- Bitcoin has already received the Ordinal Inscription Upgrade last year
- With the recent upgrade, both the proof-of-work networks are now ‘NFT enabled’
Amidst a number of upgrades across various projects within the crypto industry, Litecoin (LTC) also witnessed an upgrade. The discussion of the recent update on the second ever crypto network is spreading like wildfire given it came as a surprise for many. Supporters of the cryptocurrency network would have found it quite relaxing as Ordinal inscriptions are on Litecoin.
Prominent Australian software engineer Anthony Guererra posted a repository on GitHub. This led to the fork of Bitcoin (BTC) network’s Ordinal protocol to Litecoin (LTC). The upgrade is no different from previous year’s upgrade on Bitcoin which enabled non fungible tokens like assets on of the first cryptocurrency network.
Guererra stated that a pseudonymous Twitter user Indigo Nakamoto’s challenge while offering 5 LTC tokens to create a Litecoin Ordinal fork. However, after avoiding the initial offer, he eventually got on with it when the offer reached up to 22 LTC tokens, or about 2000 USD.
The software developer found it no big deal to create it as he said that he knew because of Taproot and SegWit already on the network, it was possible. Both of them are Bitcoin protocol updates intended to enhance privacy and make the network more efficient. In addition, these upgrades ended up enabling the network to allow attaching of inscription, NFTs like structure, on the network.
While differentiating between both the networks, Guerrera explained the cost of inscribing an image over the Bitcoin network could reach up to tens of dollars. However, the Litecoin network’s inscription would only be costing about two cents.
In addition, he raised the concerns of several Bitcoin proponents about space taken up over the network by the Ordinals given the size of data is generally more than the transactions over it. However, the similar case will not be with Litecoin given the block size, according to Guerrera.
In his February 18 Tweet, Guerrera also stated the first first Ordinal on the Litecoin blockchain has been inscribed and the mimblewimble whitepaper will be there over the network forever.
Following the release of the codebase, Gurerre shared Litecoin’s first Ordinal inscription on Twitter. Since then the Ordinals were growing rapidly and by the time of writing they reached up to 13,211 Ordinals over the Litecoin blockchain network in total.
Over the social media platforms, there are so many people coming up with their own Litecoin Ordinal inscriptions. This way they also seek to promote their digital asset collections over the network.
As far as the Ordinal inscriptions of the Bitcoin network is concerned, it crossed over 160,000 OOrdnias by now. This clearly indicates tremendous growth. People also come up with the different implications of these Ordinals like creating minting tools. Without using a full node for base, such tools could issue Ordnical inscriptions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
