1. PixelPlaygroundHome
  2. Metaverse Insights

Increase of average block size in Bitcoin network due to adoption of Ordinals protocol and NFTs

• Metaverse Insights • 149 views

It is reported that according to Glassnode data, since the introduction of Ordinals, the upper limit of the average block size of Bitcoin has increased signifi…

Increase of average block size in Bitcoin network due to adoption of Ordinals protocol and NFTs

It is reported that according to Glassnode data, since the introduction of Ordinals, the upper limit of the average block size of Bitcoin has increased significantly, from 1.5-2.0 MB to 3.0-3.5 MB in a few weeks. This increase is not only related to images, but also related to larger files (such as audio and video) starting to be stored as Ordinals. It is worth noting that on February 1, the first NFT work of the Taprot Wizards series, the Inscription 652, set a new record for the largest block and transaction in Bitcoin history, reaching 4 MB in size. Glassnode shows that although the Ordinal network has a significant impact on the size and cost of the transaction hash of the special currency, the average size of the transaction has increased by more than 100%, from 600 bytes to 1100 bytes. In addition, according to the latest data of Dune Analytics, the number of NFTs cast by the Ordinals protocol on the Bitcoin network has reached nearly 150000 (142735). （cryptoslate）

After the introduction of Ordinals, the average block size of Bitcoin has increased to 3.0-3.5 MB, almost doubling compared with that before the release of the protocol

Interpretation of the news:


The adoption of the Ordinals protocol in the Bitcoin network is leading to a significant increase in the average block size. According to Glassnode data, the upper limit of the average block size has jumped from 1.5-2.0 MB to 3.0-3.5 MB in just a few weeks. This increase is not limited to just image files but also includes larger files like audio and video as they start being stored as Ordinals.

Furthermore, on February 1, the first NFT work of the Taprot Wizards series, the Inscription 652, set a new record for the largest block and transaction in Bitcoin history, reaching 4 MB in size. This highlights the impact of NFTs on the network’s infrastructure and the need for scaling solutions.

Although the adoption of the Ordinals network has had a significant impact on the size and cost of the transaction hash of the cryptocurrency, it has also caused the average size of the transaction to increase by over 100%. The transaction size has increased from 600 bytes to 1100 bytes, indicating that the network is now capable of processing larger and more complex transactions.

According to the latest data from Dune Analytics, the number of NFTs cast by the Ordinals protocol on the Bitcoin network has reached almost 150,000. This demonstrates the growing popularity of NFTs, which allow digital assets to be tokenized and traded on the blockchain network.

In conclusion, the adoption of the Ordinals protocol and NFTs in the Bitcoin network is causing an increase in the network’s capacity and transaction sizes. This highlights the importance of scaling solutions for the Bitcoin network to accommodate the growing demand for NFTs and other complex transactions.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1563/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/19/2023 04:11
Next 02/19/2023 04:56

Recommended articles