The Glassnode crypto analysis platform published a report on February 13. The document mentions an increase in the number of non-zero balance addresses on the Bitcoin network. This rise is said to be due to a key event that is so far unique in the history of bitcoin (BTC).
A historic record in 14 years of existence of Bitcoin!
In 14 years of existence, the Bitcoin blockchain had mainly been used only to carry out monetary operations. But just recently, for the first time in its history, the network has served other purposes. Indeed, NFTs can now be minted on the blockchain thanks to the Ordinals protocol.
The launch of the new feature has increased the number of non-zero balance addresses on Bitcoin. This number reached a record high of 44 millionaccording to Glassnode.
The crypto analytics platform said: “This is a new and unique moment in the history of bitcoin, where an innovation generates network activity without the classic transfer of token volume for monetary purposes.“. She said the new feature caused a short-term spike in Bitcoin network usage. There is also an increase in the number ofnew active userswith a non-zero balance in BTC.
Source
Glassnode explained : “The main source of this activity is related to Ordinals, which instead of carrying a large payload of token volume, instead carries a larger payload of data and new active users.“.
He emphasized:This describes a growing user base […] from use beyond typical investment and money transfer use cases“.
The Ordinals protocol was launched on Bitcoin on January 21. It brought a series of technological applications which were made possible by the Taproot soft fork. The latter took effect in November 2021. The Ordinals protocol has a numbering system for assigning arbitrary content to satoshis (the smallest unit of BTC). This allows users to create NFT-like images native to the Bitcoin blockchain. The data reveals that more than 78,400 NFT-like images and videos have been created so far. However, the new function of the Bitcoin network does not excite everyone. Some believe that it takes away from the main purpose of Bitcoin which is supposed to be a Peer-to-Peer e-money system.
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