Researchers at Binance say that ordinals could lead to a massive overhaul of the Bitcoin (BTC) ecosystem in the coming years.
Bitcoin ordinals allow users to inscribe digital data such as images and videos to a single satoshi, or an individual unit of BTC, to create the equivalent of non-fungible tokens (NFTs) on the crypto king’s network.
Since their popularization, ordinals have dominated the fee economy on the Bitcoin blockchain.
In a new report, Binance Research says ordinals are driving new developer communities into Bitcoin and bringing new life to an ecosystem that has previously faced uncertainty as to where future miner revenue will come from.
“The impact of inscriptions and BRC-20s on the Bitcoin network has been notable… Bitcoin’s mempool transaction count significantly exceeded