BIM - Bitcoin Inscription Marketplace
The protocol may change in the future! Do not build anything that you may lose money on using this protocol yet until it is in a more completed state. I am not responsible for any lost funds.
Why use BIM over Ordinals
- BIM doesn't need a wallet that provides satoshi control
- BIM makes selling, auctioning and other marketplace functions 100% decentralised, apart from letting others mint an inscription in a collection.
- Collections
- You can add BIM data to any transaction that you make, saving on tx fees
- If you can think of more, please create an issue!
Disadvantages of BIM (compared to Ordinals)
- Higher transaction fees, if only transacting BIM data, or if compression doesn't reduce file size
- If you can think of more, please create an issue!
Explanation of how BIM works
BIM uses a technology used in Bitcoin called SegWit. In simple terms, SegWit puts signature data outside of the main part of the transaction, to save block space. This allows a higher amount of data to be stored in a block, to be specific, up to 4mb. SegWit also allows any data to be stored in the extra space. This is where BIM information is stored.
Table of Contents
- Header and Compression
- Creating Inscription
- Creating Collection
- Transferring Inscription to Another Wallet
- Listing Inscription for Sale
- Purchasing Inscription that is listed for Sale
- Listing Inscription for Auction
- Submit Bid in Auction
- Pay for Auction
- Sending Offer for Inscription
- Accepting Offer
- Declining Offer
- Paying for Accepted Offer
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