Bitcoin
Bitcoin network surpasses 1 billion transactions
The Bitcoin network recorded its billionth transaction, according to data from Clark Moody’s Bitcoin dashboard.
Bitcoin transactions and their corresponding fees have been a key point of discussion among industry participants in recent weeks, in part due to the introduction of Bitcoin Ordinals and Runes.
The latter, a fungible token protocol launched in conjunction with the latest Bitcoin halving last month, drove transaction fees to an all-time high during its debut.
Halving reduces miner rewards by 50% approximately every four years, with the latest quadrennial event reducing them from 6.25 Bitcoins to 3,125.
Bitcoin is the world’s first blockchain-based cryptocurrency.
The network’s genesis block was explored by its founder, Satoshi Nakamoto, in January 2009.
First introduced by the pseudonymous founder as a peer-to-peer payment system, Bitcoin has historically been an inefficient blockchain for tokenized assets such as non-fungible or fungible tokens when compared to other networks like Solana or Ethereum.
The introduction of Bitcoin Ordinals brought a new wave of tokenized assets to the network, inscribing data in satoshis, the smallest unit of Bitcoin, allowing for a representation of NFTs to exist on the network.
With the launch of Runes, now primarily used for memecoins, fungible tokens could potentially introduce new possibilities to the network, such as expanded applications for decentralized finance.