Unlike Ethereum and Solana, Ordinals call their NFTs digital artifacts, while others in the Bitcoin space call the digital asset simply inscriptions. Ordinal inscriptions are made possible by a feature introduced by the Bitcoin Taproot update in November 2021 that allows the token of a satoshi to store arbitrary data.Decrypt explains.
Taproot is a technology that aims to improve Bitcoin’s privacy and ability to create complex smart contracts. Taproot’s popularity peaked in February 2023. Almost 10% of transactions processed in Bitcoin use it, reported Cryptonoticias.
This system allows conventional transactions and advanced transactions that take place within the Bitcoin blockchain will be completely indistinguishable in the eyes of data supervisors. At the same time that they allow to improve the security of the network.
So, Taproot adoption went from being used in just 1.3% of all Bitcoin transactions at the end of January, to reaching a peak of 9.75% on February 10, a growth of nearly 1,000%.
Source: Ambito
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