bitcoin-dev
Purely off-chain coin colouring
Posted on: February 3, 2023 06:39 UTC
The email is an apology for posting a message about ordinals and inscriptions, which the sender believed was of little relevance to general Bitcoin development.
The email includes a response from AJ Towns on the possibility of moving inscriptions entirely off-chain. The sender also shares their initial sketch for Ordinal NFTs, which worked in a similar fashion with off-chain messages pointing to an ordinal that could be tracked by following the chain of custody of a particular sat. However, the sender decided against this design due to several trade-offs involved, including user protection when off-chain content is involved, salience and scarcity, and difficulty in specification and implementation. The sender would love for the ordinals protocol to be used as the basis for alternative, off-chain NFT and colored coin schemes, with proper consideration given to the issues mentioned. However, they request that these alternative schemes never be called inscriptions to avoid confusion. The sender provides a link to the BIP PR for those interested in developing ordinals further and welcomes feedback. They also mention that inscriptions themselves have no BIP, although at least one alternative implementation of the inscription parser has been written. The sender acknowledges that while they love the ordinals protocol, it has many downsides that people should consider when considering it for alternative colored coin schemes. These include limited divisibility, the use of real sats and the dust limit, the need to use cardinal satoshis to pay fees, and difficulties in lifting ordinals onto an L2. The sender considers ordinals ideal for art projects like inscriptions and ordinal-theory-powered satoshi numismatics. The email concludes with an invitation for anyone to contact the sender privately by email or on the ordinals project GitHub if they'd like to respond.