Introduction
The number of Bitcoin Ordinals inscriptions has surpassed the 10 million mark, just days after its creator, Casey Rodarmor, stepped down as the project’s caretaker. Ordinals are a way of “inscribing” data in the witness portion of Bitcoin transactions and are written onto individual satoshis — the smallest divisible unit of BTC possible.
What are Bitcoin Ordinals?
Bitcoin Ordinals are a new way to mint new assets on the Bitcoin blockchain. They are created by “inscribing” data in the witness portion of Bitcoin transactions. This data can be anything, such as a name, a number, or even a piece of code.
Ordinals are unique and cannot be counterfeited. They are also permanent, as they are stored on the Bitcoin blockchain. This makes them ideal for a variety of applications, such as creating digital identities, tracking ownership of assets, and creating non-fungible tokens (NFTs).
How do Bitcoin Ordinals work?
Bitcoin Ordinals are created by using the Ordinals protocol. The protocol is open-source and anyone can use it to create their own Ordinals.
To create an Ordinal, you first need to create a Bitcoin transaction. In the transaction, you specify the data that you want to inscribe. You also need to specify the fee that you are willing to pay.
Once the transaction is broadcast to the network, it will be mined by a miner. The miner will then inscribe the data that you specified into the witness portion of the block.
Once the block is mined, your Ordinal will be created. You can then view your Ordinal on the Ordinals explorer.
Why are Bitcoin Ordinals important?
Bitcoin Ordinals are important because they provide a way to create new assets on the Bitcoin blockchain. This is significant because it opens up a whole new world of possibilities for the Bitcoin ecosystem.
Ordinals can be used to create digital identities, track ownership of assets, and create NFTs. These are just a few of the many potential applications for Bitcoin Ordinals.
What is the future of Bitcoin Ordinals?
The future of Bitcoin Ordinals is bright. The protocol is still in its early stages of development, but it has the potential to revolutionize the way we interact with the Bitcoin blockchain.
Ordinals have the potential to be used for a variety of applications, such as creating digital identities, tracking ownership of assets, and creating NFTs. As the protocol continues to develop, we can expect to see even more innovative applications for Bitcoin Ordinals.
Conclusion
The number of Bitcoin Ordinals inscriptions has surpassed the 10 million mark, just days after its creator, Casey Rodarmor, stepped down as the project’s caretaker. Ordinals are a new way to mint new assets on the Bitcoin blockchain and have the potential to revolutionize the way we interact with the Bitcoin network.
