Opinion: Exploring the Development Potential of the Ordinals Ecosystem from ORDI to OXBT

Exploring the Development Potential of the Ordinals Ecosystem, from ORDI to OXBT.

With three months left until the launch of the Ordinals protocol, the development of BRC-20 tokens has been rapid, and the popular project OXBT has performed well in multiple metrics. Cryptocurrency researcher Elena reviewed the development of the Ordinals protocol since its launch, and looked ahead to its potential for growth.

OXBT achieved astonishing results on the day of its launch: it boasts multiple independent BRC-20 token holders and a 200 million supply; it maintained the top spot in 24-hour NFT/Ordinals trading; and it has been listed on major exchanges such as OKX and ALEX. OXBT is a movement, the prologue to the Redacted BTCNFT. The mechanisms surrounding OXBT are shrouded in speculation, showcasing its potential to reshape the cryptocurrency landscape.

Critics argue that Ordinals are inefficient in their use of block space, leading to increased transaction fees and slower transaction times for all network users. Hardcore minimalists view this as an attack on the network. Yet influential figures like MicroStrategy CEO Michael Saylor are still exploring the potential of Ordinals.

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Zero-knowledge proofs also aim to address Ordinals’ issues by enabling private transaction verification, improving block space efficiency, reducing transaction costs, and processing times. Given BTC’s rapid adoption, technological advancements, and vibrant community of innovators supporting it, I firmly believe in its potential.

Reference: https://twitter.com/ElenaaETH/status/1662268173171736580

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