Kofi Mensah On June 20, 2023, at approximately 9 p.m. Eastern Time, the number of Ordinal inscriptions minted on the Bitcoin blockchain exceeded a remarkable milestone of 13 million. It is noteworthy that this achievement came just five days after reaching 12 million, signifying a sustained and undiminished demand for these inscriptions. Furthermore, recent advancements in the Ordinal inscription technology have introduced a higher level of interconnectedness among these inscriptions, revolutionizing their potential.
Unprecedented Surge in Demand as Ordinal Inscriptions on Bitcoin Blockchain Cross the 13 Million Mark
Despite recent criticism, Ordinal inscriptions continue to play a significant role. As of this week, an unprecedented 13 million inscriptions have been added to the Bitcoin blockchain, and the growth trend shows no signs of deceleration. The current count stands at 13,059,248 ordinal inscriptions on the chain, with miners having earned 1,756 BTC, valued at $50.44 million, in fees from this inscription trend.
Moreover, these ordinal inscriptions have made substantial contributions to the BRC20 economy, which is currently valued at $153.63 million, as reported by brc-20.io. Approximately 34,551 BRC20 tokens are listed, with the token ordi (ORDI) boasting the largest market capitalization of $141.81 million. Consequently, the ORDI market represents over 92% of the total BRC20 market share. However, the past month has seen a significant decline in the value of the BRC20 token economy, which has plummeted from nearly half a billion dollars.
‘Unlocking Powerful Use Cases’ with the Recursive Inscription Upgrade
In addition to surpassing the 13 million mark, ordinal inscriptions have sparked discussions among enthusiasts regarding the recent introduction of a groundbreaking feature called recursive inscriptions to the Ordinals Protocol. This upgrade enhances the efficiency of inscriptions by enabling interconnectedness among them. Leonidas, the operator of Ord.io and host of The Ordinals Show, clarified that prior to the inclusion of recursive inscriptions, ordinal inscriptions were “self-contained and unaware of the other files that had been inscribed.”
Through recursive inscriptions, files now possess the ability to access the content of other inscriptions using a designated syntax. Leonidas elaborated on the upgrade, emphasizing its potential applications, such as inscribing art collection traits for programmatically rendering images or storing code packages. Moreover, this technology surpasses the existing 4-megabyte (MB) limit, allowing for larger data storage within BTC blocks. Leonidas stated, “This would enable powerful use cases that were previously limited by the 4 MB constraint. In essence, even complex software can now be compiled and fully deployed on the Bitcoin blockchain.”
The pseudonymous software developer further added:
“Now it becomes feasible to create a complex 3D video game entirely on the Bitcoin blockchain.”
Despite the criticism surrounding the technology, Ordinal inscriptions on Bitcoin have garnered significant attention, prompting inscription advancements on Litecoin, Dogecoin, and Ethereum. Furthermore, Bitcoin has emerged as the second-largest blockchain for non-fungible token (NFT) sales, a position it has maintained for nearly two months. Consequently, individuals are now exploring the possibilities of recursive inscriptions, with Leonidas incorporating this feature into the Ord.io marketplace.
We invite you to share your thoughts and opinions on the demand for Ordinal inscriptions, the BRC20 economy, and the new recursive inscription technology in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about inscriptions
What is the significance of the 13 million milestone for Ordinal inscriptions on the Bitcoin blockchain?
The 13 million milestone indicates a high demand for Ordinal inscriptions, as it was reached just five days after the 12 million mark. This demonstrates a persistent and growing interest in these inscriptions.
What is the current count of Ordinal inscriptions on the Bitcoin blockchain?
As of now, there are 13,059,248 ordinal inscriptions on the Bitcoin blockchain.
How much have miners earned in fees from the Ordinal inscription trend?
Miners have earned 1,756 BTC, valued at $50.44 million, in fees from the Ordinal inscription trend.
What is the value of the BRC20 economy and the largest market capitalization token?
The BRC20 economy is currently valued at $153.63 million. The token “ordi” (ORDI) holds the largest market capitalization at $141.81 million.
What is the recursive inscription upgrade in the Ordinals Protocol?
The recursive inscription upgrade enhances the efficiency of inscriptions by allowing interconnectedness among them. It enables files to access content from other inscriptions and surpasses the 4-megabyte limit for larger data storage within BTC blocks.
How does the recursive inscription upgrade benefit the Bitcoin blockchain?
The recursive inscription upgrade unlocks powerful use cases, such as inscribing art collection traits or storing code packages. It also enables more complex software deployment on the Bitcoin blockchain, expanding its capabilities beyond the previous constraints.
What impact has Ordinal inscriptions had on other cryptocurrencies?
Ordinal inscriptions have stimulated inscription advancements on Litecoin, Dogecoin, and Ethereum. They have also contributed to Bitcoin’s position as the second-largest blockchain for non-fungible token (NFT) sales.
How are individuals exploring the possibilities of recursive inscriptions?
Enthusiasts, including Leonidas, the operator of Ord.io, are incorporating the recursive inscription feature into marketplaces like Ord.io, exploring new applications and opportunities within the blockchain ecosystem.
More about inscriptions
- Bitcoin Blockchain: Learn more about the Bitcoin blockchain
- BRC20 Economy: Explore the BRC20 token economy
- Ordinals Protocol: Discover the Ordinals Protocol
- Non-Fungible Tokens (NFTs): Understand Non-Fungible Tokens
- Ord.io Marketplace: Visit the Ord.io marketplace
- Litecoin: Learn more about Litecoin cryptocurrency
- Dogecoin: Discover Dogecoin cryptocurrency
- Ethereum: Explore the Ethereum blockchain
