Bitcoin News and Price | Bitcoin.News

Bitcoin Ordinals: Over 30M Inscriptions with $50M in Accumulated Fees

by Blockchain NewsSeptember 10, 2023

As of recent data from Dune Analytics, the Bitcoin Ordinals Protocol has seen a total of 30,329,662 inscriptions, with an accumulated fee of ₿1,998.1707 (Bitcoin), equivalent to approximately $51,681,834 USD. These inscriptions, known as “Bitcoin-native Digital Artifacts,” allow users to embed data directly into the Bitcoin Blockchain.

Introduced in January 2023 by programmer and artist Casey Rodarmor, Bitcoin Ordinals, or digital artifacts, offer a unique way to inscribe digital content on the Bitcoin blockchain. Drawing parallels to non-fungible tokens (NFTs) on platforms like Ethereum, Ordinals transform individual satoshis (the smallest unit of Bitcoin) into NFTs. This transformation is based on ordinal theory, which assigns individual identities to satoshis, enabling them to be tracked, transferred, and endowed with significance.

The Ordinals protocol, at its core, assigns a unique number to each satoshi based on its mining chronology. The identification and tracking mechanism, known as “Ordinals,” relies on the chronological sequence of creation and transactions. Each satoshi, once identified by the Ordinals protocol, can be inscribed with arbitrary data, turning it into a distinct digital artifact. This capability to write arbitrary data into a satoshi became feasible following the SegWit (2017) and Taproot (2021) upgrades to Bitcoin Core.

The trading landscape for Bitcoin Ordinals is still nascent. Most trades are conducted over-the-counter, but tools like the Ordinals Wallet, Hiro, and Xverse have emerged to facilitate the buying and selling of these digital artifacts. Notably, the Ordinals Wallet, launched on February 16, 2023, offers a comprehensive solution for users to manage, transfer, and trade Ordinals. Similarly, the Hiro Wallet, introduced on February 14, 2023, is compatible with popular Ordinals platforms such as Gamma and OrdinalsBot.

In comparison to traditional NFTs, Ordinals stand out due to their technical design. While Ethereum’s ERC-721 standard, used for NFT creation, typically holds metadata or a pointer to the art off-chain, Bitcoin Ordinals store content or art directly on-chain. This distinction in storage methodology underscores the uniqueness of Ordinals in the digital asset space.

The future trajectory of Bitcoin Ordinals appears promising. Beyond porting Ethereum NFT collections to Bitcoin, innovative projects are emerging that are intrinsically linked to these digital artifacts. As the demand from users and enthusiasts grows, the ecosystem is expected to evolve, offering more refined and user-centric solutions.

In a recent development, the Ordinals Protocol has introduced “Recursive Inscriptions,” a minor upgrade that could enhance composability and introduce an element of randomness to inscriptions. This upgrade has already seen a total of 149,610 recursive inscriptions.

In conclusion, Bitcoin Ordinals represent a pioneering step in the world of digital assets, merging the robustness of the Bitcoin blockchain with the versatility of NFTs. As the technology matures, it will be intriguing to witness the myriad ways in which it reshapes the digital landscape.

Image source: Shutterstock

Source

Bitcoin Ordinals Founder Proposes Immutable Metadata for Inscriptions

by Blockchain NewsSeptember 5, 2023

Bitcoin Ordinals (ORDI), a blockchain-based platform known for its unique inscriptions, is on the verge of a significant update. Introduced in January 2023 by Casey Rodarmor, a programmer and artist, as reported by Blockchain.News, Bitcoin Ordinals serve as a system for numbering and tracking individual satoshis, transforming them into non-fungible tokens (NFTs). The platform has now proposed an addition of metadata to these inscriptions.

What are Bitcoin Ordinals?

Bitcoin Ordinals are unique in the blockchain space, offering a way to inscribe digital content directly onto the Bitcoin blockchain. They are based on ordinal theory, which assigns a unique number to each satoshi based on when it was mined. This allows for the tracking, transferring, and imbuing of individual satoshis with meaning. Unlike traditional NFTs on platforms like Ethereum, Bitcoin Ordinals store content or art directly on-chain.

Immutable Metadata

Casey’s recent proposal aims to introduce plain-text key-value pairs as metadata for inscriptions. Made public on September 5, 2023, the proposal is “intentionally simple, supporting only plain-text key-value pairs,” covering “the vast majority of use-cases” and designed to be “human readable and easy to display without a schema.”

