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Bitcoin Ordinals Inscriptions Double

The rise of Ordinals inscriptions on the Bitcoin network has sparked new interest and debate around its impact on the ecosystem. Initially used to mint images as non-fungible tokens (NFTs), users have now realized that text-based inscriptions can create fungible tokens similar to ERC-20 token standard on the Ethereum network. As a result, the number of Ordinals inscriptions on the Bitcoin blockchain has almost doubled from 2.5 million to 4.78 million in just the last eight days.

Glassnode co-founder and chief technology officer Rafael Schultze-Kraft noted that text-based inscriptions are the most popular form of Ordinals inscription, with over 2.8 million text-based inscriptions as of May 5. Recent data from blockchain data hub Dune Analytics shows that 99% of all new Ordinals inscriptions since April 25 have been text-based, popularized as the BRC-20 token standard.

According to brc-20.io, a new tool that tracks BRC-20 tokens, there are currently 14,200 new tokens hosted on the Bitcoin blockchain. The most popular Bitcoin-based tokens include “ordi,” “nals,” and a Bitcoin-based version of the memecoin Pepe (PEPE), which is ranked third by total market cap.

The total market cap of BRC-20 tokens currently hovers around the $700 million mark, with Galaxy Digital predicting the market for “Bitcoin NFTs” may reach $4.5 billion by 2025. The rise of Ordinals over the last few months has sparked debate around whether it is ultimately positive for the Bitcoin ecosystem. Some Bitcoin proponents believe that Ordinals offer a wider range of financial use cases for Bitcoin, while others argue that it strays from Satoshi Nakamoto’s original vision for Bitcoin as an electronic, peer-to-peer cash system.

In the meantime, miners have enjoyed a surge in revenue due to transaction fees related to the burst of new activity on the network. As the popularity of Ordinals continues to grow, it remains to be seen whether it will have a positive or negative impact on the Bitcoin ecosystem.

BRC-20 Bitcoin Tokens Surpass $1 Billion Market Cap

On May 9, 2023, BRC-20 Bitcoin tokens reached a significant milestone, with their total market capitalization surpassing $1 billion. This milestone is a testament to the growing popularity of BRC-20 tokens, which employ a novel form of fungible token that uses Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on the Bitcoin base chain.

According to analysts at multichain wallet BitKeep, the Ordinals numbering system assigns a unique number to each satoshi, or 0.00000001 Bitcoin (BTC), allowing for its tracking and transfer. On the other hand, the “inscription” process adds a layer of data to each satoshi, enabling users to create unique digital assets on the Bitcoin blockchain. The BRC-20 token standard was developed by a Twitter user known as Domo on March 8, 2022.

Compared to Ethereum, Bitcoin has been lagging in the deployment of token standards, with only a few notable ones like ERC-20 and ERC-721. However, BRC-20 tokens have been gaining traction since its inception, with over 14,000 tokens currently deployed on the Bitcoin blockchain. Despite this progress, Domo, the creator of BRC-20, has openly stated that the standard is “worthless” and that users should not waste money on “mass minting this fun experiment.”

Nevertheless, the growing adoption of BRC-20 tokens by traders and investors has led to a surge in trading volume, with a total trading volume of $207.7 million recorded in the past 24 hours. Notable tokens like ORDI, NALS, VMPX, PEPE, and MEME have experienced significant price variance within the past day, ranging between +11% and -55%.

BRC-20 Tokens Surge in Popularity as Traders Flock to Bitcoin's Latest Token Standard

BRC-20 tokens, the newest token standard on the Bitcoin blockchain, have gained significant traction in the cryptocurrency market. With the total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a trading volume of $207.7 million in the past 24 hours, BRC-20 tokens like ORDI, NALS, VMPX, PEPE, and MEME have emerged as some of the most notable tokens deployed on the Bitcoin blockchain.

Unlike traditional fungible tokens, BRC-20 tokens employ Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on the Bitcoin base chain. This novel approach allows users to create unique digital assets on the Bitcoin blockchain, adding a layer of data to each satoshi, the smallest unit of Bitcoin.

Despite the criticism from the creator of BRC-20 tokens, who openly stated that the standard is “worthless,” traders and investors have been flocking to the token standard due to its potential for innovation and growth. The popularity of BRC-20 tokens has led to a surge in trading volume, with notable tokens like ORDI, NALS, VMPX, PEPE, and MEME experiencing price variance of between +11% and -55% within the past day.

As the adoption of BRC-20 tokens continues to grow, it remains to be seen how this new standard will fare in the highly competitive and rapidly evolving cryptocurrency market. Nonetheless, the development of the BRC-20 token standard highlights the potential of the Bitcoin blockchain to support new and innovative financial instruments beyond its traditional role as a store of value. With the surge in popularity of BRC-20 tokens, it is clear that traders and investors are eager to embrace Bitcoin’s latest token standard and reap the benefits it has to offer.

