What Is Bitmap? A New Metaverse Built on Bitcoin
May 5, 2024
The introduction of Ordinals Theory paved the way for new innovations on the Bitcoin blockchain. Bitmap is one such innovation that lets anyone claim “digital real estate” on a Bitcoin block through inscriptions.
Read on to learn about Bitmap, how it works, and what role it could play in Bitcoin's future.
What Is Bitmap?
Bitmap is a consensus standard that uses Ordinals inscriptions to allow anyone to claim ownership of digital real estate in a Bitcoin Block by inscribing on satoshis.
The inscription process is decentralized and observes the ‘first come, first served’ principle.
Ordinal Bitmap inscriptions could potentially turn any Bitcoin Block into part of the first Bitcoin metaverse at the cost of energy. When you inscribe on Bitmap, you can own an entire Bitcoin block and transform it into virtual assets.
How Does the Bitmap Bitcoin Metaverse Work?
Bitmap is an open-source standard built on Bitcoin that uses the Bitmap and Ordinal Theory to inscribe sats at the cost of energy. The process allows you to inscribe on any Bitcoin Block and claim it as digital real estate that integrates into the Bitcoin metaverse.
You can gain ownership of a Bitmap Block by being the first to inscribe "blocknumber.bitmap" onto a satoshi. The process begins by picking a block on which to inscribe attributes. The number of blocks you can choose for the inscriptions is unlimited.
The next step is to inscribe attributes such as adding metadata, art, or features you want to associate with the Bitcoin Block.
Blocktributes is a system allowing you to express your creativity and add attributes to Bitmap blocks, potentially increasing their value and creating an engaging experience.
Blocktributes can lead to a diverse and interactive virtual ecosystem where every block is distinct as each owner contributes to the metaverse. Owning and building on blocks fosters a vibrant community-driven ecosystem on Bitcoin.
Bitmap has a verification process to ensure that only the block owner can inscribe and modify the block. The address that owns the block receives the inscriptions, and you must transfer the inscriptions to yourself on-chain to confirm ownership of the block before you can make any changes.
The Bitmap ecosystem is divided into ‘Districts,’ which represent Bitcoin Blocks. A District is further broken down into ‘Parcels,’ which represent transactions in the block. Each District can have at least one Parcel, just like each block can have at least one transaction.
How Are Ordinals Used in Bitmaps?
Ordinal inscriptions are used to claim Districts every time a new Bitcoin Block is mined. District theory posits that the first person to inscribe “blockheight” followed by .bitmap on a Bitcoin Block can claim ownership of the Bitmap District.
When you inscribe a Bitmap District, its Parcels are considered part of the District by default and don't need to be inscribed. This gives the District and Parcel a parent-child relationship where if you transfer the District, the Parcel moves with it.
Bitmap District Ordinal Inscriptions are the key to accessing and leveraging data on Bitcoin Blocks.
A District owner can inscribe on Parcels, detaching them from the District and breaking the parent-child relationship, rendering them individual. This fractionalization of the District is known as Parcelling. You can separate a Parcel from the District by inscribing the Parcel number (in order of the transactions in the block) followed by “blockheight” and .bitmap. You cannot pin metadata on a Parcel without inscribing it first.
The Ordinals protocol enforces the ‘first come, first served’ Bitmap principle by giving each inscription a unique Ordinals Identification number, which proves what block inscription came first.
Why Are People Buying Bitmaps?
Bitmap has untapped potential, claiming to be the first metaverse on the Bitcoin blockchain. The protocol’s strength arguably comes from being the first of its kind on the Bitcoin network.
Bitmap’s popularity stems from speculation since it is built on a secure and decentralized blockchain and leverages Ordinals, which took the community by storm.
Bitmap Districts and Parcels are based on Bitcoin data and could carry the network’s properties, making them a potentially attractive investment for community members. Additionally, Bitmap Districts are limited in the number of Bitcoin Blocks, making them scarce assets.
Bitmap gives users control over block modifications, creating a unique and creativity-driven community. Bitmap holders can also build anything by utilizing multiple Bitmap data points, encouraging developers to join the ecosystem and develop innovative projects.
What Role Could Bitmap Play in the Future of Bitcoin?
Bitmap protocol unlocks a myriad of possibilities for the future of the Bitcoin network. The collectibles are layered directly on top of the oldest and most secure decentralized network, making them potentially long-lasting assets.
Bitmaps offers a foundation for building on Bitcoin, which could encourage developer interest and attract mainstream adoption.
Additionally, it could bring new investments to the space by offering expanded avenues for exploration and added use cases. While Bitmap’s future value cannot be underestimated, it's still a very speculative arena.
FAQs
What is Bitmap on Bitcoin?
Bitmap is an open-source standard that uses Ordinal Theory to allow you to confirm ownership rights of Bitcoin Block by inscribing on Satoshi. It's a decentralized process that follows the ‘first come, first served’ principle, where the first person to inscribe on a Bitcoin Block can claim it as digital real estate. Blocks are represented as ‘Districts,’ and transactions in the blocks are represented as ‘Parcels.’ You can inscribe any attribute on Bitmap blocks; your block ownership isn't unlimited.
Where Can You Buy Bitmaps?
You can buy Bitmaps on the Bitmap website or a marketplace. Several marketplaces support Bitmap, including Unisat, Binance, Magic Eden, Ordinals Market, OKX, and many more. You need a Bitcoin wallet with Ordinals support to buy and sell Bitmaps. However, Bitmaps are highly speculative digital assets, so conducting thorough research is imperative before making any purchase decision.
How do I buy Bitmap land?
To buy Bitmap land, you must set up an Ordinals wallet and connect it to your preferred marketplace. Once on the platform, browse and select the block you want, checking the details and price. Select ‘BUY’ and complete the authorization. However, these are highly speculative digital assets, so conducting thorough research is imperative before making any purchase decision.