S.S. Nakamoto Ticket #23 (full res)
Greetings, digital pioneers! This is your Captain from S.S. Nakamoto, cordially inviting you on board to embark on Ordinal-Drop.com's daily voyage through the latest news and developments. We are set to explore the vast cosmos of Ordinal Theory and Bitcoin-enriched layer 2 protocols, with our compass set towards the newest discoveries, updates, and gems in the realm of Bitcoin Blockchain NFTs and tokens. So, brace yourself for an exhilarating journey as we propel through the intergalactic sphere of advanced technology and novelty.
Today's date is January 1, 2024, and we are starting the year off with some impressive stats from the world of Bitcoin Ordinals. The current price of Bitcoin is holding steady at $42,818.1739, reflecting the strong market confidence in the leading cryptocurrency. The latest Bitcoin block height is 823896, and the current block reward subsidy stands at 6.25 BTC. With an estimated 112 days left until the next BTC reward halving, the stakes are high for miners.
Meanwhile, the Bitcoin network is bustling with activity. The priority TX fee is at a very high level of 104 sats/vbyte. There is a backlog of 351,676 unconfirmed mempool transactions, reflecting the intense demand for block space. Bitcoin Ordinals continue to make waves, with the last ordinal inscription being #52758016.
In the booming BRC-20 token market, 487 tokens have been minted so far. The total market cap of BRC-20 tokens is an astounding $1,701,520,450,885.00, with a 24-hour volume of $133,607,696,563.00. This goes to show the incredible popularity and adoption of these Bitcoin-based NFTs.
As we embark on 2024, we'll keep a close eye on these figures and the ever-evolving Bitcoin and NFT landscape. Stay tuned for more updates and insights. Until next time, this is your captain from the S.S. Nakamoto, signing off.
Bitcoin Ordinals, the groundbreaking Bitcoin-based NFT protocol, continues to evolve and make waves in the crypto industry. Recently, the creator of Bitcoin Ordinals has proposed a new fungible token system as an alternative to the BRC-20 token. This development is aimed at overcoming the limitations of BRC-20, such as high transaction fees and complexity. The proposed system is expected to enhance scalability and efficiency, which shows a commitment to continuous improvement in the blockchain and cryptocurrency ecosystem.
In another exciting development, Casey Rodarmor, the creator of Ordinals, has introduced a new fungible token protocol for Bitcoin known as 'Runes'. The protocol leverages Bitcoin's unique properties and uses Ordinal Inscriptions' JSON data to deploy token contracts, mint tokens, and manage their transfer. This innovation could potentially rival Ethereum's dominance in the token creation space, given Bitcoin's wider recognition and established security features.
The introduction of BRC-20, a new protocol that allows for the creation of tokens on the Bitcoin network, has been another significant step forward for the Bitcoin and NFT communities. The BRC-20 protocol uses Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens, making it one of the most popular applications of Ordinal technology.
However, the rise of Bitcoin Ordinals has also brought some challenges. For instance, the surge in demand for Bitcoin Ordinals is causing a dilemma for miners who now have to choose between the usual transaction fees or the much higher fees associated with Ordinal Inscriptions. This situation has led to a significant increase in Bitcoin network fees.
Furthermore, the increased congestion in Bitcoin's mempool due to the rise of Bitcoin Ordinals and Inscriptions has reignited the need for solutions to manage the increasing demand without compromising speed and efficiency.
Despite these challenges, the impact of Bitcoin Ordinals on the crypto industry is undeniable. The protocol has introduced a new way for miners to earn, provided a real use case for Bitcoin Ordinals, and demonstrated the potential of Bitcoin beyond its original function.
As the NFT market continues to evolve and grow, it is critical to address these challenges to ensure the longevity and success of Bitcoin Ordinals. Here at Ordinal-Drop.com, we'll continue to provide you with the latest news and developments in the crypto and NFT space. Keep exploring with us aboard the S.S. Nakamoto!
Sources:
- https://blockchain.info
- https://mempool.space
- https://www.ordinalhub.com/
- https://brc-20.io/
- Bitcoin Ordinals Creator Suggests New Fungible Token System as Alternative to BRC-20
- Ordinals Creator Casey Rodarmor Introduces Runes, New Fungible Token Protocol for Bitcoin
- Bitcoin Ordinal Creator Releases New Bitcoin Token Protocol
- Bitcoin Ordinals Boosting Miner Revenue, But Halving Will Hurt
- Bitcoin Ordinals havent wrestled blockspace from money TXs: Glassnode
- BTC Ordinals Craze Puts Miners in Dilemma: Glassnode
- Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative Runes
- Bitcoin Ordinals Creator Announces New Fungible Token Protocol 'Runes'
- Bitcoin Ordinals Inventor Proposes Rune Token Protocol as Alternative to BRC-20
- Inscription Craze Leaves Thousands of Bitcoin Transactions Unconfirmed
As we guide the S.S Nakamoto back to its spaceport, we sincerely appreciate your presence on this daily interstellar expedition through the captivating cosmos of Ordinal Theory and BTC-centric L2/token protocols. Remember, the power to create your very own Ordinal NFTs is in your hands with our state-of-the-art Inscriber tool at Ordinal-Drop.com. To be in sync with the most recent updates and progress, make sure to be a part of our vibrant Discord community and keep tabs on us via Twitter. Until our next celestial adventure, this is the Captain of the S.S Nakamoto, over and out.
Tonight's Portside view