1. BITBILIHome
  2. Article

Ordinals team launches nonprofit to advance inscriptions on Bitcoin

• 82 views

TL;DR Breakdown

  • Ordinals floated its nonprofit organization to advance inscriptions on the Bitcoin blockchain.
  • Nurturing growth and tax advantages.

Description

Ordinals, a platform renowned for its pioneering protocol enabling the association of NFT-like assets with the Bitcoin blockchain, has taken a significant step forward by establishing a nonprofit organization. This move comes as the total number of inscriptions using the protocol surpasses 21 million, indicating growing interest and engagement. Ordinals inscriptions surpass 21 million Introduced … Read more

Ordinals, a platform renowned for its pioneering protocol enabling the association of NFT-like assets with the Bitcoin blockchain, has taken a significant step forward by establishing a nonprofit organization. This move comes as the total number of inscriptions using the protocol surpasses 21 million, indicating growing interest and engagement.

Ordinals inscriptions surpass 21 million

Introduced earlier this year by developer Casey Rodarmor, Ordinals quickly gained prominence as a hub of innovation centered around Bitcoin. The protocol empowers individuals to attach data to a single satoshi, a unit equivalent to 1/100,000,000 of a complete Bitcoin. This data could encompass art, profile pictures, interactive games, and more.

The newly formed California-based nonprofit christened the Open Ordinals Institute, is set to play a pivotal role in supporting the ongoing evolution of the protocol. By providing funding to its core group of developers, including the enigmatic lead maintainer known as Raph, the organization aims to foster sustained development and innovation within the realm of Bitcoin inscriptions.

Raph, the project’s lead maintainer, emphasized the significance of this transition to a nonprofit structure. This shift primarily holds tax implications, potentially allowing the development team, previously funded privately by Rodarmor, to accept tax-deductible donations. Formerly, any contributions to Rodarmor and Raph were categorized as personal gifts for taxation purposes.

The Institute’s board is expected to comprise four individuals: Raph, Rodarmor, Erin Redwing, the host of the Hell Money podcast, and Ordinally, the pseudonymous Ordinals technical fellow. Raph likened this development to the establishment of foundations in other crypto projects, although he acknowledged that the initiative is still in its nascent stages. He noted, “At the moment, it’s very simple—it’s the most minimal structure you can imagine.”

The platform promises to nurture growth in crypto

This platform will serve as a hub for community updates and a repository of resources about the project’s progression. The shift in direction for the Ordinals team comes after Rodarmor announced his intention to step back from the project in May, citing an inability to provide it with the attention it deserved.

Nonetheless, Rodarmor remained active in refining and developing features within the project’s GitHub repository, with his most recent contributions as recent as June 19. With over 21 million Ordinals inscriptions reported on Tuesday, as indicated by a Dune Analytics dashboard, a noteworthy milestone has been reached. This achievement is particularly noteworthy considering that Bitcoin’s total supply is capped at 21 million coins.

The enthusiasm surrounding Ordinals inscriptions and BRC-20 tokens, which were in high demand in May, led to a surge in Bitcoin transaction fees. The elevated fees, though concerning, ultimately brought substantial gains to miners. This outcome aligns with the perspective of Michael Saylor, co-founder and Executive Chairman of MicroStrategy, who sees potential long-term benefits for Bitcoin from higher transaction costs.

While initial excitement propelled several crypto exchanges and NFT marketplaces to embrace art-based inscriptions and BRC-20 tokens using the Ordinals protocol, recent times have seen a decline in activity and trading volume. Despite this apparent lull, Ordinally, the pseudonymous Ordinals technical fellow, expressed a positive outlook, viewing the period as an opportunity for consolidation and renewed focus.

