Binance researchers say ordinal numbers could lead to a major overhaul of the Bitcoin (BTC) ecosystem in the coming years.
Bitcoin Ordinal allows users to write digital data such as images and videos to a single SATOSHI, or discrete unit of BTC, creating the equivalent of a non-fungible token (NFT) on the crypto king’s network .
Ordinal numbers have dominated the fee economics of the Bitcoin blockchain since its inception.
In a new report, Binance Research says Ordinal is driving a new community of developers to Bitcoin, breathing new life into an ecosystem that has hitherto faced uncertainty about where future miner revenue will come from. It says that it is.
“The impact of Inscription and BRC-20 on the Bitcoin network is significant…Bitcoin’s memory pool transaction count will significantly exceed the levels of previous years, spurred by activity by Inscription and BRC-20, and will continue to grow in 2023. reached an all-time high.” Other metrics such as average block size and transaction fees also experienced notable changes.
Beyond the metric changes, the most significant impact that Inscription/BRC-20 will have on the Bitcoin ecosystem will be the increased motivation of the developer community.
Many new builders are attracted to Bitcoin and existing projects are getting further updates A variety of innovative ideas are circulating within the Bitcoin community.
As such, we are likely to witness a completely different Bitcoin ecosystem in the coming years. Some may argue that these changes contradict BTC’s intended role as “hard” money. However, continued innovation is essential to create new and compelling use cases that can drive widespread adoption. So it’s interesting to think about where Bitcoin will go next. ”
At the time of this writing, Bitcoin is trading at $48,160.
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