Hey, I am hearing about bitmaps in the Bitcoin community, but I don't understand what the bitmap concept actually means. Can you please explain it to me?
Bitcoin has a public ledger called a blockchain. Every 20-30 minutes, a new block is added to the blockchain. This block contains a record of all the recent Bitcoin transactions.
You can track the production of blocks in the Bitcoin blockchain on the mempool.
When you click on any produced block in the mempool, and scroll down, you will see a visual comparison of the actual block and the expected block.
Each block in the actual block represents a Bitcoin transaction that was confirmed in the following block. This visual is created by the Bitcoin algorithm.
You also know that anyone can inscribe text on Bitcoin, and it cannot be removed from the internet.
So, a Bitcoin developer introduced a concept that if you inscribe the text
block number.bitmap after the production of the following block that you are inscribing, then you will own that block and the visual representation of the transactions in that block.
This visual representation of the transactions in each block resembles a metaverse/virtual land, which may have other use cases.
Can two or more people own the same bitmap?
If you and I both inscribe the same bitmap (99.bitmap) in the same block, only the transaction that confirms in this block first will be considered valid.
The wallet that owns the transaction that confirms first will be the owner of the bitmap. Second bitmap transaction will invalid.