The essence of Ordinals lies in its embodiment of digital scarcity within the realm of Bitcoin. The project represents an extension of Bitcoin’s scarcity concept, one that converges with art and digital collectibles. As Ordinals progresses, its creators envision a future where digital artifacts built on the scarcity of Bitcoin block space evolve into a distinct ecosystem, different from the NFT landscape seen today. While the first few steps have been taken, there remains ample potential for growth and innovation in the realm of Ordinals’ unique blockchain inscriptions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Ordinals team launches nonprofit to advance inscriptions on Bitcoin

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月3日 06:03
Next 2023年8月3日 08:06

Related articles

  • Everything to know about the list of tokens that the SEC says are securities

    TL;DR Breakdown The US Securities and Exchange Commission (SEC) has publicly listed a series of crypto assets it deems as securities, applying the Howey Test. Prominent tokens listed include XRP, Decentraland (MANA), and Beaxy Token (BXY). Binance and its CEO, Changpeng Zhao, face SEC scrutiny for alleged securities law violations. In the fluid universe of cryptocurrency, the US Securities and Exchange Commission (SEC) has recently sharpened its perspective on regulations, laying out a clear delineation of tokens it deems to be securities. The declaration came in April in the form of a list that was shared publicly by the Commission’s five members, an aggregation that comprises high-profile crypto assets that are considered to have been put forth as unregistered securities. The Howey Test: The regulatory litmus test For the classification of these digital assets, the SEC employed the widely accepted Howey Test. This established legal precedent comes with four tenets: the act of investing money, participation in a common business, harboring a reasonable expectation of profits, and the derivation of those profits from the efforts of other parties. A token…

    Article 2023年6月10日

  • Glass falls to the bear market

    TL;DR Breakdown Glass, a crypto startup that sought to monetize NFT videos, falls victim to the ongoing bear market The startup intended to create a platform where the creators would directly relate with their fans, which is not the case on Instagram, YouTube, and TikTok. Glass founders tie the reason for closure in that the market demand for NFT videos is not enough to sustain the growth of Glass  Description A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market that left even … Read more A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market…

    Article 2023年9月9日

  • ECB reveals its strategy with interest rate hikes

    TL;DR Breakdown The European Central Bank (ECB) is poised to raise interest rates again, but its future course beyond July remains unclear. A quarter percentage point increase to 3.75% is anticipated, as per market predictions. The possibility of a further rate hike post-July is increasingly uncertain; the ECB could turn more cautious in its signaling. Description The strategy of the European Central Bank (ECB) is coming into sharper focus as the institution is poised to elevate interest rates again this week. Amid this backdrop, the financial markets are keen on discerning the ECB’s course of action beyond July, a trajectory less clearly defined. For the past year, Eurozone interest rates have … Read more The strategy of the European Central Bank (ECB) is coming into sharper focus as the institution is poised to elevate interest rates again this week. Amid this backdrop, the financial markets are keen on discerning the ECB’s course of action beyond July, a trajectory less clearly defined. For the past year, Eurozone interest rates have climbed by a substantial 400 basis points to 3.5%, a level…

    Article 2023年7月24日

  • Hungarian artist sells computer-generated NFTs for $1.2 million

    TL;DR Breakdown Hungarian artist Vera Molnár has sold out a series of computer-generated NFTs for $1.2 million. Navigating the impact of NFTs on the art world. Description In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an … Read more In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an algorithmic combination of 170 color palettes and recursive grids. The Hungarian artist sold out the arts in one hour Auctioneers described the collection as an expansion of the Hungarian artist’s 2% d’ordre generative protocol, which explores the potential of grids…

    Article 2023年7月28日

  • McCarthy’s next task is to pitch debt deal in Congress

    TL;DR Breakdown Following the tentative agreement with the White House on the U.S. debt ceiling, Kevin McCarthy faces the challenge of securing approval for the deal in the House of Representatives. The political balance is delicate, requiring bipartisan support from moderate representatives and senators. However, any compromises risk alienating the far-left and far-right party factions. The deal includes a suspension of the debt ceiling until January 2025 and caps on spending and cuts to government programs. Following the grueling negotiation process that resulted in a tentative agreement with the White House regarding the U.S. debt ceiling, House Speaker Kevin McCarthy now faces a new test: rallying approval for the deal in the House of Representatives. This is a body known for its fractional divisions, where both staunch Republicans and progressive Democrats could potentially reject the agreement. McCarthy, embroiled in this high-stakes fiscal debate, finds himself walking a tightrope. With the imminent risk of a U.S. default on June 5 that could precipitate a deep recession and financial market turmoil, swift action is crucial. McCarthy’s bipartisan balancing act The political landscape…

    Article 2023年5月31日
TOP