Ordinals – a new and controversial Bitcoin-based protocol – is making its mark on-chain with a record number of Taproot-related transactions, according to the blockchain data provider Glassnode.
Nevertheless, the debate is still hot within the Bitcoin community as to whether the technology should be celebrated or cursed.
Ordinals were designed by Bitcoin Core contributor Casey Rodarmor as a way of identifying individual satoshis on the network. Satoshis are the smallest unit of a Bitcoin (a one hundred millionth of a Bitcoin), named after Bitcoin’s creator Satoshi Nakamoto.
These satoshis can include unique inscribed data like videos and images – a process known as inscription. This means transactions can house NFT-like content within a satoshi, and be stored within the transaction signature once the transfer is completed. The technology is enabled by Taproot – a Bitcoin softfork upgrade that activated in 2021 bringing greater privacy and smart contracts to the network.
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