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.

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

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The exchange is robbing the tokens, all of which are behind the interests.

Since 2019, with the launch of the first issue of the currency-raising (IEO), the “project-side tokens have be...

Opinion

Overview of International Cryptocurrency Regulatory Agencies

We have studied 45 countries, including G20 member countries, as well as countries with the highest adoption rate of ...

Blockchain

Hackers are getting smarter, with the largest number of exchange attacks ever in 2019

Source | bitcoinmagazine Translation | Huohuo Sauce Production | Blockchain Camp (ID: blockchain_camp) Currently, maj...

Blockchain

A new attempt at traditional finance, the technology of the Stock Exchange enters the currency circle

In January 2019, the London Stock Exchange Group announced a partnership with the digital asset trading platform AAX,...

News

Policy reshuffle is intensified: the crisis and new life of virtual currency exchanges

The virtual currency exchange industry may have to "change the sky", which seems to be the consensus of the...

Blockchain

Insurance giant Marsh has customized a full insurance plan for encrypted custodians, can cryptocurrency traders “sit back and relax”?

According to Coindesk's September 24 report, Marsh & McLennan, the world's largest insurance brokerage ...