Study Reveals Surge in Network Charges for Bitcoin Ordinals, Reflecting Rising Interest in Cryptocurrency Breakthrough
Bitcoin Ordinals Gain Momentum as Tracing and Exchange Mechanism, Showing Shift towards Scripted Notations
Mon, 22 May 2023, 07:13 am UTC
A newly released study by digital analytics firm, Pixel Ledger, divulges that the aggregate network charges linked to the creation of Bitcoin Ordinals escalated to an astounding 1,414 Bitcoin (BTC) or roughly $38 million as of the third week of May. This huge rise, amounting to an increase of around 700% since late April, reflects the surging interest in this new breakthrough of cryptocurrency.
Despite the hype on Bitcoin NFTs, the study reveals that the share of Bitcoin Ordinals has migrated towards scripted notations as opposed to the more balanced distribution of text and graphic notations observed from February through April.
Cross-chain digital wallet, BitVault, illuminates the concept of Bitcoin Ordinals as a distinctive system that allocates a specific number to every individual Satoshi, the smallest unit of Bitcoin, thereby enabling its tracing and exchange. This is amalgamated with the Inscription mechanism, which supplements each Satoshi with an extra data layer, allowing users to mint unique digital assets directly on the Bitcoin blockchain.
This contrasts with conventional NFTs, traditionally crafted through smart contracts and stored on platforms such as IPFS. The first five months of 2023 saw Web 3.0 innovator, Rodarmor, unveil the theoretical framework for Bitcoin Ordinals. Subsequently, fellow Web 3.0 developer, domo, launched the BRC-20 Bitcoin token standard last March. This unique system exploits both Ordinals and Inscriptions to forge, oversee, and transfer tokens on Bitcoin's platform.
Ever since these developments, a whopping 8 million Bitcoin Ordinals have been minted, creating an impressive 24,677 BRC-20 tokens, culminating in an aggregate market cap of $612.5 million. May 20 witnessed cryptocurrency exchange heavyweight OKX reveal the introduction of the ORDI BRC-20 token to their platform. This token is considered the most sought-after of its kind, boasting a market cap exceeding $300 million.
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