Over 100,000 Bitcoins have been issued, bringing joy and network congestion.
Tuesday night, the number of Ordinal inscriptions topped one hundred thousand, reflecting the continued enthusiasm of the cryptocurrency community in the attempt to natively integrate digital assets into the Bitcoin network.
According to a Dune report, the 75,000 inscription milestone for Ordinals was attained less than a day ago, while the $114,590 transaction cost for the digital collectibles was reached earlier today. The 100K mark was closely observed.
I TOLD YOU 100K TODAY
— trevor.btc (@TO) February 15, 2023
Closing in on 100k inscriptions
— NickH ◉
Close to a 1 year high in transaction fee rates
Mempool is over 100 blocks full and is purging anything < 2 sat / vByte
Blockspace is at a multi-year premium
This is what adoption looks like(@hash_bender) February 15, 2023
Even while the Bitcoin network struggled to adapt to the massive spike in traffic, a large number of Bitcoin fans continued to endorse the Ordinal project as the best blockchain by market capitalization, according to CoinGecko.
In an interview with Alex Miller, the CEO of Hiro, a developer for the layer-2 smart contract platform Stacks, described Ordinals as “brilliant.” The fact that they essentially patched together a number of different items in a way the original creators did not anticipate or predict is important to the Bitcoin ethos.
Unlike Ethereum or Solana NFTs, Bitcoin’s smallest unit of value, known as a Satoshi, is carved directly onto each coin, whereas smart contracts are employed by Ethereum and Solana NFTs. Satoshis are named after Satoshi Nakamoto, the original creator of Bitcoin. Due to its lack of smart contract support and programmability, many members of the Stacks community view Ordinals’ rise as helpful for Bitcoin sidechain developers.
The amount of data that can be saved in an Ordinal storage is severely limited, and Miller expects that here is where Stacks will take off and flourish. Miller added that Ordinals demonstrates the immense demand for NFT support on Bitcoin.
In addition, Ordinals is still in its infancy and lacks a number of crucial elements for continuous development. These include digital artifact marketplaces where users can buy and sell digital artifacts, a method of inscribing Ordinals without having to sync the entire Bitcoin blockchain, and wallets that allow collectors to view their Ordinals, which Hiro and other developers are frantically attempting to launch.
Miller stated, “Long has the Stacks community advocated that everything should be built on Bitcoin. It will not alter because it is the most trustworthy and longest-lasting thing.
Miller agreed that the Bitcoin blockchain was not intended to be exploited in this model, despite the hype around Ordinals. He noted that Ethereum has programmability built in, but the Bitcoin network does not.
Miller notes that Ethereum NFTs are still in their infancy and that he does not view Ordinals as a threat to Ethereum’s dominance in the NFT market. However, he claims that the on-chain data storage would make the Bitcoin blockchain a popular place to preserve important data such as deeds, real estate transactions, and government records.
Miller stated, “I don’t think that [Ordinals] are going to be a one-for-one replacement for Ethereum NFTs,” Miller said. “But I also don’t think the fact that they’re different is going to be an imposition for it—I think it’s going to be an asset.”
Content Source: decrypt.co
Cover Image Source: decrypt.co
