At the recent Bitcoin 2023 conference in Miami, among the crowds of attendees, numerous Ethereum developers were drawn to the event due to their interest in Ordinals, a new protocol that has gained significant attention within the Bitcoin community. Several startups and projects incorporating Ordinals have ties to the Ethereum ecosystem, illustrating a growing convergence between the two cryptocurrency communities.
OrdinalSafe, a self-custodial Bitcoin wallet built for Ordinals, is one such example. With a development team well-versed in Ethereum, the startup participated in the conference’s Pitch Day, where it won second place in the infrastructure category. Esad Yusuf Atik, OrdinalSafe CEO, described the experience as a significant accomplishment and expressed his enthusiasm for the project’s development.
However, not all Bitcoiners view the integration of Ethereum technologies and principles as a positive trend. Some conference attendees questioned whether Ordinals could be considered an attack on Bitcoin due to the additional strain on the network and increased transaction fees resulting from the use of BRC-20 tokens, which are built using the Ordinals protocol. Others argued that integrating other innovative projects such as decentralized exchanges using Ordinals could force Bitcoin miners to adopt maximal extractable value (MEV) practices in order to remain competitive.
Matt Corallo, an Open Source Engineer at Spiral, pointed out that the Ethereum community has been addressing the issues associated with MEV for years and suggested that the Bitcoin world can learn from its counterparts. However, the extent to which the Bitcoin community embraces Ordinals remains uncertain.
Nonetheless, it seems evident that Ethereum’s influence and technological advancements have penetrated the Bitcoin ecosystem in recent times. Startups such as OrdinalSafe and platforms like BestinSlot.xyz, an Ordinals explorer, are backed by crypto experts with connections to Ethereum. Furthermore, Ordinals has introduced digital art and collectibles within the Bitcoin realm, attracting enthusiasts from various Web3 communities.
While Ordinals remains in its early stages, the protocol paves the way for further integration and collaboration between the Bitcoin and Ethereum space. As developers with diverse backgrounds continue experimenting with the technology, its adoption and impact on the wider cryptocurrency landscape remain to be seen.
Source: Decrypt
