Blockchain technology is always evolving and being upgraded in order to push the borders of what is possible. The blockchain community has recently noticed a significant increase in interest in the Ordinal Inscriptions project, which enables users to produce and store information on the Bitcoin network. And since Anthony Guerrera, a software programmer, has brought Ordinal Inscriptions to Litecoin, a cryptocurrency made to process transactions more quickly than Bitcoin.
Software Engineer Unleashes Litecoin’s Potential With Ordinals Project
With more than 154,000 inscriptions generated, the Ordinal Inscriptions project has significantly increased in popularity among the blockchain community. On the Bitcoin network, these inscriptions let users create and store data other than transactions. Anthony Guerrera, a software engineer, refined this project for Litecoin, a cryptocurrency intended to execute transactions more quickly than Bitcoin.
Indigo Nakamoto, a user on Twitter, offered a reward of 5 LTC (about $500) to anyone who could port Ordinals to Litecoin. Guerrera took up the challenge and forked the Bitcoin Ordinals GitHub source.
Similar to what was previously achievable with Bitcoin, nonfungible token (NFT)-like assets can now be generated and kept on the Litecoin network thanks to the addition of Ordinal Inscriptions. By storing data other than transactions on the blockchain, users can create distinctive and valuable digital assets using Ordinals. As a result, investors, collectors, and artists now have exciting new chances to produce and trade their NFT-like assets using the capabilities of the Litecoin network.
Ordinal Inscriptions Bring Unique Possibilities To Litecoin Blockchain
Due to Litecoin’s soft forks of the SegWit and Taproot technologies featured in Bitcoin, Guerrera selected it as the only alternative blockchain on which Ordinals may operate. Litecoin is a suitable fit for Ordinals thanks to MimbleWimble, an upgrade to the Litecoin blockchain that promises to improve privacy and transaction size. Guerrera discovered that MimbleWimble, unlike Bitcoin, which has a complete public record, allows users to transfer funds anonymously before inscribing.
After forking the Bitcoin Ordinals repository published by Casey Rodarmor in January, Guerrera started the Litecoin Ordinals project on GitHub. Guerrera had some difficulties as soon as he started on the project. Its reliance on rust-bitcoin, which did not support the MimbleWimble update on Litecoin, was challenging from his perspective.
Triumphs Over Rust Limitations To Bring Ordinal Inscriptions To Litecoin
The programming language Rust strongly emphasizes concurrency, efficiency, and safety. In September 2021, the cryptocurrency exchange Kraken established a fund in honor of deceased Bitcoin Rust contributor Tamás Blummer to aid with the growth of rust. Guerrera forked rust-bitcoin to provide a variant that could function with Litecoin by securely ignoring an extension block and decoding block data.
With a market capitalization of $6.9 billion, Litecoin is now the 16th largest cryptocurrency. It is anticipated that Litecoin Ordinals will gain even more traction in the blockchain world after its successful establishment. It’s a great feature of the Litecoin blockchain to have the capacity to store data outside of transactions because of the variety of potential applications, including making a statement piece while keeping privacy.
