The number of Ordinals has grown from one to 10 million in less than six months.
A key milestone for this protocol has recently been reached with the passing of 10 million Ordinals inscriptions over the Bitcoin network. Ordinals have grown in popularity as a way to create new assets on the blockchain by enabling the “inscription” of data in the witness section of Bitcoin transactions.
The Ordinals protocol, introduced in January, has quickly emerged as the most popular technique for encoding data onto individual satoshis, the lowest dilutable unit of Bitcoin.
The chief maintainer and original developer of the Ordinals project, Casey Rodarmor, made his resignation known on Twitter on May 28. Rodarmor stated in his statement that he was unable to give the project the appropriate attention and that he thought it merited a more devoted guardian. As a result, he handed the reins off to Raphjaph, a coder operating under an alias who has stepped into the position of principal maintainer.
New Lead Maintainer Takes Over
Raphjaph has taken over as the chief maintainer for the Ordinals project in Casey Rodarmor’s absence. Raphjaph will be in charge of overseeing the protocol’s development and maintenance, directing its future expansion, and guaranteeing its continuous success within the Bitcoin ecosystem.
This change in leadership intends to make sure Ordinals gets the commitment and support it needs to succeed.
Since its debut, the Ordinals protocol has quickly gained popularity. Users and developers alike have paid close attention to it due to its special capacity to record data on Bitcoin transactions. Ordinals offer a flexible method for creating new assets and adding extra data to the blockchain by utilizing the witness component of Bitcoin transactions and connecting information with specific satoshis.
The Ordinals protocol shows increasing growth and usage within the cryptocurrency community with over 10 million inscriptions on the Bitcoin network.
Inscribing Data on Bitcoin Transactions
Ordinals are a way to record information about Bitcoin transactions. Ordinals provide a mechanism to link more information with certain satoshis by encoding data in the witness component of these transactions. Numerous applications are made possible by this functionality, including the addition of metadata pertaining to particular transactions or the creation of new assets.
The impact of Ordinals inscriptions on the operation and adaptability of the Bitcoin network is becoming more and more obvious as the number of inscriptions increases.
The number of Bitcoin-based tokens skyrocketed from a few hundred in the first week to more than 25,000 at the time of publication, according to data from BRC-20.io.
A lot of Bitcoin supporters have criticized the practice of “inscribing” assets on the network as being wasteful and inefficient, particularly in terms of block space and transaction fees, as the use of Ordinals has not been without dispute.