MicroStrategy Research Ordinals Protocol And Evaluate Potential Applications

Key Points:

• MicroStrategy says the company is not only aware of Ordinals but is also interested in how the protocol that has resonated in the Bitcoin community can lead to software innovation.
• The company is currently working on Ordinals Protocol and evaluating its application development potential.
• Michael Saylor thinks that developing applications based on Bitcoin’s functionality can also boost overall Bitcoin adoption among individuals, companies, and governments.

Data analytics firm MicroStrategy says it is working on Ordinals Protocol, a platform for creating NFT-like assets on Bitcoin and assessing its application development potential.

According to Decrypt, Michael Saylor, co-founder and executive chairman of MicroStrategy, said in an interview at Bitcoin 2023 in Miami that the company not only understands the Ordinals protocol but also how the Ordinals protocol works, The protocol has sparked heated discussions in the Bitcoin community, leading software with interest in innovation, the company is currently working on Ordinals and assessing its application development potential.

According to Saylor, developing applications based on the functionality of Bitcoin can also promote general Bitcoin adoption among individuals, companies, and governments.

Saylor did not specify which use cases MicroStrategy could investigate, but he noted that the ability to transfer data onto the Bitcoin blockchain has many potential uses beyond mere transactions.

Often used to create NFT-like assets on Bitcoin, Ordinals launched in January 2019, and the protocol – although not fully adopted by the Bitcoin community – has created a new wave of experimentation with the oldest coin of cryptocurrencies. And since then, thousands of other so-called BRC-20 tokens have been created.

Despite mixed opinions from experts that this wave can deviate from Bitcoin’s original goal and cause network congestion causing gas fees to skyrocket, there is no denying the huge attraction from the community to BRC- 20, although most tokens currently are memecoins.

Many people still believe that Ordinals/BRC-20 will be the driving force to “revive” the world’s oldest, somewhat dull blockchain. The living proof is that the rise of Pepecoin is taking the market by storm, and the market has grown by 7000% since its launch on April 16.

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