BitGo Launches New Ordinals Inscription Tracking Function to Increase Security of Inscription Storage

It is reported that BitGo, a cryptographic hosting service provider, has released an Ordinals inscription tracking function aimed at increasing the security of inscription storage. Users will be able to add this feature to any Bitcoin hot wallet on BitGo. When tracking is enabled, all transactions received by the wallet will be checked for inscriptions. If an inscription is included, the transaction will be frozen to prevent the loss of valuable inscriptions. Bitcoin Ordinals was launched at the end of January. So far, there have been over 600000 inscriptions.

BitGo Launches Bitcoin Ordinals Inscription Tracking Function

Cryptographic hosting service provider, BitGo, has unveiled a new Ordinals inscription tracking function aimed at improving the safety of inscription storage. This feature can be added to any Bitcoin hot wallet on the BitGo platform, and when enabled, it checks for inscriptions on all incoming transactions. Any transactions that include inscriptions are frozen, preventing the loss of valuable inscriptions.

What is BitGo?

BitGo was founded in 2013 as a blockchain security company that offers secure storage solutions for cryptocurrencies. They provide secure custodial services for institutional clients, including exchanges and hedge funds.

What are Inscriptions in Bitcoin Transactions?

Inscriptions are notes that are added to a Bitcoin transaction to provide additional information. They can be used to track the ownership of a specific coin, add a message to a transaction, or attach additional data.

What is the Importance of Inscription Tracking?

Although inscriptions are not typically used in Bitcoin transactions, they are an important security feature, and their loss can be detrimental to businesses that rely on them. With the new Ordinals inscription tracking function available on BitGo, businesses and individuals can rest assured that their inscriptions are secure.

How Does Ordinals Inscription Tracking Work?

The Ordinals inscription tracking function works by checking all incoming transactions for inscriptions. If an inscription is found on a transaction, the transaction will be frozen, preventing the loss of valuable inscriptions.

How Secure is BitGo’s Inscription Tracking?

BitGo’s inscription tracking is highly secure and has been designed with security in mind. The company employs multiple layers of security, including advanced encryption techniques, to ensure that inscriptions are kept safe.

What is the Future of Inscription Tracking in Cryptocurrency?

As the use of cryptocurrencies continues to grow, it is likely that inscription tracking will become an increasingly important security feature. BitGo’s new Ordinals inscription tracking function is a significant step forward in advancing the security of inscription storage, and it is expected that other providers will soon follow suit.

Conclusion

BitGo’s new Ordinals inscription tracking function is a welcome addition to the cryptocurrency industry, providing increased security for inscription storage. With this new feature, businesses and individuals can feel confident that their inscriptions are secure and protected from the risk of loss.

FAQs

1. Can the Ordinals inscription tracking function be added to any Bitcoin wallet?
Yes, it can be added to any Bitcoin hot wallet on the BitGo platform.
2. How does Ordinals inscription tracking protect against the loss of inscriptions?
It freezes any transaction that includes an inscription, preventing the loss of valuable inscriptions.
3. How does BitGo ensure the security of inscription tracking?
They employ multiple layers of security, including advanced encryption techniques, to keep inscriptions safe.