CoinDesk Analysis Team
CoinDesk
Developers are forking Bitcoin ordinals to give older proof-of-work networks, such as Litecoin, their first set of non-fungible tokens (NFTs). Over the weekend, Bitcoin developer Anthony Gurrera forked the code behind Bitcoin ordinals to the Litecoin blockchain – placing a copy of the latter’s mimblewimble upgrade whitepaper to the Litecoin network, making it the first NFT on Litecoin in effect.
The effort likely stemmed from a public bounty of 15 litecoin (LTC) tokens by one Crypto Twitter user to any developer who could fork ordinals to the Litecoin blockchain. “Rules: Must work with Litecoin Core 0.21.2.1. Submit the Github repo below. First successful submission to port to Litecoin wins,” Twitter user Indigo said.
Ordinals Protocol, which enables users to inscribe references to digital art into small transactions on the Bitcoin blockchain, essentially creating Bitcoin-based non-fungible tokens.
Already, one report from research firm FSInsight argues that an Ordinals-driven resurgence in development and the expansion in the total value transacted and secured over the Bitcoin blockchain should drive up its price.
As such, the Litecoin ordinals are open-source, meaning anyone can make changes to the code and upgrade the code.
Meanwhile, Bitcoin ordinals are proving to be fairly successful, despite initially creating drama among purist developers in the Bitcoin community. Dune Analytics data shows over 153,000 inscriptions – a term for unique tokens on Ordinals – have been created in just over three weeks after launch, with more than 5,000 created daily on average.
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