In January this year, Casey Rodarmor, a Bitcoin core contributor, proposed the Ordinals Theory. The NFT protocol Ordinals based on this theory was officially launched on January 21, which will allow users to create unique NFTs on Satoshi (SAD), the smallest unit of Bitcoin, thus detonating the entire Bitcoin network.
Soon after, Domo developed a new token standard based on the Ordinals protocol, called BRC-20. The essence of BRC-20 is to facilitate the issuance and transfer of tokens by writing text on Satoshi (the smallest unit of Bitcoin).
In April, the BRC-20 standard attracted great attention and its price also rose sharply. The price of ordi, the first token that complies with the BRC-20 standard, started at $0.1 and eventually rose 310 times to $31 on May 8, with a market value of nearly $650 million, even surpassing the public chain Sui and the Layer2 project Optimisim. The popularity of BRC-20 once again congested the Bitcoin network, and the single transaction fee once reached $31, the highest level since April 2021.
Ordinals founder resigns as maintainer
Casey Rodarmor, the founder of Ordinals, announced on Twitter on May 28 that he would resign as the lead maintainer of Ordinals and hand over control of the project to a Raph developer.
"I haven’t been able to give ord the attention it deserves, so I’m happy to announce that @raphjaph has agreed to serve as the lead maintainer! Raph is a poor student, and his work on the ord project will be funded entirely by donations. If you can, please consider donating to support it!" However, although the heat of this sale in the Bitcoin network ecosystem is currently showing signs of weakening, the emergence of Ordinals, Inscriptions, and BRC-20 tokens has indeed brought an unexpected chapter to the cryptocurrency market, and even caused a discussion about the nature of the Bitcoin network. The person behind all this is software engineer Casey Rodarmor.