Difference between revisions of "Ordinals"

Latest revision as of 04:13, 30 August 2023

NFT-like project on the Bitcoin blockchain

Basics

Based in:
Started in / Announced on:
Testnet release:
Mainnet release: 20-1-2023

History

From Decrypt (31-1-2023):

"Rodarmor is a former Bitcoin Core contributor who designed Ordinals to allow the transferring of individual satoshis on the Bitcoin network. “The Ordinals protocol is just a system for numbering Satoshis, giving individual sats a serial number, and then tracking them across transactions,”"

Audits & Exploits

Bug bounty program can be found [insert here].

Bugs/Exploits

Governance

Admin Keys

DAO

Treasury

Coin Distribution

Technology

Whitepaper or docs can be found [insert here].
Code can be viewed [insert here].
Built on Bitcoin via Taproot
Consensus mechanism:
Algorithm:
Virtual Machine:
Development language used:

How it works

From Decrypt (17-2-2023):

"The first step in the creation of Ordinals is users downloading Bitcoin Core and syncing the node to the blockchain. After the sync is completed, the next step is to create an Ordinals wallet and send some satoshis to the wallet."

From Decrypt (31-1-2023):

"As Rodarmor explains, inscriptions make it possible to put content in a Bitcoin transaction and assign it to a satoshi. Once completed, Rodarmor says, the inscriptions are stored in a Bitcoin transaction’s signature. The process stays entirely on the Bitcoin network and does not require a sidechain or additional token, according to Rodarmor."

Fees

Upgrades

Interoperability

Has been getting an influx of Ethereum NFTs ported over, funnily enough, then the Ordinal NFTs would get send back to Ethereum to sell them.

Other Details

Oracle Method

Their Other Projects

Roadmap

Can be found [Insert link here].

Revenue

Usage

From Decrypt (23-8-2023):

"Cross-referencing between Crypto Slam and Dune Analytics, both indicate a May to July drop of 67% and 69% in sales volume, respectively."

Reached a 20m inscription milestone, but despite this achievement, Bitcoin-based non-fungible token (NFT) or Ordinal marketplace sales have witnessed a downturn since mid-July. Once consistently taking the second spot week after week in the NFT sales ranking, Bitcoin-based NFT sales have now stumbled, finishing seventh in the last seven-day stretch (30-7-2023).
Passed 1m inscriptions (9-4-2023), so far, 169.85 bitcoins worth $4.7 million have been collected in fees.
Ordinals passed 100,000 as users flooded the network with images, video games, and other content (17-2-2023).

Projects that use or built on it

Competition

What distinguishes Ordinals from earlier projects is that the digital assets are inscribed directly onto satoshis, the lowest denomination of a Bitcoin, without needing a sidechain or token.

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

Full team can be found [here].
Casey Rodarmor; creator

Funding

Partners

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@@ Line 5: / Line 5: @@
 *Started in / Announced on:
 *[[Testnet]] release:
-*[[Mainnet]] release: [https://decrypt.co/120250/ordinals-launches-nfts-on-bitcoin-triggers-controversy 1-2023]
+*[[Mainnet]] release: [https://decrypt.co/120250/ordinals-launches-nfts-on-bitcoin-triggers-controversy 20-1-2023]
 ==History==
@@ Line 30: / Line 30: @@
 ===How it works===
-* [https://decrypt.co/120250/ordinals-launches-nfts-on-bitcoin-triggers-controversy From] [[Decrypt (DCPT)|Decrypt]] (31-1-2023):
+* [https://decrypt.co/resources/what-are-ordinals-a-beginners-guide-to-bitcoin-nfts From] [[Decrypt (DCPT)|Decrypt]] (17-2-2023):
+''"The first step in the creation of Ordinals is users downloading [[Bitcoin Core]] and syncing the [[node]] to the blockchain. After the sync is completed, the next step is to create an Ordinals [[wallet]] and send some satoshis to the wallet."''
+*[https://decrypt.co/120250/ordinals-launches-nfts-on-bitcoin-triggers-controversy From] Decrypt (31-1-2023):
 ''"As Rodarmor explains, inscriptions make it possible to put content in a Bitcoin [[transaction]] and assign it to a [[satoshi]]. Once completed, Rodarmor says, the inscriptions are stored in a Bitcoin transaction’s [[signature]]. The process stays entirely on the Bitcoin network and does not require a [[sidechain]] or additional [[token]], according to Rodarmor."''
@@ Line 47: / Line 49: @@
 ==Revenue==
 ==Usage==
+* [https://decrypt.co/153446/bitcoin-ordinals-trading-is-down-bad-but-just-how-bad From] [[Decrypt (DCPT)|Decrypt]] (23-8-2023):
+''"Cross-referencing between Crypto Slam and Dune Analytics, both indicate a May to July drop of 67% and 69% in sales volume, respectively."''
+* Reached a 20m inscription milestone, but despite this achievement, Bitcoin-based non-fungible token (NFT) or Ordinal marketplace sales have witnessed a downturn since mid-July. Once consistently taking the second spot week after week in the NFT sales ranking, Bitcoin-based NFT sales have now stumbled, finishing seventh in the last seven-day stretch ([https://news.bitcoin.com/ordinals-reach-20-million-milestone-but-bitcoin-based-nft-sales-slide/ 30-7-2023]).
+*[https://news.bitcoin.com/ordinal-inscriptions-surpass-1-million-mark-miners-collect-4-7m-in-fees-as-bitcoin-nft-trend-continues/ Passed] 1m inscriptions (9-4-2023), so far, 169.85 bitcoins worth $4.7 million have been collected in fees.
+*Ordinals passed [https://decrypt.co/121343/over-100k-ordinals-minted-on-bitcoin-bringing-celebrations-and-network-congestion 100,000] as users flooded the network with images, video games, and other content (17-2-2023).
 ===Projects that use or built on it===