The total amount of commissions paid through the Ordinals protocol has surpassed 6,000 Bitcoins (BTC), equivalent to over $257 million currently, according to data from Dune.

With more than 59 million inscriptions, the average fee per serial inscription stands at 0.0001 BTC, approximately $4.37.

Bitcoin’s ordinal system enables the unique identification and ordering of each Satoshi, making it possible to create non-fungible tokens (NFTs) within the Bitcoin network.

Despite the excitement around Ordinals, concerns have been raised about its impact on the Bitcoin network. In December 2023, the U.S. National Vulnerability Database (NVD) highlighted potential cybersecurity risks associated with inscriptions minted through the Ordinals protocol.

Some developers, including Luke Dashjr, have criticized the use of BRC-20 tokens, which exploit vulnerabilities in the Bitcoin network’s code, leading to congestion and potential disruptions.

As a response to these challenges, the Bitcoin network is planning updates to address issues related to BRC-20 tokens and Bitcoin-based NFTs.

For more news and updates on the latest in the world of cryptocurrencies, visit Global Crypto News.

Post Views: 6