Bitcoin ordinals grew by 280% this May, surpassing 10 million inscriptions on the blockchain. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
10 million Ordinals in Bitcoin!
📍The number of ordinals registered on the Bitcoin blockchain has exceeded 10 million. Crypto users continue to inscribe data on the Bitcoin blockchain without stopping. According to data from the Dune Analytics platform, there are currently 10,01 million registered ordinals on this network, reflecting an impressive growth of 280% since the beginning of the month.
Part of the extreme popularity that this protocol for creating non-fungible tokens (NFT) on the Bitcoin blockchain has achieved is due to the BRC-20 standard, which has given rise to a huge wave of memecoins on the chain. This token standard even gave rise to the first dollar-based Bitcoin stablecoin, called Stably USD.
According to the platform's data, almost 92% of the ordinals currently registered in Bitcoin are of the text type, the most commonly used to mint BRC-20 fungible tokens.
On the other hand, ordinals in Bitcoin have also attracted the interest of important technological leaders, such as Michael Saylor and have convinced skeptics like Peter Schiff, who announced their first digital art project using ordinals just this week.
Bitcoin difficulty exceeds 50 T
📍Over the past month, Bitcoin network difficulty has grown by 4%. According to data from the Coinwarz platform, Bitcoin mining difficulty is approaching 50 trillion (T). However, a new adjustment in the blockchain network difficulty is expected on Wednesday, May 31, to bring this metric to a new all-time high of XNUMX trillion (T). 51,08 T, according to data.
Prada to release 42nd edition of Timecapsule NFT
📍The luxury brand Prada continues to bet on NFTs to offer exclusivity to its customers. Prada is about to unveil the 42nd edition of its exclusive Timecapsule collection. Next month, the Italian luxury brand will present summer clothing and accessories that will be accompanied by an NFT token as a gift for its customers.
Timecapsule is an exclusive, limited-edition collection of clothing and accessories that Prada releases every month. Over the past two years, Prada has been tokenizing the items in this collection as a way to boost its entry into Web3, as well as offering greater exclusivity and guaranteeing its customers proof of authenticity of its garments.
Japan launches pilot for its CBDC
📍The Bank of Japan has confirmed the start of a pilot program to test its digital currency. After conducting two successful proofs of concept, the Japanese central bank has decided to launch a pilot program to assess the potential and challenges of developing and integrating a digital yen into its financial system. The digital yen pilot program officially began last April, the central bank confirmed.
In addition to this, the Bank of Japan published a report with the results of the second proof of concept carried out on the CBDC currency.
Russia and its new plans for the crypto industry
📍Russia has abandoned plans to create a national cryptocurrency exchange. Anatoly Aksakov, deputy of the State Duma of the Federal Assembly of Russia, reported that the country no longer has plans to launch its own cryptocurrency exchange, but will rather focus its efforts on regulating crypto-asset companies and financial service providers operating in the country.
According to Aksakov, establishing a new regulatory regime for platforms offering financial services and trading in cryptocurrencies will help reduce the risks of sanctions, minimize the chances of cyberattacks and support competition.
The Russian MP also commented that the idea of creating a national cryptocurrency exchange was not supported by the Ministry of Finance and that it will probably be the country's Central Bank that will regulate companies and service providers with crypto assets.
Continue reading: Solana offers access to ChatGPT through its blockchain infrastructure
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