BRC-20 Token Standard Creator Opposes UniSat Wallet's Proposed Fork

A significant disagreement has arisen concerning the BRC-20 token standard on the Bitcoin blockchain. Domo, the creator of the Bitcoin BRC-20 token standard, has publicly expressed opposition to an upcoming fork proposed by UniSat Wallet. This disagreement highlights a crucial debate in the crypto world about the balance between innovation and stability.

On January 2, Domo, known for his role in the creation of the Bitcoin BRC-20 token standard, took to X platform (formerly Twitter) to voice his concerns. He stated that rushing these updates in BRC20 is reckless and could potentially harm the broader community of BRC20 users. His opposition stems from the belief that UniSat Wallet’s proposed updates are being implemented too hastily, without proper consideration of the potential repercussions.

The BRC-20 token standard is an experimental fungible token standard on Bitcoin. Inspired by Ethereum’s ERC-20 standard, BRC-20 allows the creation of fungible tokens using Bitcoin’s Ordinals protocol. It represents a significant innovation in the realm of cryptocurrency, enabling new forms of tokenization on the Bitcoin blockchain.

UniSat Wallet, on the other hand, has announced its intention to follow the Ordinals Jubilee upgrade and ensure the continued operation of the BRC-20 protocol on Ordinals. This move by UniSat Wallet is described as a ‘split’ rather than a ‘fork’, adapting to the Ordinals Jubilee upgrade, a significant change in the Bitcoin blockchain’s handling of tokenized assets.

The crux of the issue lies in the method and pace of implementing these changes. Domo’s concerns reflect a broader sentiment in the crypto community, where rapid advancements often clash with the need for stability and thorough vetting. The proposed changes by UniSat Wallet, while innovative, might be perceived as destabilizing by some members of the community, especially those heavily invested in the current BRC-20 standard.

This development is crucial as it underscores the dynamic and often contentious nature of blockchain technology and cryptocurrency standards. As the technology evolves, differing opinions on the direction of such advancements are inevitable. The debate between Domo and UniSat Wallet is indicative of the larger conversations happening in the crypto space about how to balance progress with stability.

In conclusion, the opposition from Domo against UniSat Wallet’s proposed fork of the BRC-20 protocol represents a significant moment in the cryptocurrency sector. It highlights the challenges of innovating within a rapidly evolving technological landscape, where every change can have far-reaching implications for an entire community.

UniSat Commemorates BRC-20 Anniversary with Key Updates and Future Plans

As UniSat marks the first anniversary of the BRC-20 token standard, the blockchain community is buzzing with the latest updates and future directions announced by the innovative team behind the protocol. The anniversary post, which highlights both the achievements and the roadmap for the coming year, has been received with much anticipation and excitement.

Security and Beta Testing for UniSat App

UniSat has prioritized the security of their forthcoming app, currently under a meticulous security review and navigating the Google Play review process. In preparation for its official launch, UniSat has extended an invitation to a select group of users to beta test the app. The initiative not only showcases UniSat’s commitment to a user-centric approach but also emphasizes the importance of community feedback in the development process.

BRC-20 Protocol Enhancements

The BRC-20 protocol, which has already established itself as a significant framework within blockchain ecosystems, is set to integrate self-minting and burning functionalities. This pivotal update is expected to lay the foundation for issuing stablecoins and will also serve as a practice ground for the new SOP process that aims to streamline future BRC-20 iterations.

brc20-swap Standardization and Open-Source Initiatives

The advancement of the brc20-swap feature within the L1F framework is progressing well, and while a specific timeframe for completion is yet to be confirmed, further announcements from L1F are expected soon. The standardization of the swap feature is a critical step towards open-sourcing the sequencer and introducing permissionless rollups, indicating UniSat’s dedication to transparency and community involvement.

The Emergence of Fractal Bitcoin and Cadence Mining

The testnet phase of fractal bitcoin has been successful, boasting ease of use and wallet integration comparable to MetaMask’s support for Ethereum and its various layers and sidechains. UniSat’s approach to securing the network is through an innovative mining protocol named Cadence Mining, which is likely to draw attention for its novel approach to network security.

Developments in Cursed Inscriptions and Runes

UniSat has also completed the development of Cursed Inscriptions and is in the final testing phase, with a launch imminent. The potential integration of Runes into the UniSat ecosystem is also being evaluated, indicating a continuous exploration of new features and expansions.

As UniSat continues to evolve and contribute to a more interconnected blockchain ecosystem, the community eagerly awaits the detailed timelines and further updates promised in the near future. Those interested in staying abreast of these developments are encouraged to tune into the Ordinals Show for an in-depth discussion with UniSat representatives.

The UniSat team’s consistent effort to engage with its users and its transparent communication style further solidify its position as a collaborative and user-friendly blockchain service provider. The community’s support and feedback remain a driving force behind UniSat’s innovative strides within the blockchain industry.