During a recent Ask Me Anything (AMA) session on YouTube, Charles Hoskinson, the founder of Cardano, shared his insights and opinions on the topic of Bitcoin Ordinals, which is a recent innovation on the Bitcoin blockchain.
Hoskinson shared his perspective that the Cardano ecosystem would provide a more appropriate environment for Bitcoin Ordinals, underscoring the network’s advanced infrastructure and capabilities. He emphasized Cardano’s ecosystem’s robustness as a compelling advantage for accommodating Bitcoin Ordinals.
“Thoughts on Ordinals? Outside of them lifting something from Math, they should migrate to Cardano. We have a much better ecosystem,” the IOHK Chief stated.
Hoskinson believes that Cardano, with its advanced technological framework and emphasis on scalability, presents a more comprehensive solution to meet the increased data needs associated with Bitcoin Ordinals effectively.
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More Insight on How Bitcoin Ordinals Work
Bitcoin Ordinals introduces an innovative system that includes distinct labels and supplementary data onto individual satoshis, the smallest units of Bitcoin (BTC). These labels and data are stored on the Bitcoin blockchain as non-fungible tokens (NFTs). By incorporating digital content like images, videos, or text, Bitcoin Ordinals enables the inscription of such content into the tiniest denomination of BTC.
By employing Bitcoin Ordinals, the movement of each satoshi in the digital realm can be traced and distinguished. Unlike traditional transactions, this novel approach includes diverse data types within Bitcoin Ordinals, ranging from text and images to encoded messages. All of this information is directly embedded within the Bitcoin blockchain itself.
According to a report in February, the implementation of Ordinals caused significant congestion on the Bitcoin blockchain, resulting in the mining of an unconventional block size of 4MB. Numerous proponents have voiced opposition to the Ordinals project, emphasizing that it occupies valuable block space and leads to increased transaction fees.
Hoskinson’s suggestion to incorporate Bitcoin Ordinals into Cardano’s ecosystem reflects a dedication to progressing the development of blockchain technology. His endorsement carries substantial influence within the cryptocurrency community, given Cardano’s renowned reputation for innovation and scalability.