Ordinals (ORDI) is a cryptocurrency that operates on the blockchain-based Ordinals protocol. It aims to provide a decentralized marketplace for digital assets, mainly digital content inscribed on satoshis, the smallest denomination of Bitcoin (BTC).
The Ordinals protocol allows users to write or inscribe information such as text, pictures, audio, and video onto individual satoshis, leveraging the Taproot upgrade introduced to the Bitcoin network on November 14, 2021. Ordinals bring the power of NFTs to the Bitcoin blockchain, letting users create digital assets as inscriptions on satoshis.
These inscribed satoshis hold the information associated with the digital content, and the data is stored in the witness of the Bitcoin transaction. Ordinal inscriptions mainly consist of text and pictures due to the size limitations of Bitcoin blocks.
Furthermore, the Ordinals project aims to develop seamless methods for inscribing on Bitcoin and wallets, enabling users to view the created Bitcoin NFTs. Several projects and platforms, such as Gamma and Hiro Wallet, have begun offering services to facilitate the creation and storage of Ordinal Inscriptions. Such initiatives provide a user-friendly and accessible environment for individuals to buy, sell, and trade digital assets using the Ordinals protocol.
Ordinals (ORDI) coin is the first cryptocurrency developed using the BRC-20 standard on the Bitcoin network. Most of the ORDI supply was airdropped to Ordinals protocol’s users.
The total amount of bitcoins is 21 million, and one can be subdivided into 100 million satoshi (satoshi is sat, the smallest unit of bitcoin), and there are 2100 trillion satoshi in total.Here we must first understand the inscription, which is created by writing content to satoshi using the Ordinals protocol. The inscription does not need to use a separate token, side chain or change Bitcoin. What the Ordinals protocol does is to write information to each Satoshi, such as text, pictures, audio and video, etc. Due to the size limit of the Bitcoin block
