Since its inception, Bitcoin has been hailed by some as a revolutionary technology with the potential to transform the way we conduct transactions using a new financial layer. Recently, a new innovation has emerged that could unlock new possibilities for the Bitcoin network to also function as a cultural layer. Ordinals1, which refer to NFT2-like assets on the Bitcoin network, had their start in December 2022 when Bitcoin developer Casey Rodarmor released the ORD software. Each bitcoin can be subdivided into 100 million smaller units called “satoshis,” and while normally these satoshis are fungible3, ORD assigns numerical values to individual satoshis, allowing for uniqueness. More specifically, ORD, which runs on top of a Bitcoin Core full node, allows users to add arbitrary data to a Bitcoin transaction (“inscription”) and tie the data to an individual satoshi4 (“ordinal”). Ordinals have generated a great deal of attention in the crypto ecosystem, surpassing one million inscriptions on April 8, 2023 (Figure 2), and sparking a conversation about the potential to unlock new possibilities for the Bitcoin network.
Figure 1: Simplified Bitcoin Inscriptions and Ordinals Example
Source: Grayscale Research
灰度：数字经济也需要有助于访问和使用加密的工具和服务:金色财经报道，灰度官方发推称，正如物理世界需要道路、桥梁和隧道一样，数字经济也需要有助于访问和使用加密的工具和服务，这是我们用我们的第一个股票 ETF。灰度还提到，到 2028 年，全球区块链技术市场规模预计将达到 3940 亿美元，到 2028 年的复合年增长率将超过 80%。[2022/2/4 9:30:27]
This process effectively creates a Non-Fungible Token (“NFT”) on the Bitcoin network. While some are critical of ordinals, cautioning against bloating the blockchain or harming fungibility, we believe that ordinals represent one of the larger opportunities for Bitcoin adoption, especially as the Bitcoin network has historically been viewed as a rigid blockchain ecosystem.
Figure 2: Ordinals Count
Source: Dune, /img/2023525190734/5.jpg">
Ultimately, ordinals present a straightforward manifestation of non-fungible digital assets due to their immutable nature, absence of programmability, and mandatory on-chain inscription requirements, as opposed to ERC721s. Although Ethereum NFTs boast greater programmability and currently dominate the NFT market in terms of volume and popularity, ordinals could be an appealing alternative for those seeking a straightforward, scarcer digital asset on the most established blockchain available.
Although ordinals are a recent development, they have already amassed over one million inscriptions within a mere four months, even during a bear market. This unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain. While legitimate concerns exist, we believe that ordinals have the potential to positively impact the Bitcoin network in the longer-term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community.
“Ordinals” refers to a numbering scheme for satoshis that allows tracking and transferring individual satoshis.
A non-fungible token is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity.
Fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts are indistinguishable from any other part.
The smallest unit of bitcoin; there are 100 million satoshis in one bitcoin.
Layer 2 blockchain solutions are protocols designed to function atop a Layer 1 blockchain (such as Bitcoin or Ethereum) with the aim of enhancing scalability, privacy, and other attributes of the foundational blockchain.
The witness segment within a Bitcoin transaction is responsible for housing transaction signatures. This information can be converted into accessible content for any Bitcoin node utilizing the ORD software.
500 million inscriptions assuming around 10,000 satoshis per inscription, which equates to approximately 50,000 BTC inscribed or 0.24% of the total terminal supply of 21 million.
Ethereum Request for Comments (ERC) 721 is a data standard for creating non fungible tokens, meaning each token is unique and cannot be divided or directly exchanged for another ERC-721 token. The ERC-721 standard allows creators to issue unique crypto assets like NFTs via smart contracts.
The InterPlanetary File System is a protocol, hypermedia and file sharing peer-to-peer network for storing and sharing data in a distributed file system.
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