Members
Information about membership into Sidepit
Last updated
Information about membership into Sidepit
Last updated
Sidepit is a members-only exchange where members are identified by their Bitcoin address. This address is used for locking deposits, unlocking withdrawals, and signing real-time buy/sell/cancel/auction orders.
The challenge lies in getting users to sign messages in real-time with their Bitcoin wallet. They also need to use the same self-controlled address for locking and unlocking deposits and withdrawals into Sidepit, a task that presents considerable UI/UX challenges.
Casey Rodarmor's ordinal theory provides a solution. Ordinals are a secondary protocol identifying individual Satoshis (1/100 millionth of a Bitcoin). Inscriptions enable the embedding of data into the Bitcoin blockchain, creating digital artifacts. With ordinals and inscriptions, we can inscribe NFTs (non-fungible tokens) into the Bitcoin blockchain and manage the assignment and transfer of NFT ownership via ordinals.
The recent rise in the popularity of ordinals and inscriptions has led to the widespread availability of advanced tools for managing Bitcoin wallets. These tools, which include user-friendly interfaces, robust infrastructure, and self-managed hot wallets, enable real-time signing of messages and transactions with Bitcoin keys, thereby streamlining the process for users.
Sidepit will leverage these new technologies to solve the previously challenging problem of using Bitcoin keys for trading.
Member Jackets, in the form of inscriptions and following the ordinal theory of ownership, will be used for trader identification and real-time interaction with the exchange!
