Original author: Joyce, BlockBeats
Original editor: Jaleel, BlockBeats
Since the beginning of this year, the Bitcoin ecosystem and narrative have become lively as the price of BTC has gradually risen. In the past two weeks, the price of Bitcoin has reached an 18-month high, breaking through the $35,000 mark yesterday.
The rising water of Bitcoin has overflowed to BRC 20 and Ordinals, which has excited the Bitcoin ecological community that has been suppressed for a long time, and the price of the currency has naturally risen. Take the most representative ORDI as an example, the highest increase in October reached 30%.
Batch engraving, inscription numbering and returning to URL, Ordinals "biggest ever" update
On October 24, Ordinals creator Casey Rodarmor merged the v 0.10.0 update into the Ordinals code, which was hailed by the community as the biggest update "ever". According to the interpretation of developer @raphjaph and founders @SanjFomojis and @rodarmor, BlockBeats found that the important features of this update include: batch engraving, adding metadata, end point of inscription numbering, and remote burning commands.
Batch inscription uses a new pointer field to efficiently perform multiple inscriptions in a single transaction. The principle of batch inscription is to put all inscriptions into the same input and specify the position where they should be inscribed in the output. Community creators use this feature by creating a file called "batch.yaml".
Adding metadata adds a metadata field to the inscription, allowing to add any type of additional information. Users can specify a meta-protocol in the inscription, construct any content, and help indexers distinguish between different protocols.
The inscription number endpoint allows visitors to get the inscription by number in the URL. The remote burn command inscribes the asset on the ordinal number and sends the corresponding ETH NFT to the remote burn address for burning. Among them, batch inscription is the most noteworthy feature and is regarded by community developers as "the most powerful feature in the updated version" because it will make the casting cost of recursive inscriptions lower. Recursive inscriptions are a feature unlocked when Ordinals was updated in June this year. Recursive inscriptions allow inscriptions to interact with each other to achieve new use cases, making good use of the composability of the Ordinals protocol.
In addition, the new feature "Allow visitors to get inscriptions by number in the URL" is also exciting for the community. In the previous "inscription number variability" dispute, Casey Rodarmor hoped that the inscription number would no longer be used in the URL, but this idea had the risk of eliminating the meaning of the inscription, which caused strong opposition from the community. In the end, Casey compromised with the community's opinions, and the inscription number became an important inscription identifier recognized by the community.
Interestingly, in a tweet “Celebrating the ability to once again access the corresponding NFT through the URL inscription number,” Casey’s retweet seemed to be a bit helpless and resentful, “We finally gave in.”
Bitcoin idealist or time traveler? Eight years ago, someone was collecting rare satoshis
The unit of Bitcoin is the Satoshi, and each Bitcoin is composed of 100 million Satoshis. Since each Satoshi of Bitcoin can be tracked and transferred, and the scarcity and uniqueness of Satoshi can be determined by ordinal theorists, Satoshi has a special meaning.
On January 21, 2023, Bitcoin developer Casey Rodarmor launched the Ordinal protocol, which provides unique numbers for Satoshis, thus creating a new way to play - speculating on rare Satoshis.
Therefore, speculation on rare Satoshi is a new practice that started this year. On October 23, Twitter user @TO discovered a Bitcoin wallet from 2014, which contained 1,616 Satoshi, of which 1,615 were rare Satoshi. This means that the wallet owner separated Satoshi from UTXO 9 years before the introduction of the ordinal theory.
With such a rare probability of "1615/1616" and the timing of the discovery 8 years ago, this discovery can only be described as "surprising" and "magical".
Rare Satoshi is a concept that emerged after the ordinal number theory, so it is difficult to understand how the wallet owner could have consciously "extracted" rare Satoshi eight years ago.
The community called this lucky person a "time traveler". He collected Bitcoin quietly eight years ago and experienced many ups and downs of Bitcoin. When the Ordinals protocol was born and "rare satoshis" were discovered, the collection preference that once belonged to this wallet owner suddenly had a value recognized by the community. This incident added a footnote to the community's belief in Bitcoin.
New gameplay for BRC-69, Ordibots 3D series released
OrdiBots founder @RAF_BTC tweeted early on the 24th, announcing that a new series of Ordibots 3D will be launched randomly.
This new 3D series release uses the BRC-69 standard, which enables full 3D assets on-chain. Created by Luminex Launchpad, BRC-69 uses a technique called recursive inscriptions to optimize block space usage by up to 90%.
