From Bitcoin to Litecoin: The NFT revolution continues

GM Readers!📪 It's BitDegree Insider, and it's time to eat some healthy web3 snacks.

⭐️Today's selection:

• 🏃🏻World's First Cheap Litecoin NFTs
• 😎 Cool Fact Tuesday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

WORLD'S FIRST CHEAP LITECOIN NFTs

So, one software engineer woke up and chose to create something new.

This person who goes under the nickname "ynohtna92" ran a fork, which resulted in the world's first version of Litecoin Ordinals.

BTW. 'To run a fork'. What does it mean? here's a reminder for y'all:

Overall, a "fork" in the world of cryptocurrency is a way to create a new version of an existing blockchain network by modifying the underlying code. In this particular case, "ynohtna92 created a new version of Litecoin. It includes a new feature that makes the NFT thing go smoother.

This software engineer later turned out to be Anthony Herrera. And Herrera decided that it's the right time to create changes in the NFT world.

Previously, we have described in detail what Bitcoin Ordinals are. But the integration of NFT into the bitcoin ecosystem has entailed some challenges.

"Ordinals" take up a significant amount of space on the network because their data volume is larger than that of a transaction.

In addition, the cost of "inscribing" an image reaches the lovely price of... tens of dollars.

Herrera solved both of these problems.

Now, the cost of a Lithoshi (the LTC equivalent of a Satoshi) "inscription" is approximately $0.02.

In addition, Litecoin has a larger block size, which means that the difference in data volume will not be as significant.

But most interestingly, it took Herrera only a week to develop the fork. For that, he received a reward of 22 LTC. Donations were provided by various crypto-enthusiasts.

"I knew exactly what it would do since Litecoin supports both SegWit and Taproot. It was complicated, I was rushing as fast as I could to get it done," the fast-working engineer commented.

Although the future of the fork remains murky, the author continues to work on it:

"I'm striving to implement everything I have in mind, but at the same time, I don't want it to take up a lot of time. I have other things to do."

Well, good for you, Herrera. Work/life balance + productivity = what the world needs.

And, what could this lead to? Dogecoin and Bitcoin Cash are built on the basis of Bitcoin. This means that soon we may see Dogecoin NFT and Bitcoin Cash NFT.

TL;DR:  Software engineer whose nickname is "ynohtna92", made a change to the code of the Litecoin blockchain, resulting in the creation of a new version of the network called "Litecoin Ordinals." This solves the initial problems of the freshly-created Bitcoin Ordinal NFTs.

COOL FACT TUESDAY

It's time for some cool stuff.

The number of "whales" on the BTC market has decreased to 2,027.

This is a new low since August 2019, when there were 2,023 such wallets. And that could be a worrying sign for the industry as a whole.

Who are these "whales"?

That's the name given to BTC holders who have 10,000 BTC (~$250 million) or more in their accounts.

The increasing quantity of "whales" often means a change of moods in the market and more confidence from investors in the asset.

In its turn, the reduction in the number of such wallets indicates the "warning bells".

Interestingly, the number of "whales" reached a new minimum just now, when the BTC exchange rate is on the rise.

It should be noted that among investors there are also holders with a capital of more than 10,000 BTC.

These are the same "mega-whales" who hold a significant stock of cryptocurrency.

Strange as it may seem, but their behavior correlates with the market situation to a much lesser extent.

According to Glassnode, there are now 117 such mega-whale wallets. That's close to the high from October 2018. Back then, there were 126 "mega-whales".

As for the "shrimps" (holders with more than 1 BTC in their accounts), their number has increased. And this is already explained quite simply - they are chasing profits in the short term.

There are now 982,000 such shrimp accounts. In February 2022, when the market hasn't gone under, there were 814,000 of them. So. More shrimps in the sea.

Oh man, i wonder how would they refer to those who hold only a fraction of a Bitcoin. Plankton?

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

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• Japanese Subsidiary of Crypto Exchange FTX Allows Users to Withdraw Their Funds. Step by step. Stepping out of the sunken ship.