The Ordinals and BRC-20 token protocol are extensions of the original Bitcoin protocol, both of which are used to create blockchain tokens. Since ORC-20 usage was first implemented in March 2021, the number of transactions on the Bitcoin blockchain had been steadily growing until the last few days when its value reached a record high number of 72,200 transactions. Almost 70,000 of these transactions have enabled the issuance of BRC-20 tokens, with a total of 5.9 bitcoins being paid in fees.

It is noticeable that these transactions are concentrated on a few specific tokens such as PUNK, PEPE and MEME. Comparatively, the number of BRC-20 transactions on the same day surpassed the ORC-20 transactions, reaching 265,000.

Binance, a company that specializes in cryptocurrencies and other blockchain-related technology, highlighted its intention of releasing the ORC-20 protocol when it was created. The main idea behind this protocol is providing a solution to adaptability, scalability and security issues of BRC-20.

However, there has been an increasing amount of criticism for the lack of focus on the original purpose of Bitcoin and its characteristics of decentralization. This case particularly spiked when the demand of Bitcoin spiked and caused transaction congestion and a consequent raise of miner fees. The community's discontentment led to some Bitcoin developers proposed solutions of delisting Ordinals and BRC-20 tokens.

Currently, ORC-20 is still far from becoming a stable or well-implemented standard, while its complexity has also been called attention to. Its value is also yet to be seen, since it is still too early to determine its long-term acceptance. There is still much room for discussion and analysis in order to reach a consensus over the apt use of this protocol and its potential benefits.



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