📌UTXO Inscriptions

What is an inscription: Inscriptions refer to cryptographic data embedded directly onto a blockchain with no outside server needed. These embedments can take various forms and file sizes, from simple text-based information to highly complex data structures. The direct placement of encoded data, including entire image files, onto the immutable distributed ledger provides a unique method for permanently storing and accessing records in a trustless manner. Inscriptions harness the core benefits of blockchain technologies like decentralization, security, and transparency to digitally archive information for individuals and organizations alike.

Inscription end-result proposals

Once a proposal has ended the result will be inscribed on top of Bitcoin inside an UTXO (SRC721) that is immutable and the data is stored forever on the Bitcoin blockchain. In this way all the end result of governance proposals are transparent and accessible for everyone worldwide on the Bitcoin network.

The UTXO dapp works completely as described in the whitepaper, however the mint functin of the inscription (SRC721) of the end result of the proposal. Is the only feature within the dapp that the developers are still working on.

However the UTXO dapp will be published without this feature to add additional utility to the UTXO token and community in the meantime. This is also a good opportunity for the UTXO community to test out the UTXO dao & launchpad dapp. In this way the community could provide feedback regarding the dapp. This also helps the UTXO developers to create an even better dapp with great user experience.

Note: Users / wallets need to pay a collateral (amount) in btc for the gas fee to inscribe a SRC721 (image) with the proposals name and end-result on-chain on top of Bitcoin inside an UTXO. An additional subwallet will be created and tied to your connected wallet. Only this wallet could get acces to the (collateral) subwallet due to the fact that this wallet is the only wallet that could decrypt the encrypted keys for the subwallet.

Note: Users / wallets need to pay an collateral (amount) in btc for the gas fee to inscribe the proposals end result on-chain on top of bitcoin inside an UTXO. This is only necessary for users who upload a community or dapp proposal.