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Sora Summit｜Bitcoin OGs gather together! Talking about the development of L2, is the market value of Bitcoin estimated to reach 4 trillions#EarningMadeEasy

The Sora Summit event reached a new climax with the first speech in the afternoon. The founders of Ordinals, OnChainMonkey, Bitcoin Magazine and BRC20 gathered together to discuss the Bitcoin ecosystem under the title "The Implications for the Future of Bitcoin" Developments over the past year and possible future prospects.

How did the Ordinals protocol come about?

At the beginning of the speech, the host asked Ordinals founder Casey Rodarmor bluntly: "What was your original motivation for starting Ordinals?"

Casey said that he has done a lot of generative digital art works in the past. When he first learned about NFT in 2017, he thought it was a cool thing. However, after the NFT generative art market began to rise due to the price of Art Blocks, Casey discovered Ethereum NFT has some technical problems, such as excessive review, images stored off-chain and unsafe.

Various reasons gave Casey the idea of bringing NFT to Bitcoin. In addition to improving these problems, it also aims to make transactions on the Bitcoin chain more active and bring more users.

Inscription trading is hot! Is Bitcoin L2 the best solution?

During the meeting, BRC20 creator Domo shared the craze for inscriptions in the past year. He said that the current number of inscriptions is about 50 million and has generated transaction fees of about 3,500 BTC, which is about $150 million.

Regarding the increasingly prosperous Bitcoin transactions, Casey hopes that the Lightning Network can continue to develop to become a more practical Bitcoin L2 to reduce the current problem of high transaction fees.

David Bailey, CEO of Bitcoin Magazine, regards Ethereum’s past experience as a reflection of the future of the Bitcoin ecosystem. He said that when Ethereum’s transaction fees can exceed hundreds of dollars,.