Since its launch in July, BRC-69 has attracted great attention from the community. Through "recursive inscription", minters only need to enter text instead of uploading image files to present the final image on all "Bitcoin NFTs". Based on this, the size of the inscription will not be limited by the Bitcoin block size of 4 MB.
@RAF_BTC made a video in the tweet announcing Ordibots 3D. The video content is the release tweet of the first NFT series OrdiBots issued with Generative BRC-721 in May this year. One by one, 3D OrdiBots pushed open the door of the static NFT picture and landed.
At that time, Generative BRC-721 significantly reduced the cost for project parties and users to issue and mint NFTs by "only uploading features and then combining them", but that was just the beginning. BRC-69 gave the Ordinals ecosystem a greater imagination. space.
Proposal to use $ordi to govern BRC 20
KOL 0x Wizard (@0xcryptowizard) proposed a governance proposal. He believes that as the first and most widely accepted BRC 20 asset, $ordi has been considered the native token of the BRC 20 protocol. As more and more proposals about BRC 20 emerge, people need a governance mechanism and punishment mechanism to prevent centralized indexers from doing evil for the sake of decentralized governance. Therefore, 0x Wizard proposed $ordi as a governance token, and community participants can use $ordi to vote on future proposals of BRC 20. Indexers need to stake $ordi for indexing and obtain corresponding ecological fees (such as various ecological fees in the future). If an error/malicious result occurs, the $ordi staked by the indexer will be confiscated.
Community members expressed their thoughts: "The only way out for $ordi is to serve as the governance token of BRC 20, empowering $ordi while opening up the future development of BRC 20. It is a pity that after $ordi has gone so far, no one can fully take over. If @domodata had joined forces with several powerful exchanges a few months ago to establish the BRC 20 protocol DAO and then build a decentralized index. BRC 20 and ordinals would have developed better than they are now. This is an obvious governance strategy, why is no one promoting it?"
OrdiBots and DogePunks founder @RAF_BTC said he fully agreed with the proposal: "But it is clear that this move should not become a speculative method. If a balance can be found, this is a very good suggestion."
Ordinals native DeFi? BRC-100, an upgraded version of BRC-20
Bitcoin-based protocols such as BRC-20 and ordinal theory have brought a lot of imagination to the development of the Bitcoin ecosystem through the "on-chain declaration, off-chain calculation" mechanism. However, in the Bitcoin ecosystem, the development of decentralized applications such as DeFi is still lagging behind.
On October 19, the BRC-100 index was launched on the official website. According to developer @MikaelBTC, BRC-100 is built on Ordinals, introducing protocol inheritance, application nesting, state machine model and decentralized governance, bringing computing power to the Bitcoin blockchain, making it possible to build Bitcoin-native decentralized applications such as AMM DEX and lending.
In other words, the BRC-100 protocol is not just a token protocol, but an application protocol. It can design decentralized, trustless, censorship-resistant, and permissionless applications such as DeFi, SocialFi, and GameFi through UTXO and state machine models, protocol inheritance, application nesting, and built-in decentralized governance design.
In the developers' minds, BRC-100 has a wide range of use cases. On October 25, Layer 1 Foundation, founded by domo, the founder of BRC-20, released an introduction to BRC-100. With domo's endorsement, BRC-100 has become a hot topic in the community today.
100 times the profit? PIPE developers live stream code writing
Casey Rodarmor, founder of Ordinals, has always been opposed to BRC 20, so on September 26, he proposed a new protocol based on the Bitcoin network, Runes, as a potential alternative to BRC 20. Casey Rodarmor said that alternative token protocols such as Runes will not leave a large number of "junk UTXOs" on the Bitcoin network like BRC 20 tokens.
After Casey proposed the Runes protocol, some interesting things happened recently. Benny, the founder of Trac, upgraded it to another protocol called pipe. Developers have been joining in and the development is progressing rapidly. The deployment casting platform has been developed.
In the community’s view, PIPE is the first token after the concept of Runes was proposed, and it is also the first token of the pipe protocol. It has a dual identity, and is even compared to $ordi in BRC 20. PIPE is seen as another hot narrative in the BTC ecosystem after ATOM. It only cost $0.125 to mint in September, but now it has risen to $100 per piece.
Interestingly, the PIPE ecosystem team even live-streamed writing the pipe wallet code.
