With recent developments, the Bitcoin (BTC) ecosystem is becoming increasingly interesting for developers of other crypto platforms. During the Bitcoin 2023 conference in Miami, it became clear there to be a range of Ethereum (ETH) developers. They were attracted by the rise of the Ordinals protocol on Bitcoin and took a look, looking for new possibilities.
Ethereum developers build Ordinals applications
The OrdinalSafe project, which was present at the conference, is a good example of a project with a team of Ethereum developers. The project is a Bitcoin wallet for Ordinals and won second place in a pitch competition. OrdinalSafe’s CEO, Esad Yusuf Atik, was relieved by the result.
One of Atik’s other projects is Chainway where he is working on it Proof of Innocence (PoI) concept works. The idea is to allow users to prove they are not associated with addresses that have malicious intent. Ethereum co-founder Vitalik Buterin was so excited about the idea that he met the team.
Despite his ETH background, Atik felt at home at the Bitcoin 2023 conference. The OrdinalSafe CEO says:
“Even though we came from an Ethereum background, it felt like home.”
Discussion about Bitcoin Ordinals
Bitcoin fanatics are not all positive about Ordinals yet. This was evident during the heated debate called “The Great Ordinal Debate”. The topic discussed revolved around the adoption of Ordinals within the Bitcoin ecosystem, which spawned a range of conflicting opinions and viewpoints.
At the center of the debate is the controversial argument that Ordinals could pose a threat to Bitcoin’s integrity. Critics claim that the introduction of experimental BRC-20 tokens, which were created using Ordinals, has put a strain on the Bitcoin network and led to an increase in transaction costs.
These tokens, related to the well-known ERC-20 tokens on Ethereum, such as PepeCoin, have come to the fore since their groundbreaking start in March. During a panel discussion, other possibilities were also discussed, such as using Ordinals to decentralized exchanges (DEX) on the Bitcoin network.