The number of Ordinals registrations on the Bitcoin network (BTC) has surpassed the 10 million barrier, just a few days after its creator left the post of head of the project.
On May 28, Casey Rodarmor announced on Twitter that he was no longer primarily responsible for the project.claiming that he had failed to give Ordinals the attention it deserved. Rodarmor handed over the position to programmer Raphjaph.
I haven’t been able to give ord the attention it deserves, so I am pleased to announce that @raphjaph You have agreed to step up as lead maintainer!
Raph is an impoverished student, and his work on ord will be entirely funded by donations. If you can, please consider donating!…
—Casey (@rodarmor) May 28, 2023
I haven’t been able to give Ordinals the attention it deserves, so I’m happy to announce that @raphjaph has agreed to take over the role of lead maintainer. Raph is a student with no means, and his work at ord will be funded entirely by donations. If you can, please consider donating!…
Released in January, he ordinals protocol it quickly became the most popular way to mint new assets on the Bitcoin blockchain.
Ordinals originally started as a way to “write” data to the witness part of bitcoin transactions; they are written in individual satoshisthe smallest divisible unit of BTC possible.
However, what really triggered the number of registrations for Ordinals was the arrival of the BRC-20 token standard in early March. This new token standard, created by the pseudonymous developer “Domo”, allowed users to mint completely new tokens on bitcoin for the first time ever.
The number of bitcoin-based tokens skyrocketed from a few hundred in the first week to over 25,000 at the time of writing.according to data by BRC-20.io.
The rise of the Ordinals has not been without controversy, since many bitcoin advocates criticize the method of “enrolling” assets in the network as being inefficient and wasteful, especially when it comes to block space and transaction fees.
Thus, other developers have been exploring the use of smart contracts to mint assets and NFTs in bitcoin.
On the other hand, bitcoin advocates have praised Ordinals for its ability to bring new users into the cryptocurrency community.. Recently, avid anti-Bitcoin advocate Peter Schiff coined a small number of NFTs into bitcoin using the Ordinals protocol, marking the first time the gold-loving investor had interacted with bitcoin beyond criticizing it.
While it’s clear that Ordinals have played a significant role in increasing bitcoin transaction fees, the flurry of network activity has been a boon for miners, who have already seen payments of more than $44 million in fees related to Ordinals, according to Dune Analytics data.
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