Bitcoin Ordinals Creator Resigns Amidst Project’s Monumental Milestone of 10 Million Inscriptions

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The number of Ordinals inscriptions on the Bitcoin network has exceeded 10 million, just days after its creator stepped down as its custodian.

A Significant Milestone

In a monumental milestone for the world of cryptocurrency, Bitcoin Ordinals, a groundbreaking blockchain technology, has reached over 10 million inscriptions.

This achievement comes at a significant moment as the creator of Bitcoin Ordinals, renowned developer Casey Rodarmor, has decided to step down from his position, leaving behind a remarkable legacy and a thriving digital ecosystem.

Despite the relatively stable price of bitcoin (BTC) in recent weeks, there has been a remarkable surge in popularity for Bitcoin Ordinals.

The Ordinals are also known as BRC-20 non-fungible tokens and are stored on the Bitcoin blockchain.

The demand for Bitcoin Ordinals has experienced a significant increase recently and has become a major factor contributing to the gas fees on the Bitcoin blockchain.

The total count of ordinal inscriptions on the Bitcoin blockchain has now surpassed 10 million, marking a substantial milestone.

Casey Rodarmor introduced the Ordinals protocol in January 2023. This protocol enables embedding digital content, such as artwork, into the Bitcoin blockchain.

Unlike non-fungible tokens (NFTs) on Ethereum and other blockchains, Rodarmor intended to establish an unchangeable presence of art, text, or videos directly on the blockchain.

On December 14, 2022, Rodarmor inscribed a pixel art image of a skull as the genesis ordinal.

In light of the remarkable growth of the NFT sector utilizing Ethereum’s ERC-721 standard in 2021, Rodarmor, who possessed programming and artistic skills, recognized an opportunity to create a similar yet distinct experience on the Bitcoin blockchain.

To accomplish this, he devised Bitcoin ordinals, drawing inspiration from ordinal theory, and subsequently implemented it throughout 2022.

Initially, Ordinals served as a means to embed data within the witness section of Bitcoin transactions. They were engraved onto Satoshis, the smallest divisible units of BTC.

However, the introduction of the BRC-20 token standard in March 2023 drastically increased the number of Ordinal inscriptions.

The BRC-20 token standard is an experimental fungible standard developed exclusively for the Bitcoin blockchain.

An anonymous on-chain analyst and developer known as “Domo” introduced this new token standard, enabling users to mint new tokens for the first time in Bitcoin’s history.

The BRC-20 tokens gained substantial traction, and within the initial week, a few hundred tokens were minted. Currently, the total number of tokens has surged to 25,000.

Casey Rodarmor Steps Down as Lead Maintainer

However, amidst this success, Casey Rodarmor, the visionary behind Bitcoin Ordinals, made an announcement on May 28 stating that he would be relinquishing his position as the project’s main caretaker.

Casey explained on Twitter that his decision stems from his inability to devote the necessary time and focus that Ordinals truly require.

Nonetheless, he has entrusted the responsibility to a new leader, who operates under a pseudonymous identity as Coder Raphjaph.

His announcement was met with many well-wishers who showed appreciation for his achievements.

Danny Huuep, the creator of OnChainMonkey, a digital NFT collection, replied to Casey, thanking him for his contributions to Bitcoin and kicking off the Ordinals movement.

He also congratulated Raph on his new role.

Another Twitter user, StacksParrot project lead eliherf-Brett Herskope, expressed his gratitude. He also stated that he is certain Casey has been inscribed.

The departure of a project’s creator can often lead to uncertainty and doubt, but the Bitcoin Ordinals community remains confident in the technology’s resilience.

The platform’s solid foundation and the passion of its community provide a strong basis for future success.

Moreover, the milestone of 10 million inscriptions serves as a testament to the trust and belief that numerous individuals and organizations have placed in the Ordinals.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.