Bitcoin Domain Names on the Rise: Tracking Progress on Ordinals Protocol
According to the report, according to the data of Dune Analytics, the total number of Bitcoin. Sats domain names developed based on the Ordinals protocol has e…
According to the report, according to the data of Dune Analytics, the total number of Bitcoin. Sats domain names developed based on the Ordinals protocol has exceeded 60000, and the number of independent domain names after the duplication has reached 48600, and the number of independent casting addresses has reached 26200, resulting in a cost of 120 million SATS.
The total number of Bitcoin. sats domain names developed based on the Ordinals protocol has exceeded 60000
Analysis based on this information:
Bitcoin is a highly popular decentralized digital currency that has been gaining popularity by the day. While cryptocurrencies such as Bitcoin can be used to carry out all sorts of transactions, it’s impossible to perform these operations without an address. Therefore, many Bitcoin enthusiasts have sought different ways to identify themselves and their addresses online through domain names. Fortunately, the Ordinals Protocol was created to make ownership of domain names and addresses more secure.
The recent report by Dune Analytics highlights the new numbers on Bitcoin domain names that have been created using the Ordinals Protocol. The report highlights that over 60,000 domain names have now been registered with Bitcoin since the implementation of the protocol. This number indicates a significant increase in the use of these domain names and shows that users are growing more interested in them.
When the report filtered down to independent domain names, it noted that there were 48,600 names. This number could be attributed to users who prefer to own independent domain names without duplicating. The popularity of the Ordinals Protocol has allowed users to duplicate their domain names and maintain separate casting addresses. This action has resulted in up to 26,200 independent casting addresses, an indication that owners are willing to invest in more than one domain name or casting address.
The report also states that the cost of all these creations from SATS has amounted to $120 million. This amount showcases the growing importance of Bitcoin domain names and the Ordinals Protocol, being that users have had to invest in them. This massive investment reveals that owners recognize the value and security of domain names as identity holders for their Bitcoin addresses.
In conclusion, the report from Dune Analytics highlights the noticeable rise in Bitcoin domain names recorded. The increased number records the growing importance of domain names and addresses for online transactions. The security of domain names, in addition to the Ordinals Protocol, has led to even more domain name creations, albeit at a cost to users. Therefore, this report is an indication of how Bitcoin and securing transactions are advancing in the world of digital currencies.
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