Solving the In_script_ion Mystery: How Long Can This Wave of Heat Last?

TL；DR

The process of numbering the Satoshi of the Bitcoin and making each Satoshi unique by attaching additional information is called an inion;

People are full of expectations for the future development of the inions market, but whether it can continue to be popular still requires a big question mark;

What matters is not how long the inions on this track can be popular, but how long you believe it can still be popular.

What is the Bitcoin Inion

Firstly, let’s understand why it is called an inion.

From the perspective of general science popularization, inions refer to words or patterns engraved on objects or buildings.

In ancient times, inions were usually used to commemorate or record important events, figures, or things. Similarly, inions can also refer to written records on ancient cultural relics or artworks, used to indicate their age, origin, or other important information, so inions often carry historical, cultural, and artistic significance.

Like gold inions, it refers to the text or patterns engraved on gold jewelry or items. Gold inions are often used to record and convey information. For example, some inions engraved on gold may include prayers to gods, love for loved ones, and records of historical events. So, gold inions often become important clues for understanding ancient culture and history.

So, the inion on Bitcoin as “digital gold” is easy to understand.

We know that Satoshi is the smallest unit of Bitcoin, which is 0.0000001 Bitcoins, meaning that one Bitcoin contains 100 million Satoshi.

And each satoshi is sorted through ordinal number theory, with different characteristics and unique numbering. This uniqueness was discovered by a software engineer named Casey Rodamor and felt like something could be done.

On January 21, 2023, software engineer Casey Rodarmor created a protocol called Ordinals on the Bitcoin main network. It is a used to number the smallest unit of Bitcoin, Satoshi, in the order of mining and transfer. Therefore, the protocol is named Ordinals.

The Ordinals protocol assigns unique serial numbers to each satoshi and tracks them in transactions. Anyone can attach additional data through Ordinals, including text, images, videos, etc., which is determined by the permissionless nature of blockchain/Bitcoin.

Ordinals number the Satoshi of the Bitcoin and make each Satoshi unique by attaching additional information, a process known as inions. After engraving any numerical content on Satoshis with an inion, the NFT can be saved in a Bitcoin wallet or transferred through Bitcoin transactions, and Pandora’s magic box is thus opened.

What’s the Use of Bitcoin Inions?

Simply put, Bitcoin inions can reactivate the Bitcoin eco.

For example, the cost market of blockspace can bring more income to miners. In the long run, this will become very important because as Bitcoin block rewards gradually approach zero, miners will have to rely on transaction costs to maintain network security.

Although there are not many truly mature applications in the current Bitcoin inion eco, it has also brought great wealth effects. At present, applications are mainly divided into two categories, text-based and image-based inions.

Text based inions are used to create tokens, similar to the BRC-20 Token standard. This is a protocol for creating tokens on Bitcoin, similar to Ethereum‘s ERC-20. People can create various tokens, such as Ordi, Rats, Sats, etc., which have become very popular in the market recently.

Then there are image based inions used to create NFTs, such as some digital artworks or collectibles. These NFTs can represent various themes, some are original, and some are imitations of NFTs on other blockchains.

The gameplay of PFP projects like BRC20 basically follows the mode of Ethereum PFP NFT projects. Many holders of highly popular projects use their NFTs as avatars on Twitter or social media accounts. Three well-known, popular, and affordable projects in the Bitcoin Inion eco, such as Bitcoin Frogs, Goosenals and Bitcoin Punks.

Since the birth of Bitcoin inions, 1.14 million image based NFTs have been created, surpassing the sum of other networks such as Ethereum. The market predicts that by 2025, the market value of Bitcoin Inions will reach $5 billion.

The concept of inions has also given rise to some commercial services, such as browser extension wallets, allowing users to easily connect to trading platforms, send and receive Bitcoin or inions, and view different collections of inions. Some companies also offer inions as a service, such as Ordinalsbot and Unisat.

How Long Can the Heat Continue

Inions now undergo periodic heat changes, just like NFTs.

In this market, sometimes people are very interested in inions, and their popularity will be high; Sometimes, people may lose interest in it, and its popularity will decrease.

This kind of change is uncertain, just like the development of NFT in the past, many other projects may eventually fade away except for those leading projects.

Nowadays, there are more and more inions, and this field has become one of the areas with the strongest wealth effect. However, some analysts believe that the inions have reached their peak at this stage, and they are waiting for the next opportunity for price increases before selling them for profit.

Although overall, people are full of expectations for the future development of the inions market, whether it can continue to be popular still requires a big question mark. After all, the crypto space changes day by day, and the human world changes year by year. Many times, the market direction changes as the wind changes.

Conclusion

Whoever captures the user’s attention can be transformed into productivity.

Nowadays, the Bitcoin Inion has attracted most of the market’s popularity, making users who are looking forward to a quick return seem to have seized the straw to save the people, causing groups of people to flock to it. They don’t care about value, only look at whether there is popularity and whether they can make money.

What matters is not how long the inions on this track can be popular, but how long you believe it can still be popular.

Gate.io is closely focusing on the latest trends in the inions market, bringing more real-time information and in-depth articles for readers to make wiser decisions at the appropriate time.