Thirteen years after purchasing pizza with Bitcoin (BTC) for the first time in the world, the groundbreaking cryptocurrency network is facing a new wave of disruption due to the emergence of Ordinals, a recently launched protocol that allows digital content such as art, i.e
Thirteen years after purchasing pizza with Bitcoin (BTC) for the first time in the world, the groundbreaking cryptocurrency network is facing a new wave of disruption due to the emergence of Ordinals, a recently launched protocol that allows digital content such as art, i.e. irreplaceable tokens, to be added to Bitcoin. Blockchain.
Since January 2023, the main online line of Bitcoin, OrdinalNFT, has seen a significant increase in network traffic and transaction costs, which has sparked attention to issues related to Bitcoin.
The Bitcoin memory mining pool is a "reserved area" for incoming transactions on the network, containing over 286000 pending transactions at the time of writing. Although this number is lower than the peak of 400000 frozen transactions at the beginning of the month, it is still at a historical high.
Last week, during an interview with Cointelgraph's Joe Hall as a Bitcoin builder, TrustMachines CEO MunibAli explained how the hype of OrdinalsNFT supports Bitcoin to attract more developers and capital to use Layer 2 solutions.
Bitcoin is the biggest asset. We need the best developers, the best scientists, and efforts to research second-line Bitcoin, "Ali said. He believes that the significant increase in fees provides clear evidence for developers and investors, indicating a demand for the second layer agreement of Bitcoin.
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The goal of Layer2 solution is to improve the scalability, privacy, and other features of Layer1 blockchain (such as Bitcoin network). Alibaba's TrustMachines is a layer independent ecosystem suitable for Bitcoin applications built on various layers of the Bitcoin network.
The total number of transactions on the Bitcoin blockchain in the past 12 months. Source: Blockchain.com
Alibaba claims that BTC network still has an untapped market potential of $500 billion, referring to BTC's current market value of $521 billion. The number of products, users, and bitcoins sent through the Lightning Network (LN), a layer 2 payment solution built on top of its blockchain, skyrocketed in 2023. Ali explained that despite the large number, the Bitcoin field continues to compete for developers and there is no physical entity to "play this game".
According to the CEO, Bitcoin is "very respectable" and this advantage may still hinder the development of a strong developer ecosystem. There is no marketing department, no funds, no incentives. That's why it is decentralized at the grassroots and most decentralized places
Raising the cost of Bitcoin may attract more developers, but it will not unleash its global potential unless Layer 2 solutions gain traction as a type of venture capitalist, Alibaba defended. If overall, Bitcoin Tier2 is a very eye-catching category and there is better education to explain why it is interesting, it is also a narrative. I believe communities can have a very broad influence and have many Bitcoin supporters
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