Today we are going to talk about a phenomenon, which was born in December 2022 and which continues to take place in the #NFTs market, in a dazzling way.
They are called: THE #ORDINALS
● WHAT ARE ORDINALS ?
Ordinals, is a protocol launched in January 2023 by Casey #Rodarmor
It allows data such as art, text or video to be written on the blockchain #Bitcoin
This process is modeled on the old system of the famous "Colored Coins".
● WHAT ARE "COLORED COINS"?
TO PUT IT SIMPLY: The basic idea was to "color" certain $BTC by associating a particular meaning, such as an action, an obligation, intellectual property…
This technique has made it possible to create unique, indivisible and tradable digital assets on the blockchain Bitcoin
Arousing, at the time, an inordinate interest of developers and entrepreneurs, who quickly exploited the capabilities, which were available to them ...
● PROBLEMS
Very quickly, problems arose on the "Colored Coins" system. The main ones were:
Their implementation, was quite complex for the time and too unfriendly for end users. A problem which contributed greatly at the time to limiting adoption.
● FUNGIBILITY
The question of "fungibility" also arose.
The fact that these #bitcoins, could be perceived as being different from the so-called "normal" bitcoins and therefore, have a different value, is a factor that also played an important role, in the non-adoption phase.
● SOLUTIONS
Over time, other protocols and standards have emerged to solve these problems, such as the ERC-20 and ERC-721 on #Ethereum
● MORALS
Nevertheless, Colored Coins, have played a very important role in the history of the blockchain Bitcoin
They demonstrated that cryptos could be used to represent tangible and intangible assets, in a decentralized and secure way.
● THE ORDINAL THEORY
The “Ordinal Theory”, consists in numbering each satoshis that composes a $BTC giving them individual identities and allowing them to be differentiable, followed, transferred ...
Ordinal Theory does not require a sidechain or token outside of Bitcoin to work.
It can therefore be used, without any necessary modification of the Bitcoin network
● INSCRIPTIONS
Individual satoshis, therefore, can be "registered" with arbitrary content, thus creating unique native Bitcoin artifacts, which can be kept in Bitcoin wallets and also transferred, using Bitcoin transactions
● OPERATION
To make a registration, you must:
Send the satoshi to be registered in a transaction, which reveals the content of the on-chain registration.
The content of this transaction is therefore, directly related to the satoshi, transforming it into a transferable, exchangeable artifact...
● THE "TAPROOT" UPDATE
The Ordinals, were able to develop thanks to the deployment of the Taproot update that was released on the Bitcoin network, in November 2021
This update makes it possible to extend the size of the storable data in a Bitcoin transaction, up to 4MB.
● CREATE ORDINAL NFTS
Registrations, could only be, basic, created by the lucky holders of Bitcoin Core node
Over time, several applications such as Trygamma or OrdinalBot allowing a more "mainstream" access, have begun to emerge.
These applications allow you to deposit image or video content in order to make it a "inscription" on Bitcoin
Your registration can be *stored, without the need to enter your $BTC address.
*A $BTC address is required to "hold" your registration.
● BUY/SELL NFTS ORDINALS
In the first place, Ordinals sales were mainly made in OTC on Discord channels
This practice made the trade in Ordinals extremely risky.
Until the exchange platforms appeared.
● ORDINALS WALLET
Ordinals Wallet, is a multi-hatted project, which works to make access to “NFTs” Ordinals easier.
It acts as a Bitcoin wallet and marketplace NFTs where it is possible to buy/sell your Ordinals, in a more secure way.
● ORDINAL AIRDROPS
Ordinals Wallet, has already performed several Airdrops
The first, dates from February 24, 2023
• Condition: Have made at least 1 Tx on the Ordinal Wallet website.
• Reward: 1 NFT Pixel Pepe (0.07 $BTC)
● THE BTC MACHINE AIRDROP
It is then, the turn of the BTC Machine project, to bid by performing on March 15, an Airdrop of their "BTC Virus" (0.0014 BTC)
10,000 "NFTs" on Bitcoin for all holders of more than 60 ordinal collections
● OPERATORS (AIRDROP)
Earlier, on March 4, BTC Machine already announced a #Airdrop, from a collection called "BTC Operator", aimed at BTC Machine holders.
● BTC LANDS (AIRDROP)
On March 21, BTC Machine, took another Snapshot and announced the Airdrop of the "BTC Lands" collection, for BTC Virus holders. (0.00047 BTC)
● CONCLUSION
In my opinion, Ordinals are part of these future trends, which should absolutely not be overlooked.
As with all trends, the biggest winners will be those who manage to place first.
(Yugalabs is already placed and now, Binance)
