Tuesday, June 6, 2023

Recently, a new idea became really popular called Bitcoin Stamps. That’s when you save images on the Bitcoin blockchain. There have been over 800,000 attempts of doing this so far and out of those 8,000 were successful!

Mike in Space Has Invented Bitcoin Stamps

People who are into Bitcoin have recently been shown a new way of putting images onto the Bitcoin network, which is different from the way everyone has been doing it lately.

Someone called Mike in Space just invented a really cool new idea called the Bitcoin Stamp. It works by taking an image and breaking it into tiny pieces using a special code. Then, these tiny pieces get sent out to the Bitcoin network using something called the Counterparty Protocol. So, now people can send images with Bitcoin in a safe and secure way!

Bitcoin Stamps can’t be changed as easily like other data, and creating a Stamp is more expensive than other forms of coding. Because it costs more to make, the Github summary for Bitcoin Stamps recommends using smaller image files. It suggests using “24×24 pixel, 8-color-depth PNG or GIF” files since they use less data and help keep prices down.

By the end of March 2023, around 600 Bitcoin Stamps had been created and so far, more than 8,000 have been released. You can find some of them on the directory called stampchain.io and also through Counterparty’s xchain.io site. Additionally, there are fun collections such as Pixel Gods that you can access using the Counterparty assets portal kaleidoscopexcp.com.

Four weeks ago, the first Bitcoin Stamp was made on March 7, 2023 at 1:19 a.m. UTC. Some people don’t agree with how Bitcoin Stamps work and Mike in Space shared a flowchart to show it. Someone asked him why he did this as they thought it would make the UTXO (Unspent Transaction Output) set grow bigger instead of putting data somewhere else.

Mike said that the data from witnesses can be able to get cut down, and it will remain in the system. Other people wanted to join in the project and give their input. Even though some people disagreed, everybody could make Bitcoin Stamps whenever they want without asking for permission.

What do you think about using Bitcoin Stamps as a way for people to save pictures onto the Bitcoin blockchain? Let us know your opinions in the comments!

Image Credits: Shutterstock, Pixabay, Wiki Commons


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