Ordinals Data

Abstract: Recently usage of “Ordinals”, a system where one can embed image data into the Bitcoin blockchain has increased. In this brief piece, based on blockchain data, we analyse the growth of the Ordinals system. OverviewOrdinals embed image related data into the Bitcoin blockchain using the input field in Taproot transactions, the witness. MethodologyThe Ordinals data is embedded in the OP_IF and OP_PUSH section of the Taproot input script. Ordinals transactions should contain an OP_Push “ord” to identify the transaction.