- Ordinals is attracting top talent from across the Web3, including ETH developers, to build on the bitcoin network.
- OrdinalSafe, a wallet designed for bitcoin ordinals, emerged second at the Bitcoin 2023 pitch day event.
- The great ordinal debate takes center stage as some BTC maxi continue to oppose the development of ordinals, citing security concerns.
The buzz about bitcoin ordinals continues to grow, with inscriptions exceeding 9 million barely six months after its launch, attracting the attention of top investors.
Bitcoin Conference 2023, held last week in Miami, left a memorable experience and introduced investors to new products around the bitcoin network. Notable attendees include Ethereum developers who have been sticking to bitcoin for ordinances in recent weeks.
Developers attracted by the wave of experimentation and innovation participated in an infrastructure pitch class with Ordinal Safe, a wallet built for Ordinals that emerged second. Asad Yusuf Ateeq CEO of Ordinal Safe hailed the remarkable event as a boost for young developers.
,You’re at that stage for the first time, and you’re trying to sell your product vision to other people, so you want to do a good job. I was nervous, but it was great to be on stage for the award. He added.
The 22-year-old developer first broke onto the scene in 2020 after his team created Proof of Innocence Protocol. The product was built for Ethereum’s coin mixer Tornado Cash and helps users prove they didn’t use approved addresses to conduct transactions.
Atiq explained that he learned about Ordinals on Twitter in February and was attracted to the buzz around it with other Ethereum developers.
“Even though we come from an Ethereum background, it feels like home,” Atiq said. “If you’re developing on bitcoin, you’re part of the community, right?”
The bitcoin ordinals have come with positives for the network, but have also sparked controversy in community spaces. The ordinals also led to network congestion, which increased transaction fees, igniting bulls in anticipation of BTC temporarily pushing above $28,000.
The ordinals pushed bitcoin’s daily transaction volume to an all-time high of 3 million writes, causing mempool congestion. Transaction fees became so high that users were forced to “premium” On this. The situation became more complicated with the world’s leading digital asset exchange Binance blocking BTC withdrawals due to the surge in transactions.
Currently, the majority of BTC loyalists have supported the ordinals despite dissenting voices claiming it poses a security threat to the network. MicroStrategy’s Michael Saylor expressed his support for Ordinals, noting the role it has played in mass adoption of the asset.