Binance Research: Exploring the Evolution of Bitcoin | Binance Blog

In this blog series, we summarize our research team’s findings, inviting you to dive deeper into the original reports.

Some of the recent innovations could potentially offer some resolution to these concerns, as demonstrated by Bitcoin’s on-chain metrics. Today, we will explore this next phase in the evolution of Bitcoin. We will discuss the current state of the Bitcoin ecosystem, including on-chain metrics and technical upgrades, as well as ordinals and inscriptions. Note that this article has been adapted from a Binance Research report published on April 1, 2023. As such, numbers and data beyond this date are not covered in this blog.

Bitcoin’s annual security budget is currently largely composed of block rewards that are halved every four years and will eventually reach zeroIn January this year, the Ordinals protocol went live. Ordinals enable arbitrary data to be inscribed on the Bitcoin blockchain, creating “inscriptions,” which are digital artifacts similar to NFTs.

Ordinal theory ascribes a unique identifier to every sat on Bitcoin. Furthermore, each individual sat can be “inscribed” with arbitrary content to create an “inscription,” i.e., a Bitcoin-native digital artifact that could be considered an NFT. The first inscription was minted on December 14, 2022, and the total number of inscriptions has since surpassed 12M.

The more active full nodes, the more decentralized the network becomes. While this might be a one-time bump, the upward move is generally positive for the Bitcoin network as a whole.Source: bitnodes.io, Binance Research since the launch of ordinals has been notable. Bitcoin wallets have been quick to add support for ordinals, and we have seen the release of numerous ordinal-related products.

Source: Digital Coin News (digitalcoinnews.net)

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