Ordinals

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].

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."

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.

Roadmap

• Can be found [Insert link here].

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).

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.

Team, Funding and Partners

Team

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

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