Bitcoin: Ordinals Attract Former Ethereum Developers

Last week, amid the bustling atmosphere of the Bitcoin 2023 conference in Miami, there were groups of Ethereum developers drawn to the world’s largest and oldest cryptocurrency by Ordinals. Ordinals, a protocol launched earlier this year, has taken Bitcoin by storm, sparking a wave of innovation, hype, and experimentation.

One startup with Ethereum roots present at the conference was OrdinalSafe, a self-storing Bitcoin wallet designed specifically for Ordinals. Most of the development team has experience working with Ethereum, the second-largest token by market cap.

OrdinalSafe had the opportunity to participate in Bitcoin 2023’s “Pitch Day” and eventually secured second place in the competition’s infrastructure category.

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The Bitcoin community’s acceptance of ordinal numbers is still the subject of debate

For Esad Yusuf Atik, CEO of OrdinalSafe, this success was both significant and memorable. He expressed nervousness as he presented his product’s vision to the audience, but described the feeling of walking on stage to accept the award as great.

Atik, a 22-year-old developer from Turkey, first became fascinated with the Web3 ecosystem when he participated in a hackathon in 2020. Prior to OrdinalSafe, he and several other team members had developed a protocol called Proof of Innocence under the company Chainway. Proof of Innocence is designed to help users prove that they did not deposit money into Tornado Cash, an Ethereum coin mixer, from a sanctioned wallet address. The project gained a lot of attention and even caught the attention of Ethereum co-founder Vitalik Buterin, who mentioned it on stage at the Community Ethereum Development Conference.

In February, Atik discovered Ordinals on Twitter and was deeply intrigued. He and his fellow developers became deeply involved in the development of OrdinalSafe, which eventually led them to the Bitcoin 2023 conference in Miami.

Although not all Bitcoin enthusiasts see value in Ethereum or other coins, the atmosphere at Bitcoin 2023 was welcoming to those with Ethereum backgrounds. Despite Bitcoin’s sense of superiority, Atik noted that the conference audience made them feel at home and emphasized that being part of the Bitcoin developer community was more important than one’s background.

The Bitcoin community’s acceptance of ordinal numbers is still the subject of debate, as seen during “The Great Ordinal Debate” on stage at the conference. Critics argue that BRC-20 tokens based on ordinal numbers have burdened the Bitcoin network and led to higher transaction fees. In addition, concerns have been raised about potential projects that could lead to centralization or censorship issues if not managed effectively.

Nevertheless, the integration of established Web3 technologies and concepts into Bitcoin-related discussions demonstrates the evolving culture within the Bitcoin community. Although OrdinalSafe had no investors prior to the conference, it received significant commitments following its remarkable performance during Pitch Day.

OrdinalSafe was not the only project represented by developers with Ethereum backgrounds who chose Ordinals. Subjective Labs, led by Eril Ezerel, developed BestinSlot.xyz, an Ordinals explorer that allows users to track inscriptions, NFT-like assets, and BRC-20 tokens on Bitcoin. The platform currently monitors over 1,100 ordinals collections and more than 28,000 BRC-20 tokens.

Ezerel described Ordinals as a catalyst that attracted many people back to Bitcoin. While there has been a learning curve for those familiar with Ethereum and Solana, he noted that there is a real enthusiasm for digital art and collectibles in the Bitcoin community.

Because Ordinals is still in its early stages, its future development remains uncertain. However, the protocol has received support from Bitcoin miners who benefit from higher transaction fees, as well as from major developers and Bitcoin holders who favor experimentation and innovation.

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(Featured image by BenjaminNelan via Pixabay)

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First published in COIN KURIER, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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