What is bitcoin ordinals?

A comprehensive guide to Bitcoin Ordinals, the new Bitcoin-based NFT that is causing controversy among the BTC maximalist community. Summary: Bitcoin Ordinals are a new type of non-fungible token (NFT) technology that allows for the creation of unique and verifiable digital assets on the Bitcoin blockchain.

How are ordinals gaining traction in the crypto space?

With the Ordinals inscription process and advancements in the Bitcoin network, such as the SegWit and Taproot upgrades, Ordinals are gaining traction in the crypto space. As interest in Bitcoin NFTs grows, developers are working on user-friendly solutions for creating and managing Ordinals.

What is a layer 1 crypto protocol?

Most other layer 1 crypto protocols – meaning base-layer blockchains with their own native tokens – are based on a proof-of-stake consensus mechanism, including Ethereum.