The number of Ordinals inscriptions on the Bitcoin BTC ($27,745) network passed the 10 million mark, a few days after its creator quit as the gatekeeper of the project.
On May 28, Casey Rodarmor announced on Twitter that he had stepped down as executive director of the project, saying he could not give the Ordinals the attention they deserved. Rodarmor hired a coder named Raphjaph.
Launched in January, the Ordinals system has become the most popular way to create new assets on the Bitcoin Blockchain.
Ordinals first began as a way to “write” data into the evidence part of Bitcoin transactions and were written in Satoshis – the smallest divisible unit of BTC possible. However, what sent the ordinal index number into overdrive was the arrival of the BRC-20 standard in early March. This new token standard, created by the pseudonymous developer “Domo”, allowed users to create new tokens in Bitcoin for the first time in history. The number of Bitcoin-based tokens grew from a few hundred in the first week to more than 25,000 in the reporting period, according to data from BRC-20.io.
The progress of ordinals has not been controversial, many supporters of Bitcoin criticize the system of “listing” assets in the network as negative and empty, especially when it comes to restricting access to transaction costs. As such, other developers have explored using smart contracts to create assets in NFT and Bitcoin.
On the other hand, Bitcoin fans praised Ordinals for its ability to integrate new users into the wider Bitcoin community. Recently, outspoken anti-Bitcoin activist Peter Schiff hit a small number of Bitcoin NFTs through the legal system, marking the first time an investor has the love of gold dealing with Bitcoin is beyond reproach.
Although it is clear that ordinals play a large role in the increase in Bitcoin transaction fees, the decrease in network activity has been beneficial to miners, who have seen more than $44 million in related fees pay ordinals, according to data from Dune Analysis.