Runestone Project Sends Valuable Bitcoin Inscription to Satoshi Nakamoto’s Wallet
In a peculiar yet deliberate move within the crypto community, the creators of the widely acclaimed Bitcoin Ordinals project, known as Runestone, orchestrated a surprising transaction.
On Wednesday, the original “parent” inscription of the project, valued at 8 BTC, approximately $525,000, was sent to a wallet allegedly belonging to the enigmatic Bitcoin creator, Satoshi Nakamoto.
The Runestone—Ordinals inscription 63,026,232, boasting the title of the largest inscription ever mined at around 4MB—was transferred to the Satoshi wallet by a key project contributor and pseudonymous NFT historian, Leonidas, according to Decrypt.
Initially appearing as an accidental act, Leonidas took to Twitter to feign regret over the purported error, claiming there was no way to retrieve the Ordinals inscription.
However, keen observers within the Crypto Twitter community quickly discerned the situation, drawing parallels to a recent incident involving the developer of Slerf, a meme coin on the Solana network, who humorously lamented burning a substantial portion of the token supply. Leonidas’ post was revealed as a playful nod to this trend of satirical self-deprecation.
The rationale behind sending such a valuable asset to the wallet associated with Bitcoin’s elusive creator intrigued many. Leonidas clarified that the ultimate intention was to “burn” or render the inscription inaccessible, thereby safeguarding the integrity of the Runestone collection by preventing alterations.
Leonidas also explained that the parent inscription of the Runestone collection, once burned, effectively sealed the collection on-chain, restricting any future modifications. With a parent/child inscription system delineating the lineage of the Ordinal, the burning of the Runestone effectively curtailed the creation of subsequent “child” inscriptions linked to it.
The meticulous orchestration of this transaction involved collaboration with OrdinalsBot and Marathon Digital Holdings, pivotal players in the minting process of the Runestone inscription. Despite the sizeable nature of the Runestone, which spanned two Bitcoin blocks during creation, the process of transferring it to Satoshi’s wallet adhered to standard transaction protocols, according to Bruffstar, co-founder of OrdinalsBot.
Emphasizing the strategic intent behind the transaction, Toby Lewis, Head of Strategy at OrdinalsBot, highlighted that it was an integral part of the protocol’s design to facilitate the movement of the block to Satoshi’s wallet upon completion.
This intriguing development comes hot on the heels of the much-anticipated Runestone airdrop, which rewarded 112,383 eligible wallets with inscriptions as a token of appreciation for early adoption and steadfast support. Notably, the airdrop marked a significant milestone in the Ordinals movement, rewarding dedicated participants with coveted Runestone inscriptions.
Leonidas reiterated the exclusivity of acquiring a Runestone inscription, emphasizing that it was solely attainable through active participation in Ordinals, devoid of any team allocation or pre-sale privileges. Following the airdrop, over 83,000 wallets now hold a Runestone inscription, contributing to a burgeoning trading ecosystem with a noteworthy floor price and substantial trading volume on Magic Eden’s Bitcoin marketplace.
It is worth noting that in a recent decision, U.K. Judge James Mellor has settled a longstanding dispute involving Dr. Craig Wright, an Australian computer scientist, and his claim to be the mysterious creator of Bitcoin, known as Satoshi Nakamoto.
The ruling came after a legal tussle instigated by the Crypto Open Patent Alliance (COPA), aiming to refute Wright’s assertion of being Satoshi Nakamoto. COPA sought to prevent Wright from potentially suing Bitcoin developers.
Judge Mellor’s verdict firmly stated that the evidence presented overwhelmingly disproved Wright’s claims. It was concluded that Wright was not the individual behind the Bitcoin white paper and did not operate under the pseudonym Satoshi Nakamoto during the crucial period between 2008 and 2011.
Nonetheless, despite the ruling, Satoshi Nakamoto’s true identity remains elusive. As the mystery endures, one wonders: will the enigmatic creator of Bitcoin ever step forward, or will their identity continue to remain one of the greatest puzzles in the world of digital currency?
