Today I will talk about a topic which I believe has not been addressed in this Inleo community, and that is that I have been closely following recent developments in the cryptocurrency space, and one of the most interesting topics that has caught my attention is the emergence of Ordinals in the Bitcoin network, it is a very interesting topic to analyze and I hope you will stay until the end of this article.
Table of contents for this article:
♦ What are Ordinals?
♦ Who is Casey Rodarmor?
♦ The Revaluation of Token Sats
♦ Interesting Points to Keep in Mind
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What are Ordinals?
First and as I always do in my articles, let's start with the main topic to then be able to understand the other points.
Ordinals are a revolutionary concept that has come to the Bitcoin network to stay, and it has been a resounding success since its launch in late January 2023. You could say that they are BTC "NFTs" are born thanks to the Ordinal Protocol, this is an open source protocol created by Casey Rodarmor. The new Ordinals protocol allows people operating Bitcoin nodes to enroll each satoshi with data, thus creating something called Ordinal. That Bitcoin-enrolled data can include smart contracts, which in turn enable NFTs, and this is something we don't see on the Bitcoin mainnet.
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Who is Casey Rodarmor?
But something interesting that I can not overlook is the name of Casey Rodarmor, because this guy is a Software Engineer, with a lot of experience and for a long time has been actively participating as a Cryptocurrency enthusiast, he even worked with the Google company during the year 2010, but now he is working with his new project Ordinals.
It is interesting to see that this guy after trying for so long, and wanting to figure strongly in the crypto community, is now doing it with this Ordinals, I do not know if this is useful for you but according to me it is something interesting to talk about, because I rarely talk about the creators of a project, but this occasion is special so to speak.
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The Revaluation of Token Sats
In this of the Ordinals, we can already find a large list of tokens as some of them are:
♦ ORDI
♦ PEPE
♦ PUNK
♦ MEME
♦ BRUH
♦ GOLD
♦ BAYC
And many more, but one of them stands out among all, and it is a token called SATS, as it has more than 41,000 Holders, making it the token with the most Holders of all the Ordinals tokens.
The Sats token, has experienced significant appreciation. According to CoinGecko, the price of SATS (Ordinals) today is $0.000000198081 with a 24-hour trading volume of $17,361,696 at the time of this writing, which represents a price increase of 4.9% in the last 24 hours and a price increase of 74.3% in the last 7 days.
And if we talk about the last 30 days, the total increase is 854%, then it is time for you to make your analysis if it is good or not good to buy this token taking into account its characteristics, it would be good to know your opinion.
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Interesting Points to Keep in Mind
Polarization of the Bitcoin Community: Not everyone in the Bitcoin community is happy with Ordinals. Refiners in the ecosystem have positioned themselves strongly against Bitcoin NFTs. However, this has not stopped Ordinals from going viral in recent weeks, this is also part of the fomo, but I really see it as interesting by my standards.
Barriers to Entry: Most people still don't know how to buy or create Ordinals. This means that there are many potential opportunities, but it also implies higher risks of loss as not everyone is informed on how to buy them, and if you are interested in this, it would be good to know it and dedicate a new article to explain the process.
They favor the Traceability of the Operations: An ordinal is an NFT with an identifier that numerically represents the location of a set of transferred satoshis. And here we begin to see some of the reasons why part of the community does not like ordinals: they favor transaction tracking.
Although it has its pros, and cons, I see it as something solid and with a lot of potential to show yet, but so far I leave my article today, and before I say goodbye I thank you for reaching the end of this publication, I hope you have a great day and remember to leave your comment with your personal opinion on this topic.
See you guys and girls of the crypto world....
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The character used to edit the cover of this article was created with the Bing tool.
English is not my native language, so I have used Hive Translator.
Posted Using InLeo Alpha
