- TD Ameritrade created own digital flag with logo on Bitcoin’s blockchain
- It took 68 invalid transactions to create the digital flag.
Earlier this month, TD Ameritrade, an online broker, planted an ASCII flag – planted an ad on the Bitcoin Blockchain. TD Ameritrade, in a post published last weekend, made the announcement that it sent 68 BTC transactions to create the digital flag bearing its logo on the Bitcoin Blockchain.
The online broker said it utilized the OP_Return feature in Bitcoin’s protocol to implant the characters, and as a result, generated 68 invalid transactions. Due to the nature of the Bitcoin blockchain, TD’s ASCII flag is now preserved forever on the Bitcoin’s ledger. TD Ameritrade said:
“We love finding new ways to use emerging technology. So we decided to have a little fun and plant our flag. Okay – technically, we embedded it.”
The broker added:
“With a part of the blockchain called OP_Return, which functions like the memo space on a check, simple messages and characters can be placed within transactions on the blockchain. By linking 68 individual transactions, with 80 characters per transaction, we were able to create the larger image.”
According to data from Blockchain.info, during the course of creating the ad on Bitcoin’s blockchain, no Bitcoin was actually transferred via these transactions.
OP_Return was first launched in 2013 as a means whereby users can include some messages in the blockchain. Though, the Bitcoin Core 0.9 release clearly stated that developers do not endorse data storage in the Blockchain, claiming that:
“storing arbitrary data in the blockchain is still a bad idea; it is less costly and far more efficient to store non-currency data elsewhere.”
It is however stated on the Bitcoin official wiki page that OP_Return can be used to transmit information. TD Ameritrade concluded:
“We’re proud to be part of it. Forever.”