Non-fungible tokens (NFTs) on Bitcoin (BTC) have been at the heart of all the discussions – and all the debates – in recent weeks. And the Ordinals protocol has now launched on Litecoin (LTC). Should we expect a launch on other major blockchains that use proof of work?
Ordinals brings NFTs to Litecoin
In the middle of the month, an anonymous Twitter user, Indigo Nakamoto, issued a challenge to the crypto community: he offered 5 LTC (around $480 at the current price) to anyone who managed to launch Ordinals, Bitcoin’s NFT protocol, on Litecoin . The reward was later raised to 22 LTC ($2110).
5 $LTC to whoever ports this to #Litecoin #Bitcoin #Ordinals https://t.co/7X4JfMzq97
— Indigo | Nakamotoist (@indigo_nakamoto) February 11, 2023
Developer Anthony Guerrera has responded, and he launched last Sunday Ordinals on Litecoin. The first of the NFTs to appear on the Litecoin blockchain is the whitepaper of Mimblewimble, the transaction anonymization protocol:
The first #Litecoin #Ordinal has been registered on the Litecoin blockchain.
The mimblewimble whitepaper will live within Litecoin forever Ⓜ️🕸 #MWEB!$LTC $BTC #NFT @SatoshiLite @finitemaz @ryanwrights @MASTERBTCLTC @ChiefLitecoin @indigo_nakamoto pic.twitter.com/ICLkTMjwRW
— Crypto Anthony (@anthonyonchain) February 19, 2023
Just like Bitcoin, interested parties can start using the Ordinals protocol and start listing NFTs in Litecoin blocks. It’s a small revolution for the blockchain, which is the second of its kind to benefit from the arrival of Ordinals.
Would it also be the last? According to Anthony Guerrera who was questioned by our colleagues from Decrypt, it is for the moment the only proof-of-work blockchain to be compatible with Ordinals. The reason is that it makes use of soft forks of SegWit and Taproot technologies, which are necessary.
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Advantages on Bitcoin?
Also according to Anthony Guerrera, Litecoin has several advantages over its big brother Bitcoin, when it comes to Ordinals. Blocks on the blockchain can store more data, and the usage fees are lower. Besides, Litecoin has Mimblewimble, and can therefore offer anonymized transactions :
“ The fact that [Mimblewimble] is integrated with the blockchain allows users to transfer funds privately before registering [un NFT]. […] This is a huge advantage, unlike Bitcoin, which is an entirely public ledger. »
In any case, Ordinals continues to be talked about. Listings on Bitcoin have soared for the past few weeksand there are now more than 150,000. This new trend is causing debate, with some wondering if Ordinals NFTs will be sustainable.
For others, it’s an opportunity: a user recently “sent” an NFT Bored Ape on Bitcoin… Despite the protests of Yuga Labs, which considers that this sending is in no way valid. The discussions are therefore by no means over.and this is an area that will need to be monitored in the coming months.
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Source: Decrypt
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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