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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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- 📢 #Gate Square Writing Contest Phase 1# is now officially launched!
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The UTXO model stimulates new opportunities in the Bitcoin ecosystem, with Ordinals leading the direction of innovation.
The UTXO model brings new development possibilities to the Bitcoin ecosystem
The UTXO model of Bitcoin, while lacking the smart contract capabilities of Ethereum, provides a unique foundation for the innovative development of the Bitcoin ecosystem. The recently emerging Ordinals protocol and its spawned applications such as inscriptions and runes further explore the potential of UTXO, bringing new development directions to the Bitcoin ecosystem.
The UTXO model makes each satoshi of Bitcoin "non-fungible", promising to give rise to an ecosystem different from that of Ethereum. The UTXO mechanism records the entire transaction history of every part of BTC, with the smallest unit being "satoshi", allowing us to imagine each satoshi as a coin that receives a stamp to document its transaction history each time it circulates. This uniqueness provides a foundation for new applications such as the Ordinals protocol.
The Ordinals protocol allows users to input any information, such as text or images, onto the Bitcoin blockchain and then bind this information to specific satoshis. This can be used not only to issue NFTs, but also to issue tokens, such as the BRC-20 standard, when inscriptions are attached in JSON data format. This has driven the development of applications like inscriptions and runes, bringing new vibrancy to transactions on the Bitcoin chain.
Nervos CKB has upgraded the UTXO model and created the Cell Model (. A Cell can contain various data types, such as CKByte, Token, JavaScript code, or JSON strings, etc. This richer data type expands the capabilities of UTXO, enabling it to implement more complex functions like smart contracts.
These innovations signify a different application potential for UTXO, bringing new expectations for the development of the Bitcoin ecosystem. Although inscriptions and runes are currently mainly in the "minting" stage, they offer new possibilities for building applications based on UTXO. How to develop applications and enrich the ecosystem in the future will be a more important challenge.
Overall, the uniqueness of the UTXO model is expected to give rise to an ecosystem world different from Ethereum. Although the development of the Bitcoin ecosystem is still in its early stages, there are high expectations in the market for the exploration of UTXO's potential. We look forward to the emergence of a "stunning" ecological paradigm based on UTXO characteristics in the future.