucial to value determination.

The statement also points out a potential issue with storing multiple assets in one address. If the inscriptions are mixed up with other Bitcoin assets, the inscriptions could be accidentally transferred during routine transactions, ultimately causing their loss. Therefore, Yuga Labs has advised users to store, hold, and transfer these inscriptions separately, ensuring their safety.

The announcement indicates that Yuga Labs is taking necessary precautions to ensure the successful transfer of the TwelveFold works to the auction winner. While the revelation that some of the receiving addresses are not empty may cause some concern, the company has assured that the works will still be sent to these addresses. Additionally, the notice that they will publish once the transfer is complete will provide further transparency to the process.

In conclusion, the Yuga Labs announcement highlights the importance of blockchain’s immutability and the need for careful handling of unique assets like the TwelveFold inscriptions.