A prominent non-fungible token (NFT) protocol based on the Bitcoin blockchain, \u201cOrdinals,\u201d surpassed an impressive benchmark in a significant turn of events.<\/p>\n
The network\u2019s transaction surged to 10 million a few days after the Ordinals creator, Rodarmor, announced stepping down from the project.\u00a0<\/p>\n
Reaching over 10 million inscriptions suggests that many transactions have occurred on the protocol. Casey Rodarmor<\/a> tweeted that he had stepped down as the lead maintainer of Ordinals.\u00a0<\/p>\n He claimed that he was not giving Ordinal full attention and handed over the role to a programmer, Raphjaph. He further emphasized that donations from the community will fund the coder\u2019s work on the project.<\/p>\n Bitcoin Ordinals is a protocol that supports the transcription of a unique identifier to individual satoshis (SATs) to enable easy tracking during transactions.<\/p>\n After the launch of Ordinals in January, the protocol quickly gained popularity as a means to create new assets on the Bitcoin blockchain. Initially, Ordinals served to \u201cinscribe\u201d data on individual satoshis (the smallest divisible unit of BTC).<\/p>\n However, the rapid growth in the number of Ordinals inscriptions occurred when the BRC-20 token standard was introduced in early March.<\/p>\n This new token standard, established by the pseudonymous \u201cDomo,\u201d enabled users to mint new tokens on the Bitcoin blockchain.\u00a0<\/p>\n According to data from BRC-20.io<\/a>, in the first week, the number of Bitcoin-based tokens jumped from a hundred to 25,000 at the time of writing.<\/p>\n The introduction of the BRC-20 token standard has expanded Bitcoin\u2019s functionality. This increased utility has boosted the adoption and use of the Bitcoin blockchain for tokenization and asset creation.<\/p>\n The growth of Ordinals has not been without its share of controversy, as critics among the Bitcoin community have raised concerns about its method of \u201cinscribing\u201d assets on the network.<\/p>\n They argue this approach is \u201cinefficient and wasteful,\u201d, particularly regarding block space and transaction fees.<\/p>\n In response, alternative developers have been exploring using smart contracts to mint assets and non-fungible tokens (NFTs) on the Bitcoin blockchain.\u00a0They aim to address the efficiency issues associated with Ordinals by leveraging smart contracts.<\/p>\n On the other hand, proponents<\/a> of the initiative have praised Ordinals for its ability to attract new users to the broader Bitcoin ecosystem.\u00a0<\/p>\n Notably, even prominent anti-Bitcoin advocate Peter Schiff<\/a> recently minted a small number of NFTs on Bitcoin using the Ordinals protocol.<\/p>\n While the surge in Ordinals-related activity has increased BTC transaction fees, miners have greatly benefited from this heightened network engagement.\u00a0<\/p>\n According to data from Dune Analytics<\/a>, miners have received over $44 million in fees related to Ordinals transactions.<\/p>\n Featured image from Pixabay and chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n A prominent non-fungible token (NFT) protocol based on the Bitcoin blockchain, \u201cOrdinals,\u201d surpassed an impressive benchmark in a significant turn of events.<\/p>\n The network\u2019s transaction surged to 10 million a few days after the Ordinals creator, Rodarmor, announced stepping down from the project.\u00a0<\/p>\n Reaching over 10 million inscriptions suggests that many transactions have occurred on the protocol. Casey Rodarmor<\/a> tweeted that he had stepped down as the lead maintainer of Ordinals.\u00a0<\/p>\n He claimed that he was not giving Ordinal full attention and handed over the role to a programmer, Raphjaph. He further emphasized that donations from the community will fund the coder\u2019s work on the project.<\/p>\n Bitcoin Ordinals is a protocol that supports the transcription of a unique identifier to individual satoshis (SATs) to enable easy tracking during transactions.<\/p>\n After the launch of Ordinals in January, the protocol quickly gained popularity as a means to create new assets on the Bitcoin blockchain. Initially, Ordinals served to \u201cinscribe\u201d data on individual satoshis (the smallest divisible unit of BTC).<\/p>\n However, the rapid growth in the number of Ordinals inscriptions occurred when the BRC-20 token standard was introduced in early March.<\/p>\n This new token standard, established by the pseudonymous \u201cDomo,\u201d enabled users to mint new tokens on the Bitcoin blockchain.\u00a0<\/p>\n According to data from BRC-20.io<\/a>, in the first week, the number of Bitcoin-based tokens jumped from a hundred to 25,000 at the time of writing.<\/p>\n The introduction of the BRC-20 token standard has expanded Bitcoin\u2019s functionality. This increased utility has boosted the adoption and use of the Bitcoin blockchain for tokenization and asset creation.<\/p>\n The growth of Ordinals has not been without its share of controversy, as critics among the Bitcoin community have raised concerns about its method of \u201cinscribing\u201d assets on the network.<\/p>\n They argue this approach is \u201cinefficient and wasteful,\u201d, particularly regarding block space and transaction fees.<\/p>\n In response, alternative developers have been exploring using smart contracts to mint assets and non-fungible tokens (NFTs) on the Bitcoin blockchain.\u00a0They aim to address the efficiency issues associated with Ordinals by leveraging smart contracts.<\/p>\n On the other hand, proponents<\/a> of the initiative have praised Ordinals for its ability to attract new users to the broader Bitcoin ecosystem.\u00a0<\/p>\n Notably, even prominent anti-Bitcoin advocate Peter Schiff<\/a> recently minted a small number of NFTs on Bitcoin using the Ordinals protocol.<\/p>\n While the surge in Ordinals-related activity has increased BTC transaction fees, miners have greatly benefited from this heightened network engagement.\u00a0<\/p>\nOrdinals Protocol And Its Rapid Growth<\/h2>\n
Controversy Surrounding Bitcoin Ordinals \u2013 Efficiency And Speed Concern<\/h2>\n
Ordinals Protocol And Its Rapid Growth<\/h2>\n
Controversy Surrounding Bitcoin Ordinals \u2013 Efficiency And Speed Concern<\/h2>\n