Mr. Fireside, a passionate individual who finds joy in life, meditation, and writing, has recently shared a series of captivating blog posts on his HackerNoon page. According to official statistics, the incredible community on HackerNoon has dedicated a combined total of 10 months and 29 days to reading @mrfireside’s impressive collection of 87 stories.
The latest post from Mr. Fireside is about the Ordinals protocol within the Bitcoin blockchain, and its possibilities and consequences in the world of NFTs.
Bitcoin Ordinals protocol is an inventive development within the Bitcoin ecosystem. This unique protocol, designed by software engineer Casey Rodarmor, revolutionizes the way we perceive Bitcoin’s capabilities. It enables the encoding of various types of data, including text and images, directly onto individual Satoshis, the smallest unit of Bitcoin.
This groundbreaking technique allows for the creation of distinct digital assets resembling non-fungible tokens (NFTs) on the Bitcoin blockchain, without necessitating a separate token or a sidechain. For example, the introduction of ORDI in the crypto market has been met with notable enthusiasm and growth.
According to Mr. Fireside, the introduction of the Ordinals protocol to the Bitcoin network has stirred significant debate within the cryptocurrency community. Critics argue that the Ordinals protocol deviates from Bitcoin’s original purpose as a financial transaction network. They contend that the network is now grappling with increased congestion and higher transaction fees due to the added strain of accommodating these new types of data which only pushes the Bitcoin ‘Big Blocker’ narrative of Bitcoin upping its blocksize to incorporate these new types of protocols.
“It appears that for now Ordinals have won the battle and are continuing to be inscribed and transacted onto the Bitcoin network adding weight to @armyofyouth’s claim that they can’t be stopped,” says Mr. Fireside.
Read the full article here: https://hackernoon.com/bitcoins-new-frontier-ordi
For more information, please visit:
X: https://twitter.com/Mr_Fireside
Mr. Fireside’s blog Hackernoon: https://hackernoon.com/u/mrfireside
Media Contact
Company Name: Mr. Fireside
Email: Send Email
Country: Australia
Website: http://mrfireside.medium.com/