Binance Research provides insights into the latest development on the Bitcoin blockchain.
Binance Research just published a report titled “A New Era for Bitcoin?”, and here are some highlights!
🔎 New developments are coming to Bitcoin. Despite layer-1s consistently making the headlines, Bitcoin has retained its dominance on the crypto market capitalization charts. To further this momentum, innovations such as NFTs and more expressive smart contracts are coming to Bitcoin.
🔎 Ordinals are Bitcoin-native NFTs. In January this year, the Ordinals protocol went live. Ordinals enable arbitrary data (images, video, text, etc.) to be inscribed on the Bitcoin blockchain, creating digital artifacts or, effectively, NFTs.
🔎 Bitcoin also has emerging Layer-2 networks. The layer-2 networks currently available on Bitcoin have different purposes, with some L2s attempting to further the scalability of the network (ex. Lightning Network) whereas others are attempting to develop more expressive smart contracts and decentralized applications (ex. Stacks & Rootstock).
For more details, the full report can be found here: https://research.binance.com/en/analysis/a-new-era-for-bitcoin
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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
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