Over 7k Ordinals, Inscriptions Added on BTC Blockchain
The latest news coming from the cryptocurrency industry says that the Ordinals have increased lately. Ordinal(s) is a crypto numbering system purposely designed for Satoshis; it helps ID non-fungible numbers. Reports have it that it is currently becoming more popular among some groups. Some experts were contacted about this development, and they seem to have two different opinions.
This is happening at a time when the process to introduce an element in the BTC blockchain is in progress. But at the moment, it seems like the process is still in the experimental stage; it is not yet user-friendly. The experiment is essential since it requires every user to operate a complete BTC node to create an inscription.
The popularity of the ordinal protocol is said to have risen the moment the Taproot update was made. The Taproot allows the amount of transaction made on the Ordinal to rhyme with the amount of BTC block transacted on it. But as of today (6th February 2023), at exactly 12:00 PM, the ability of the ordinals has been upgraded to 7k inscriptions on the BTC blockchain.
This new development has triggered heavy arguments among industry stakeholders, with some criticizing the move, saying that the effect can spread to the entire crypto ecosystem. Stakeholders also argued about its effectiveness on the future of BTC blockchain. They believe that it may have the capacity to limit the about of transactions made on that blockchain.
The originator of Ordinals: Casey Rodarmord, when approached for further comment on the development, said that the concept of this innovation is to bring back BTC’s lost glory; to make the coin as fun as it used to be. But it seems that there are more inscription types out there than what already are.
One of the popular ones is called “Taproot Wizards,” which is currently promoted by two famous cryptocurrency influencers: W. Eric and W. Udi. Information gathered shows that Taproot Wizard was previously launched on one of the most significant blocks that has been mined in the history of the BTC blockchain. It comes with image representation of the famous online money meme created by Mavensbot. The feature was also said to be used on Raddit ads as way back as 2013.
It was also gathered that the ordinals come with six verities of inscriptions, whose arts are gotten from Mavensbot (and other meme sources). Another meme source mentioned is the “Ordinal Rocks,” which was said to be one of the first Ordinals introduced in the industry. It has a hundred images of different rocks, arranged in series and presented on the BTC blockchain.
The second type of Ordinal that was discovered during the course of collecting this report is Ordinal Punks. Unlike the former collection, this Ordinal mimics the Eth-related Cryptopunks. Like its counterparts, it has a hundred inscriptions in it’s first 650 inscriptions on the BTC blockchain.
While analyzing the situation, it was reported that the market for merchandising and marketing these Ordinal inscriptions is still under development. The reluctant approach to this can be traced to the lack of patronage in the marketplace.
Meanwhile, another sales has been reported in most secondary markets. Investigations gathered so far reveal that most inscriptions sold out there in the marketplace go as high as 1 BTC – although experts doubt this claim. Analysts also added that if the claim of this sale is valid as claimed, then there is no possibility of future corroborations.
Meanwhile, statistics have shown that as little as 10 Ordinals are minted daily, starting from 20th January 2023. And on 22nd January 2023, the number had risen to 36. It also showed another significant increase by 29th January 2023, when more than 100 were minted. The Luxor mining pool was reported to have mined up to 3.96 MB block. This contains up to #652 Ordinal inscriptions and an image of a wizard.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
