Bitcoin NFT Protocol Ordinals Achieves Record-High Sign-Ups with Innovative Experiment
On March 10, according to data from Dune Analytics, the number of inscriptions cast on the Bitcoin NFT protocol Ordinals launched by Casey Rodarmor, a software…
On March 10, according to data from Dune Analytics, the number of inscriptions cast on the Bitcoin NFT protocol Ordinals launched by Casey Rodarmor, a software engineer, exceeded 30000 on March 9, a record high. The number of “text” type inscriptions is close to 27000, accounting for 85%. It is reported that Twitter user @ domodata launched an innovative experiment “BRC-20” based on the Ordinals protocol yesterday, aiming to achieve the effect of issuing ERC-20 Token on the Bitcoin network like on the Ethereum network through the Ordinals protocol.
Data: Bitcoin NFT protocol Ordinals cast more than 30000 inscriptions yesterday
Analysis based on this information:
The Bitcoin NFT protocol, Ordinals, launched by software engineer Casey Rodarmor has broken a record-high of 30,000 inscriptions on March 10, with 85% consisting of “text” type inscriptions. The platform has been gaining popularity among users and is now witnessing a surge in sign-ups. The latest development is the initiation of an innovative experiment known as “BRC-20,” aimed at replicating the ERC-20 Token issuance effect on the Ethereum network but on the Ordinals protocol on the Bitcoin network.
The Ordinals protocol functions as a tool that allows for the creation and publicizing of text and other forms of content in the form of non-fungible tokens (NFTs) on the Bitcoin network. Non-fungible tokens are digital assets that are secured on a blockchain, allowing for the ownership and transfer of digital assets without the need for intermediaries.
As the use of NFTs becomes increasingly popular, many experts believe that the Ordinals protocol is gaining traction in the market. With 30,000 inscriptions and counting, it is evident that the Ordinals protocol is gaining popularity and that the platform’s users are actively exploring new ways to maximize its potential.
The introduction of the “BRC-20” experiment is a move to explore how ERC-20 Token issuance on the Ethereum network can be replicated using the Ordinals protocol on the Bitcoin network. The creators hope to use this experiment to test the viability of issuing customized tokens on the Bitcoin network through the Ordinals protocol. This would allow for the use of bitcoin on decentralized finance (DeFi) projects, which are predominantly based on the Ethereum network.
In conclusion, the Ordinals protocol is gaining more traction, as evident in the record-high inscriptions, and innovative experiments such as “BRC-20” are being initiated to test its potential. The integration of NFTs and the creation of user-specific tokens on the Bitcoin network are some of the areas that are gaining attention. These developments are likely to have a significant impact on the future of blockchain technology adoption, and it will be interesting to see how the Ordinals protocol evolves in the coming years.
Overall, the three main keywords related to this article are Bitcoin NFT protocol, Ordinals, inscriptions, ERC-20 Token, and innovative experiment.
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