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- 1 Ordinals is a cryptocurrency project that uses the Ordinals protocol to write content directly onto satoshis, the smallest unit of Bitcoin.
- 2 Ordinals allow users to write various kinds of data, such as text, images, audio, and video, onto satoshis.
Ordinals Crypto (ORDI) is a novel cryptocurrency project that is based on the concept of inscribing individual subunits (satoshis) of bitcoins. With 21 Million bitcoins as the total supply and the ability to split each bitcoin into 100 Million satoshis, Ordinals utilize the Ordinals protocol to write content directly onto satoshis.
These inscriptions can be in various formats, such as text, pictures, audio, and video, among others. Notably, this is done without requiring a separate token, side-chain, or Bitcoin. Ordinals is set to make an impact by expanding the possibilities within the cryptocurrency space, with a main focus on text and picture-based inscriptions due to the Bitcoin block’s size restrictions.
Casey Rodarmor, the inventor of Ordinal Theory, developed Ordinals Crypto. This is a numbering scheme for Bitcoin’s smallest unit, ‘satoshis’ or ‘sats’, which enables individual sats to be inscribed with information, thereby opening a new realm of possibilities and use cases for Bitcoin.
Uses of Ordinals
Ordinals Crypto uses the Ordinals protocol, which allows users to write different kinds of data, such as text, images, audio, and video, directly onto each Satoshi. This inscription is done efficiently without needing an extra token, a side chain, or any changes to Bitcoin’s core structure. The Ordinals protocol works by adding information to each Satoshi, creating NFTs and tokens within the Bitcoin network. However, because of Bitcoin’s limited block size, the main kinds of content inscribed are mostly text and images.
Ordinals Theory
Ordinal crypto theory deals with satoshis, giving them individual identities and allowing them to be tracked, transferred, and filled with meaning.
Satoshis, not bitcoin, are the smallest, native currency of the Bitcoin network. One bitcoin can be split into 100,000,000 satoshis, but no more.
Ordinal theory does not require a sidechain or token excluding Bitcoin, and can be operated without any modifications to the Bitcoin network. Ordinal theory provides satoshis numismatic value, permitting them to be gathered and traded as trinkets.
Separate satoshis can be noted with arbitrary range, forming unique Bitcoin-native digital artifacts that can be stored in Bitcoin wallets and transmitted by utilizing Bitcoin transactions. Inscriptions are as unending, immutable, protected, and decentralized as Bitcoin itself.
Further, additional unusual use-cases are possible: off-chain colored coins, public key infrastructure with key rotation, a decentralized alternative for the DNS. For now, though, such use cases are speculatory, and live only in the minds of fringe ordinal theorists.
Conclusion
Ordinals Crypto is a novel cryptocurrency project that embeds content into bitcoins, using the Ordinals protocol and Ordinal Theory. It allows users to write different kinds of data onto satoshis, creating unique Bitcoin-native digital artifacts that can be held in Bitcoin wallets and transferred using Bitcoin transactions. Ordinals does not need a separate token, side-chain, or Bitcoin, and works without any changes to the Bitcoin network. Ordinals has several potential use-cases, such as off-chain colored-coins, public key infrastructure with key rotation, and a decentralized alternative for the DNS. Ordinals is an innovative and creative project that expands the possibilities within the cryptocurrency space.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
