In the world of cryptocurrency, Bitcoin has always been the most influential. However, with the emergence of the Ordinals protocol, this ecosystem has ushered in new changes. The birth of the ORDI token makes us rethink the value and use of Bitcoin. This article will explore the nature of ORDI and its significance in the Bitcoin ecosystem.
Bitcoin Inscription and BRC-20 Token
Before we dive into ORDI, we must understand Bitcoin Inscription and the technology behind it. In December 2022, Bitcoin developer Casey Rodarmor launched open source software called ORD, which allows users to mint inscriptions on the Bitcoin blockchain. This process is divided into two steps: first, users can enter any information, such as text or images; second, this information will be associated with a specific Satoshi to form an inscribed Satoshi, which is the Bitcoin inscription.
Depending on the input information, Bitcoin inscriptions can be divided into two types: text-based and image-based. Text-based inscriptions are primarily used to create BRC-20 tokens, while image-based inscriptions are used to create NFTs. It is worth noting that the existence of these inscriptions relies on the consensus of the Ordinals theory, which makes the tracking and trading of each Satoshi possible.
The birth and essence of ORDI
ORDI is the first BRC-20 token based on the Bitcoin blockchain, with a total supply of 21,000,000. The original intention of its creation was to test whether a fungible token similar to Ethereum's ERC-20 could be implemented on Bitcoin. However, unlike Ethereum's ERC-20 tokens, ORDI does not have the technical basis for smart contracts, which means that its value mainly relies on community consensus and market popularity.
The existence of ORDI can be regarded as a "meme token" whose value does not come from actual use, but from the attention and participation of the community. This makes ORDI tokens a speculative subject full of imagination in the cryptocurrency market.
The Impact of Ordinals Protocol on Bitcoin
The emergence of the Ordinals protocol has brought new opportunities for the security of the Bitcoin network and miners' income. Although some critics believe that Inscription has led to the expansion of Bitcoin node sizes and affected decentralization, many institutions, including Grayscale, believe that this protocol can increase transaction fees for Bitcoin miners.
According to estimates by research firm K33, miners’ daily income has risen to 973 BTC in 2023. This increase is mainly due to the additional transaction fees brought by Ordinals. These revenues not only fill the security budget of the Bitcoin network, but also attract more miners to join, thereby increasing the overall computing power and security.
ORDI’s challenges and future
Although the ORDI token has attracted a lot of attention in the market, it also faces the challenge of how to continue to capture attention. ORDI’s value depends not only on community participation, but also on its ability to remain popular in an ever-changing market. Compared with other meme tokens, ORDI has a higher "meaning", which makes it somewhat competitive in the market.
However, for ORDI to become a lasting presence, the community needs to continue to create and share ORDI-related content and inspire more participation and interaction. This is not just a promotion for ORDI, but also a support for the entire Bitcoin ecosystem.
in conclusion
The emergence of ORDI tokens has undoubtedly brought new vitality to the Bitcoin ecosystem. It is not only part of the inscription of Bitcoin, but also a manifestation of community culture. Although ORDI is currently regarded as a meme token, the Ordinals theory behind it and the security issues of Bitcoin make us full of expectations for its future.
As the market develops, ORDI may find new niches and uses, becoming an integral part of the Bitcoin ecosystem. In this uncertain cryptocurrency world, ORDI’s story has just begun.