Bitcoin's Ordinals surge as 'coins' surge

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Bitcoin's Ordinals surge as 'coins' surge

Could NFT-like assets be here to stay?

One million NFT-like assets have been recorded on the Bitcoin network, as the popularity of the Ordinals protocol surges on the world's most valuable blockchain.

Ordinals use soared at the beginning of the month and reached the million mark on Sunday.

Inscriptions' growing popularity a few months after their debut suggests the new asset class is here to stay, a fact that could have long-term implications for the Bitcoin network's financial health.

Bitcoin has been trading for the first time since June 2022, with the price of Bitcoin hovering between $30,000 and $30,000. The digital asset is up 80% this year.

The Defiant said that Hiro, a Bitcoin developer tooling company, had hired Alex Miller, CEO of Bitcoin developer tooling company Hiro.

The team that developed Ordinals was led by former Bitcoin core engineer Casey Rodarmor, and the protocol was first used in February to 'inscribe' data, such as images and videos, directly to the Bitcoin blockchain. Ordinals leverages the upgrade that came to Bitcoin in 2017 and 2021, and has led to a debate over the proper use of the network.

Because inscriptions take up storage space, they increase the fullness of each block that miners compete to append to the chain. Miners should be willing to invest in computing power and increase their chances of winning the mathematics lottery that grants them the privilege of appending the next block and earning the ultimate bitcoin payout, a theory that says fuller blocks are worth more.

That Inscription-filled blocks are worth more will matter a lot as the Bitcoin-denominated reward for producing blocks has gone up for a few years.

Ordinals have enticed Ethereum-native projects like CryptoPunks into the Bitcoin network, but have also given rise to grassroots collections like Taproot Wizards.

Miller said he hoped that the move would be beneficial to the economy, which he said has a positive impact on the state's economy.