It appears that Bitcoin might actually just found a way to be extremely valuable with the whole Ordi protocol bringing to light the expansive nature of cryptocurrency and blockchain technology, it is only just now that I've come to understand the significance of the lightning network and how bitcoin will continually grow without a compromise of its security layers.
Now, if you're not Frank with the term "Ordi", it is short for "Ordinal", an inscription protocol built atop the Bitcoin blockchain. What Ordinal does is inscribe contents of the denominations of bitcoin, the satoshi, this process makes NFTs possible on bitcoin and at the same time, fungible tokens can be created using this technique. At the time, these tokens are merely tokens and cannot be leveraged as typical ERC-20 tokens can because of the absence of smart contracts on Bitcoin, but it is expected that with time, a whole new financial standard will be deployed on Bitcoin that allows the automation of services atop of the chain within compromising its security given that is Bitcoins' key feature.
BRC-20 Tokens
Not a lot of Bitcoin maxis like the idea of Ordi inscriptions to start with, but this crazy tech might just be the catalyst that saves Bitcoin from being a dead-ass old tech, being involved in Bitcoin has never proved this valuable and it's been about 14 years if I'm not mistaken.
BRC-20 tokens typically share the same security layers as Bitcoin, thus even though most of them are currently just shitcoins, they inherently are just as valuable as the satoshi inscribed to enable them to exist.
DRC-20
Now what the fuck is this? Well, it might interest you to know that the Dogecoin network now has ERC-20-type tokens just after BRC-20 tokens took off on the Bitcoin blockchain.
I can't say I'm surprised this is happening, I mean, open source means the tech can easily be duplicated across diverse platforms and this is exactly what is happening with Dogecoin. Recent coverage on cryptoslate indicates that Dogecoin chain has seen increased transactions volumes and hashrate in the last two days accounting to over 4 million transactions between May 27 and May 28, 2023. That, is definitely a significant amount of transactions for a memecoin chain, the sort of figures would make traditional banking systems some fat cash from fees and quite an in-flow to push into their lending platforms.
The increase surpassed the number of transactions processed by its more storied rivals like Ethereum (ETH) and Bitcoin (BTC). ETH recorded 1.9 million transactions during the reporting period, while BTC saw less than 1 million transactions.
The data shows that the trend has been consistent for the last seven days. Between May 22 and 28, Dogecoin completed over 9 million transactions, while the Ethereum network recorded around 6 million transactions. Bitcoin completed 3.3 million transactions during the same period.
I can only speculate at this point that Litecoin may see similar events, that if it already isn't happening without my knowledge. Where are moving into what may be the crazy building space for tokenization and what we would regularly reference and tokenized assets may see tremendous changes that revolutionize how assets are created and utilized in the ecosystem.
Posted Using LeoFinance Alpha