No Retroactive Changes

When asked about the possibility of retroactively adding metadata to existing inscriptions, Casey clarified,

Nope, unfortunately not. Inscriptions are immutable, so it is not possible to add metadata to old inscriptions.

Trading and Wallets

As Bitcoin Ordinals grow in popularity, trading tools are emerging to facilitate the buying and selling of these digital artifacts. Ordinals Wallet and Hiro Wallet, launched in February 2023, are among the trusted platforms that allow users to store, send, and trade Ordinals.

Implications for the Blockchain Industry

The move to add metadata to inscriptions could set a precedent for other blockchain platforms seeking to enhance the utility and readability of their data. However, the immutability factor remains a double-edged sword, offering both security and limitations.

Future Outlook

Bitcoin Ordinals are a burgeoning technology with growing use-cases, including porting Ethereum NFT collections to Bitcoin. As demand increases, the ecosystem is expected to mature, offering more user-friendly journeys.

Image source: Shutterstock

Source

Tagged : BITCOIN ORDINALS / IMMUTABLE METADATA / INSCRIPTIONS / News / ORDI

BRC-20 Tokens Surge in Popularity as Traders Flock to Bitcoin’s Latest Token Standard

by Blockchain NewsMay 14, 2023

BRC-20 tokens, the newest token standard on the Bitcoin blockchain, have gained significant traction in the cryptocurrency market. With the total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a trading volume of $207.7 million in the past 24 hours, BRC-20 tokens like ORDI, NALS, VMPX, PEPE, and MEME have emerged as some of the most notable tokens deployed on the Bitcoin blockchain.

Unlike traditional fungible tokens, BRC-20 tokens employ Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on the Bitcoin base chain. This novel approach allows users to create unique digital assets on the Bitcoin blockchain, adding a layer of data to each satoshi, the smallest unit of Bitcoin.

Despite the criticism from the creator of BRC-20 tokens, who openly stated that the standard is “worthless,” traders and investors have been flocking to the token standard due to its potential for innovation and growth. The popularity of BRC-20 tokens has led to a surge in trading volume, with notable tokens like ORDI, NALS, VMPX, PEPE, and MEME experiencing price variance of between +11% and -55% within the past day.

As the adoption of BRC-20 tokens continues to grow, it remains to be seen how this new standard will fare in the highly competitive and rapidly evolving cryptocurrency market. Nonetheless, the development of the BRC-20 token standard highlights the potential of the Bitcoin blockchain to support new and innovative financial instruments beyond its traditional role as a store of value. With the surge in popularity of BRC-20 tokens, it is clear that traders and investors are eager to embrace Bitcoin’s latest token standard and reap the benefits it has to offer.

Source

Tagged : BITCOIN TOKENS / BRC-20 / Cryptocurrency Market / FUNGIBLE TOKEN / INSCRIPTIONS / News / ORDINALS / Trading Volume

BRC-20 Bitcoin Tokens Surpass $1 Billion Market Cap

by Blockchain NewsMay 10, 2023

On May 9, 2023, BRC-20 Bitcoin tokens reached a significant milestone, with their total market capitalization surpassing $1 billion. This milestone is a testament to the growing popularity of BRC-20 tokens, which employ a novel form of fungible token that uses Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on the Bitcoin base chain.

According to analysts at multichain wallet BitKeep, the Ordinals numbering system assigns a unique number to each satoshi, or 0.00000001 Bitcoin (BTC), allowing for its tracking and transfer. On the other hand, the “inscription” process adds a layer of data to each satoshi, enabling users to create unique digital assets on the Bitcoin blockchain. The BRC-20 token standard was developed by a Twitter user known as Domo on March 8, 2022.

Compared to Ethereum, Bitcoin has been lagging in the deployment of token standards, with only a few notable ones like ERC-20 and ERC-721. However, BRC-20 tokens have been gaining traction since its inception, with over 14,000 tokens currently deployed on the Bitcoin blockchain. Despite this progress, Domo, the creator of BRC-20, has openly stated that the standard is “worthless” and that users should not waste money on “mass minting this fun experiment.”

Nevertheless, the growing adoption of BRC-20 tokens by traders and investors has led to a surge in trading volume, with a total trading volume of $207.7 million recorded in the past 24 hours. Notable tokens like ORDI, NALS, VMPX, PEPE, and MEME have experienced significant price variance within the past day, ranging between +11% and -55%.

Source

Tagged : BITCOIN TOKENS / BRC-20 / FUNGIBLE TOKEN / INSCRIPTIONS / MARKET CAPITALIZATION / News / ORDINALS