Bitcoin has been the initiator of the crypto space ever since it was introduced back in 2009 by the anonymous creator Satoshi Nakamoto. So when the community was introduced to Bitcoin Ordinals, it was no shocker to have become a project to garner such massive interest!
Following a few days after Casey Rodarmor, the creator of Ordinals, stepped down as the project’s caretaker, the number of Ordinals inscriptions on the Bitcoin (BTC) network saw a huge spike that helped it in surpassing the 10 million mark.
On May 28, Rodarmor took to Twitter to announce the news of his stepping down as the project’s lead maintainer, stating that the failure to give Ordinals the attention it deserved was the reason for the action. He also mentioned that the role of the creator is now dependent on a pseudonymous coder @Raphjaph.
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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!…
— Casey (@rodarmor) May 28, 2023
Ordinals, which was launched in January of this year, had initially begun as a way of “inscribing” data in the witness portion of Bitcoin transactions. They had been worked upon to be written onto individual satoshis, which is the name that is given to the smallest divisible unit of BTC possible. Soon after its launch, Ordinals rapidly became one of the most popular way for the crypto community people to mint new assets using the Bitcoin blockchain.
While inscriptions as a feature have always been possible to be used in Bitcoin, Ordinals came into the game and gave way to users to inscribe data into a single satoshi, which opened up a range of potential applications; thus the increasing interest! One other major reason for the rise in Ordinals number was the introduction of the BRC-20 token standard in early March. This new token standard introduced the crypto space to its pseudonymous developer “Domo,” who gave way to users to mint entirely new tokens on Bitcoin for the first time in its history. As data from Dune analytics shows, the rise in the numbers has mostly been seen following the BRC news.
Source: Dune Analytics
As per the data from BRC-20.io., the number of Bitcoin-based tokens surged in number from a few hundred in the first week to more than 25,000 at the time of publication!
With mixed reviews about Bitcoin Ordinals, it is yet to be seen where the community takes the new introduction to the BTC ecosystem!
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Source: Cointelegraph, CryptoPotatao
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