Bitcoin reaches milestone with over 10 million inscriptions as creator Rodarmor leaves

Ordinals, a well-known non-fungible token (NFT) protocol that is based on the Bitcoin blockchain, has achieved a significant milestone. The network’s transactions surged to 10 million just a few days after the creator of Ordinals, Rodarmor, announced his resignation from the project.

This milestone suggests that a large number of transactions have taken place on the protocol. Casey Rodarmor tweeted that he was stepping down as the lead maintainer of Ordinals. He stated that he was not devoting enough attention to the project and handed over the role to a programmer named Raphjaph. He further emphasized that the coder’s work on the project would be funded by donations from the community.

Ordinals Protocol And Its Rapid Growth

Bitcoin Ordinals is a protocol that enables the transcription of a unique identifier to individual satoshis (SATs) to facilitate easy tracking during transactions.

After the launch of Ordinals in January, the protocol quickly gained popularity as a means of creating new assets on the Bitcoin blockchain. Initially, Ordinals served to “inscribe” data on individual satoshis (the smallest divisible unit of BTC).

However, the rapid growth in the number of Ordinals inscriptions occurred when the BRC-20 token standard was introduced in early March.

This new token standard, established by the pseudonymous “Domo,” allowed users to mint new tokens on the Bitcoin blockchain.

According to data from BRC-20.io, in the first week, the number of Bitcoin-based tokens increased from a hundred to 25,000 at the time of writing.

The introduction of the BRC-20 token standard has expanded Bitcoin’s functionality. This increased utility has boosted the adoption and use of the Bitcoin blockchain for tokenization and asset creation.

Controversy Surrounding Bitcoin Ordinals – Efficiency And Speed Concern

The growth of Ordinals has not been without its share of controversy, as critics among the Bitcoin community have raised concerns about its method of “inscribing” assets on the network.

They argue that this approach is “inefficient and wasteful,” particularly regarding block space and transaction fees.

In response, alternative developers have been exploring the use of smart contracts to mint assets and non-fungible tokens (NFTs) on the Bitcoin blockchain. They aim to address the efficiency issues associated with Ordinals by leveraging smart contracts.

On the other hand, supporters of the initiative have praised Ordinals for its ability to attract new users to the broader Bitcoin ecosystem.

Notably, even prominent anti-Bitcoin advocate Peter Schiff recently minted a small number of NFTs on Bitcoin using the Ordinals protocol.

While the surge in Ordinals-related activity has increased BTC transaction fees, miners have greatly benefited from this heightened network engagement.

According to data from Dune Analytics, miners have received over $44 million in fees related to Ordinals transactions.

Featured image from Pixabay and chart from TradingView

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