The Bitcoin Magazine INSCRIBES its own Front & Back cover onto the BRC-20 Chain using Novel Recursive Inscription
The oldest, most established Bitcoin newsletter
Note: I made a previous post regarding this exact same thing on r/brc20, check out the original here
Aug 31st, 2023,
The Bitcoin Magazine, one of the most established & oldest crypto newsletters dedicated to Bitcoin, inscribed its own Front & Back cover as an NFT on the BRC-20 Blockchain. While the means to use Ordinal Inscriptions to add NFTs onto the Bitcoin Blockchain is nothing new among developers & traders alike, what makes this whole event newsworthy is the fact that it was the first ever use of recursive ordinal inscription by a mainstream, well-established crypto organization.
What is Recursive Ordinal Inscription?
A novel new technique for inscribing content onto the Bitcoin network that promises lower mining fees and network congestion. Due to its novelty, a plethora of unique recursive inscription methods could exist all over the BRC-20 space, and many more could come as Ordinals make a return to the forefront of Blockchain news.
What could the future hold for Bitcoin & the BRC-20? Only time will tell...
What could this mean for Bitcoin & the BRC-20 Standard?
As recent as May 2023, Ordinals took the NFT marketplace by storm, going so far as to congest the entire Bitcoin Blockchain, raising mining fees to deflationary levels way ahead of Bitcoin's own programmed deflation (i.e. halvings, 21 million hard cap, etc.). With as many as 72,328 inscriptions on a single day, Sunday, April 2nd, and a marketcap of $4.3 million USD (a 128% increase at the time), it's no wonder the mining fees jumped so high to incentivize miners' continued work in the system.
Unfortunately, hyped died down shortly after due to the very same mining fees that signaled its historic rise to prominence. Now this can change, thanks to recursive inscription and newfound innovation in the BRC-20 Network. With plenty of fresh, disruptive ideas, techniques and projects (i.e. STX, a smart contract protocol network built for DeFi on BRC-20, HSAC, Bitcoin's first ever attention token, UniSat, an open source Chrome browser extension for Bitcoin Ordinals & BRC-20 coins functioning similar to Metamask) there is much potential in the Bitcoin Ordinals community.
Like any disruptive industry, only time will tell if she takes off or stays grounded... but in Blockchain, a community built on disrupting old financial systems, methods of business and security, it's adapt or die, a dog-eat-cat world if you will. It will be wise for all those involved and not-involved to keep an eye on the latest developments in this growing space.
Read more here: https://bitcoinmagazine.com/culture/bitcoin-magazine-print-cover-recursive-ordinal-inscription
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