Thursday, 20 June 2024

Crypto Mining News

Saylor advocates Ordinals Protocol, eyes global Bitcoin adoption

Saylor advocates Ordinals Protocol, eyes global Bitcoin adoption

Michael Saylor, MicroStrategy CEO, has recently voiced his support for developing the Ordinals protocol as a critical component in scaling the cryptocurrency to a broader audience. Saylor believes that Ordinals inscriptions are crucial for Bitcoin and gave two primary reasons in a video shared by the CEO of Ninja Alerts, Trevor Owens.

Firstly, for Bitcoin to achieve long-term success, miners must succeed. Secondly, to scale Bitcoin to 8 billion people, applications need to be built on layers 2 and 3 to extend their functionality, performance, and scalability. Saylor thinks discouraging application development would make achieving that scale more complex and harm the Bitcoin mining network.

“We need to build applications on layer two and layer three in order to extend the functionality and the performance and the scalability of Bitcoin. So if I were to basically discourage application development, I would be making it harder to scale to 8 billion people, and I would also be destroying the Bitcoin mining network.”

The debate surrounding Bitcoin Ordinals has generated diverse viewpoints within the crypto community, as critics argue the protocol creates inefficiencies while proponents highlight its potential for innovation and adoption.

Saylor, who has established himself as a staunch advocate for Bitcoin,  Saylor’s perspective provides insight into how the future growth of the digital asset may rely on its ability to integrate novel technologies.

Understanding the Ordinals Revolution

The emergence of the Ordinals protocol introduced transformational capabilities for Bitcoin, enabling the inscription of additional metadata on each of the 100,000,000 satoshis in a single Bitcoin. This functionality permits the coding of various forms of media, such as text, images, video, and executable code, further extending the realm of possibilities for Bitcoin. As a result, the Ordinals protocol has sparked substantial interest, as it offers increased versatility that could, in turn, lead to the expansion of Bitcoin’s use cases and user base.

Issues of Scalability and Network Congestion

Despite the potential benefits, critics of the Ordinals protocol have raised concerns regarding its impact on the Bitcoin network, citing increased transaction times and growing chain bloat. In addition, with block sizes increasing substantially following the introduction of Ordinals and more recent BRC-20 tokens, fears of reduced scalability and negative repercussions on the network…

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