How does it work?
The process
Ordinal Proxy's delegation process involves the use of Bitcoin Inscriptions, which serve as immutable and verifiable data containing expiration dates and signatures. The signature, representing Ordinal Proxy's signum, ensures the authenticity of the hot wallet creating the delegation.
Key Components:
Bitcoin Inscriptions:
Bitcoin Inscriptions contain JSON data with essential information.
Includes expiration dates, ensuring the timely validity of the delegation.
Signatures, generated by Ordinal Proxy, serve as a guarantee of authenticity.
Signature Verification:
The Ordinal Proxy signature verifies the legitimacy of the hot wallet initiating the delegation.
Provides assurance that the hot wallet is genuine and not a fraudulent entity.
Activation and Ownership:
Delegation is activated by the cold wallet through a self-transfer of the received Bitcoin Inscription.
This action serves as an active choice, demonstrating ownership and validating the delegation on-chain.
On-Chain Transparency:
The entire ownership process is recorded on the Bitcoin blockchain for transparency.
The cold wallet remains self-contained, interacting only with itself for enhanced security.
Revocation Option:
In case of theft or compromise, users can revoke the delegation by sending the inscription to the designated revoke wallet.
Public REST API:
Ordinal Proxy provides a public API for easy integration, enabling developers to seamlessly access and utilize the delegation infrastructure.
This technical approach ensures a secure, transparent, and user-friendly method for managing and delegating assets, minimizing external interactions and enhancing the overall safety of the process.
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