• Bitcoin Ordinals daily inscriptions surge due to ‘BRC-20 tokens’
• The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens and transfer tokens.
• New tools used to interact with BRC-20 tokens have led to an all-time high of 58,179 Ordinals inscribed on April 2.
Bitcoin Network Records All-Time High Inscriptions
The Bitcoin (BTC) network has recorded an all-time high in the number of ordinals inscribed on it due to the recently launched “token standard” for the blockchain. On April 2nd, 58,179 ordinals were inscribed – smashing the previous record of 31,692 set on March 9th by 83.5%. This surge is attributed to the creation of “Bitcoin Request for Comment” (BRC-20) tokens on the Ordinals protocol by a pseudonymous on-chain analyst named Domo in early March.
What Are BRC-20 Tokens?
Ordinals are nonfungible token (NFT)-like “digital artifacts” which carry data in form of text, JPEG images, PDFs, video and audio formats on the Bitcoin network. The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens and transfer tokens – similar Ethereum’s ERC-20 token standard. Taproot soft fork enabled this feature which took effect on Nov 14 2021.
Tools For Easier Interaction With BRC-20 Tokens
New tools have been launched in recent days that make interacting with BRC-20 much easier than before leading to an increase in interest and hence an all time high inscription count of 55000+ text based ordinals many represented by BRC 20 tokens according to Leonidis who hosts a podcast dedicated solely dedicated to ordinlas . Tools such as Ord.io , Unisat wallet and brc 20 io etc are some of these new tools . According tot brc 20 io 1 600 tokens have been created since its inception .
Impact Of UX On Token Adoption
Leonidis explains that increase in usage came because developers built better user experience around these tools making them easier and more intuitive for users . He said “UX matters” echoing sentiments shared by other people who believe that user experience plays a major role in adoption of any technology or product .
The launch of new tools that make it easier for people to interact with BTC’s BCR 20 tpkens have lead ot unprecedented levels og activity odn te btc blockchain with more than 55 000 text based inscriptiobs being recorded today showing how important UX is when launching any product or service