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Bitcoin Ordinals registrations have increased tremendously in the past few days. The latter was most likely caused by the release of BRC-20 tokens that bring smart contracts to the Bitcoin blockchain.
As a reminder, Ordinals are a way of recording data on Bitcoin Satoshis. They are a derivative of NFTs, except that they are stored directly in the blocks of the blockchain and do not require fees and cannot be updated. But then, what is the relationship between Ordinals and BRC-20 signals?
BRC-20 Ordinals use Bitcoin as backing
Bitcoin Odinals registrations increased to 60,000 on April 2nd, up more than 80% from the March 9 peak. This recorded approximately 31,700 registrations.
And this increase actually comes from a new creation that uses Bitcoin Ordinals to work. These are BRC-20 tokens, which will be the supporting currency for smart contracts on the Bitcoin blockchain, as well as ERC-20 tokens on Ethereum. A small revolution that could boost the creation of new dApps on the blockchain.
And good news for Bitcoin Ordinals, BRC-20 tokens use them to deploy voucher contracts, mining or transfers. Support made possible by the non-mungible nature of Ordinals making them immutable and therefore reliable for a smart contract process.
Yes. The spike was mainly due to the increase in interest around BRC-20.
— Leonidas.og (@LeonidasNFT) April 2, 2023
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BRC-20 tokens and Bitcoin Ordinals: a complementary alliance made possible with new tools
It looks like the relationship between the BRC-20 protocol and Ordinals inscriptions is here to stay! The peak of this April 2nd was the appearance of new tools. They are used to allow BRC-20s to interact with Bitcoin Ordinals.
There was a lot of excitement about BRC-20 when it launched a month ago, but eventually the hype died down. During the lull, the developers built tools to make it easier to interact with BRC-20 and now we see the growing interest. I’ve said it before and I’ll say it again, user experience is important!
These famous instruments are called “pepe”, “computer” and “punk”. and currently have a market cap of $2.5 million, $2.1 million, and $900,000.
Now BRC-20 can be bought and sold in the same way as Ethereum ERC-20 tokens. According to Galaxy Digital, Bitcoin Ordinal Numbers Could Reach $4.5 Billion in 2025 against the current value of 10 million dollars.
If some members of the public are still reluctant towards the Ordinances, it seems that the train is already moving. This ambient dynamism could have a positive effect on the price of Bitcoin. longterm. Go to our dedicated page if you want to buy BTC.
Source: Dunne Twitter AnalyticsDigital Galaxy,
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