Bitcoin now has over 10 million order numbers
Bitcoin now has over 10 million order numbers
Bitcoin users have registered over 10 million entries in the Bitcoin blockchain using the newly popular Ordinal Protocol.
The milestone comes shortly after ordinary founder Casey Rordamor on Saturday as the main supervisor of the project.
The rapid growth of the order numbers
According to dune analytics Bitcoin has exactly 10.018.046 ordinal numbers-the overall majority of which was recorded in the last month alone.
An inscription refers to data that is embedded in the witnesses of a Bitcoin transaction. Inscriptions on Bitcoin have always been possible, but ordinals enables users to enter data in a single identifiable SATOSHI, which opens up a number of potential applications.
as ordinary inscriptions in February for the first time, their main purpose was the production not fungible token (nfts) . According to Ethereum, Bitcoin has already become the second most popular network for trading with NFTs, it is said
However, the number of ordinal inscriptions in April started to use the technology to use the technology to outorate the Fungable crypto token BRC-20 token standard. The standard was initially very popular with the output of memoins, but is used today to host the first Bitcoin-based stable coins stable USD (USD) .
After its unveiling in early March, BRC-20 triggered an avalanche of new inscriptions, which began at the end of April and reached its peak in early May. The transition of the dominance of ordinals from NFTS to BRC-20 token is visible in the blockchain, by taking over text-based inscriptions to image-based inscriptions at this time.
roaring inscriptions and fees
With a statement of April 20, the inscriptions of the ordinals amounted to a total of 1,193.102. This number has more than tripled to 3,776,366 by May 5, whereby daily transaction fees at this time occurred through corresponding transactions exploded . To date, Ordinals has brought Bitcoin miners additional fees of $ 44 million, and 91 % of the registration were text-based.
Certain bitcoiners such as Blockstream-CEO Adam Back did this In addition to making the Bitcoin blockchain "clog" the Bitcoin blockchain by making transfers for those who use them for the intended purpose. On the other hand, the billion-dollar Bitcoin investor Michael Saylor Ordinals sees as a potential basis for future innovations, including trade in digital securities on Bitcoin.
Proponents of the ordinal numbers quickly celebrated the milestone of the protocol on Monday. Dan Held - former product manager at Kraken - said on Twitter that he was confident that Ordinals was more than just a fashion.
I've been with Bitcoin since 2012 and have never experienced so much excitement.
I'm going to the other side of this bet. Any qualitative reasons why you think that way, or just because you don't like it personally?
- Dan Held 🧙♂️ (@danheld) 29. May 2023
Ordinal founder Casey Rodarmor handed over On Saturday @raphjaph announced his status as the main supervisor and said that he was "unable to give something". [Ordinals] The attention it deserves.
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