Non-fungible tokens (NFTs) on Bitcoin (BTC) have been at the heart of all the talk – and debate – in recent weeks. And the Ordinals protocol has now been launched on Litecoin (LTC). Should we expect a launch on other major blockchains that use proof of work?
Ordinals brings NFTs to Litecoin
In the middle of the month, an anonymous Twitter user, Indigo Nakamoto, issued a challenge to the crypto community: he was offering LTC 5 (about $480 at current prices) to anyone who could launch Ordinals, Bitcoin’s NFTs protocol, on Litecoin. The reward was later raised to LTC22 ($2,110).
5 $LTC to whoever ports this to Litecoin Bitcoin Ordinals https://t.co/7X4JfMzq97
– Indigo | Nakamotoist (@indigo_nakamoto) February 11, 2023
Developer Anthony Guerrera has responded, and he launched Ordinals on Litecoin last Sunday. The first of the NFTs to appear on the Litecoin blockchain is the whitepaper for Mimblewimble, the transaction anonymisation protocol:
The first Litecoin Ordinal has been inscribed on the Litecoin blockchain.
The mimblewimble whitepaper will live within Litecoin forever Ⓜ️ MWEB! $LTC $BTC NFT @SatoshiLite @finitemaz @ryanwrights @MASTERBTCLTC @ChiefLitecoin @indigo_nakamoto pic. twitter.com/ICLkTMjwRW
– Crypto Anthony (@anthonyonchain) February 19, 2023
Just like Bitcoin, interested parties can start using the Ordinals protocol and start writing NFTs into Litecoin blocks. This is a small revolution for the blockchain, which is the second of its kind to benefit from the arrival of Ordinals.
Could it also be the last? According to Anthony Guerrera, who was interviewed by our colleagues at Decrypt, this is currently the only proof-of-work blockchain to be compatible with Ordinals. The reason is that it makes use of soft forks of SegWit and Taproot technologies, which are necessary.
Advantages over Bitcoin
Also according to Anthony Guerrera, Litecoin has several advantages over its big brother Bitcoin, as far as Ordinals is concerned. The blockchain’s blocks can store more data, and the user fees are lower. In addition, Litecoin has Mimblewimble, and can therefore offer anonymised transactions:
“The fact that [Mimblewimble] is integrated into the blockchain allows users to transfer funds privately before registering [an NFT]. […] This is a huge advantage, unlike Bitcoin, which is a fully public ledger. “
Ordinals continues to make news in any case. Registrations on Bitcoin have soared in recent weeks, and now number over 150,000. This new trend is causing debate, with some questioning whether Ordinals NFTs will be sustainable.
For others, it’s an opportunity: one user recently “sent” a Bored Ape NFT on Bitcoin… Despite protests from Yuga Labs, which believes that this upload is not valid. The discussions are by no means over, and this is an area that will need to be monitored in the coming months.
