Everyone has heard of Bitcoin – what about Ordinals? Ranking as the latest hashtag trending on Twitter, ordinals have caused an uproar in the Bitcoin community since developer, Casey Rodamor officially launched the project, late January. The number of Bitcoin inscriptions using Ordinals has already surpassed 11,000 on Tuesday, according to a Dune report.
Counterplay was the original platform that helped catalyze the innovation of using Bitcoin technology to not only power more than digital currency but also enable verifiable ownership of digital assets like artwork and collectables – soon to be known as NFTs.
However, the Ordinals project is different – aside from the project referring to NFTs as “digital artifacts,” the assets are inscribed directly in Satoshi’s, (smallest unit of Bitcoin cryptocurrency) on the blockchain without needing a sidechain or additional token.
Lolli co-founder and CEO Alex Adelman told Decrypt, “The Ordinals project is a milestone for Bitcoin, demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money.”
The rapid consumption of the Ordinals project in the Bitcoin community has sparked new debates and questions about the ultimate purpose of the network, itself. Some have argued that threats of malware attacks and ridiculous transaction fees may become a very realistic problem.
With the unpredictability of Bitcoin and all things cryptocurrency, only time will tell if this innovation sticks around for the long haul.
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