Dogechain Explains - Bitcoin Ordinals.

08 May 2023, 13:23

Dogechain Explains - Bitcoin Ordinals 🪙 Bitcoin is the original cryptocurrency, and until recently, it was mainly used for storing and transferring value. Bitcoin ordinals are changing this. 😇 🔢 The Ordinals protocol is a system for numbering satoshis, the smallest denomination of Bitcoin. It gives each satoshi a serial number and tracks them across transactions. ⛏ Satoshis are numbered based on the order in which they were mined and transferred, hence the name “ordinals”. 🧊 Ordinal inscriptions are similar to smart contract NFTs in some ways, in that they can hold additional data. However, they are also inscribed directly onto individual satoshis, which are then included in blocks on the Bitcoin blockchain. Unlike NFTs, ordinals reside fully on the blockchain and do not require a separate token. In this sense, ordinal inscriptions respect the BTC ethos and inherit its simplicity, immutability, security, and durability. 🧘 💯 Ordinals have a major advantage - they provide added utility to the Bitcoin blockchain beyond simply transferring value. 🧭 However, inscribed satoshis are now competing for block space with regular BTC transactions, which increases network fees significantly. 💢 This has caused some major controversy within the Bitcoin crowd, where some see them as an attack on the network’s integrity. What do you think? Will Ordinals continue to grow, or will they be phased out as a novelty? ♻️ Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family! 🚀 Website I Twitter I Discord I TikTok I Reddit I Blog I Instagram