Michael Saylor, the co-founder and ex-CEO of software company MicroStrategy, is busy researching the Ordinals protocol on Bitcoin (BTC). The American announced the news during an interview in Miami during the Bitcoin 2023 conference. Michael Saylor is known for his enthusiasm for the largest crypto project by market capitalization. With his company, the American bought a total of 140,000 BTC. Saylor is now looking at other applications for Bitcoin and came across Ordinals.
What can Ordinals mean for Bitcoin?
The Ordinals protocol does something special. The CEO of Web 3.0 company Hiro, Alex Miller, even had this to say: “What the team has come up with with Ordinals is genius. It gets to the heart of the Bitcoin ethos as they have basically taken different things and put them together in a way the original creators never foreseen or expected.” By assigning unique serial numbers to individual satoshis, the smallest units of Bitcoin non fungible tokens (NFTs) possible. The underlying technology, also known as inscription, works differently than NFTs smart contracts platforms like Ethereum (ETH).
According to Saylor, the Ordinals applications can provide unique opportunities for businesses and governments to increase BTC adoption. He believes that it is possible to record other information in the Bitcoin blockchain in addition to transaction data. By recording digital signatures or other important documents on the blockchain, a world of possibilities can open up.
Will Ordinals live up to the hype?
We recently saw the impact of the Ordinals protocol on the entire crypto community. In addition to NFTs, BRC-20 tokens have recently become possible, which caused a craze resulting in high transaction costs. Most BRC-20 tokens were meme coins such as Pepe (PEPE). The discussion about this new protocol has divided the community. While BTC purists believe the project should remain digital gold, others see the potential to add more functionality to the Bitcoin network. With the problems of high transaction costs in mind, time will tell.
