Things to know about Bitcoin Ordinals
Bitcoin NFTs, also known as Bitcoin ordinals or digital artifacts, provide a method to permanently record digital content on the secure Bitcoin blockchain.
What are Bitcoin NFTs?
Introducing the groundbreaking Bitcoin ordinals protocol, pioneered by Casey Rodarmor in January 2023. This innovative protocol revolutionizes the way digital content such as art is permanently recorded on the immutable Bitcoin blockchain. Unlike traditional nonfungible tokens (NFTs) found on Ethereum and other blockchains, Rodarmor envisioned an on-chain presence that ensures the immutability of art, text, or video. A genesis ordinal, a captivating pixel art of a skull, meticulously inscribed by Rodarmor on December 14, 2022.
In the midst of the explosive growth of the NFT space driven by Ethereum's ERC-721 standard in 2021, visionary programmer and artist Casey Rodarmor recognized the untapped potential of the Bitcoin blockchain. Determined to offer a distinctive and unparalleled experience, Rodarmor embarked on a journey to create Bitcoin ordinals - a groundbreaking concept inspired by ordinal theory. Through tireless efforts and unwavering dedication throughout 2022, he successfully brought his visionary solution to life.
Ordinal theory revolutionizes the world of satoshis by attributing unique identities to these digital units, empowering them with traceability, transferability, and profound significance. The extraordinary rise of ordinals gained unprecedented momentum in February 2023, igniting a frenzy of excitement just six weeks after the creation of the groundbreaking genesis ordinal.
The meteoric ascent of Bitcoin ordinals, propelled the Bitcoin network into an unprecedented era of soaring usage, transaction fees, and storage demands, vividly depicted in the captivating chart displayed above. This revolutionary phenomenon holds immense potential to revolutionize the Bitcoin application landscape, transcending its conventional perception as a mere "store of value" and evolving into a dynamic and utilitarian force.
How do Bitcoin ordinals work?
Bitcoin ordinals are founded on the revolutionary theory of ordinals, which has breathed new life into satoshis (sats) and empowered them as indivisible entities within the dynamic realm of the Bitcoin blockchain. The transformative potential of ordinals, a sophisticated numbering scheme that elevates sats to their elemental form, paving the way for unprecedented possibilities in the world of digital currency. Bitcoin ordinals, where every satoshi becomes an atomic unit of immense value.
At the core of this groundbreaking theory lies the definition of satoshis (sats) as distinct atomic units that can be individually identified and seamlessly traded within the expansive Bitcoin network. With each Bitcoin (BTC) consisting of 100 million sats, the numbering of sats is intricately intertwined with the order of mining, granting them unique ordinal numbers that signify their distinct identities. (read more: https://coinpass.com/en/blog/markets/bitcoin-ordinals-things-you-need-to-know)…
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