Over 10 million Bitcoin addresses have been created due to high demand

Bitcoin (BTC) price has remained stable for the past few weeks, but the BRC-20 non-fungible tokens on the Bitcoin blockchain, also known as Bitcoin Ordinals, have gained significant traction.

The demand for Bitcoin Ordinals has increased recently and is a major contributor to the gas fees on the Bitcoin blockchain. The total number of ordinal inscriptions on the Bitcoin blockchain has surpassed 10 million.

Casey Rodarmor, the creator of the Bitcoin Ordinals project, announced on Sunday, May 28 that he is stepping down as the lead maintainer of the project. Casey made this decision because he was unable to give Ordinals the attention it deserves. The new leader for the Bitcoin Ordinals project is the pseudonymous coder Raphjaph. Casey wrote in a message on Twitter:

“I haven’t been able to give ord the attention it deserves, so I am pleased to announce that @raphjaph has 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!”

Bitcoin Ordinals was launched in January 2023 and quickly became one of the most popular ways to mint assets on the Bitcoin blockchain. Ordinals proved to be a way for inscribing data within the witness portion of Bitcoin transactions. They are written onto Satoshis, the smallest divisible unit of BTC possible.

However, the launch of the BRC-20 token standard in March 2023 sent the number of Ordinals inscriptions into overdrive. Pseudonymous developer “Domo” introduced the new token standard, allowing users to mint new tokens for the first time in the history of Bitcoin.

The BRC-20 tokens gained huge traction, and with a few hundred tokens minted in the first week, the total number of tokens has now jumped to 25,000.

Bitcoin Ordinals and Controversies

The rise of Bitcoin Ordinals has come with a few controversies. Many Bitcoin advocates have criticized the method of inscribing assets on the Bitcoin network as inefficient and wasteful. This was especially true when it comes to block space and transaction fees.

On the other hand, other developers have also been exploring the use of smart contracts for minting assets and NFTs on Bitcoin.

Ordinals, a protocol known for its user-friendly onboarding process, received praise from Bitcoin advocates as it successfully introduced new users to the Bitcoin community. Notably, even renowned anti-Bitcoin advocate Peter Schiff minted a few NFTs on Bitcoin using the Ordinals protocol. This interaction marked Schiff’s first engagement with Bitcoin beyond his usual criticism.

Bitcoin Ordinals were responsible for a massive surge in the gas fee on the Bitcoin network. This has been a boon for Bitcoin miners, who have now seen $44 million in Ordinals-related fees paid out.

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