Ordinals (ORDI) is the first BRC-20 token. This means it is a cryptocurrency based on the Ordinals blockchain, using the Ordinals protocol, which aims to build a decentralized marketplace focused on digital assets, primarily digital content registered in Satoshi (the smallest unit of Bitcoin).
Casey Rodarmor is the mastermind behind the Ordinals protocol and has been actively developing and promoting it since 2022. He drew inspiration from Satoshi Nakamoto, the creator of Bitcoin.
Rodarmor incorporates novel ordinal theory into the design and operation of the protocol, bringing new dimensions and practicality to the field of cryptocurrency and blockchain technology.
The key feature of the Ordinals protocol is that it allows users to register various information such as text, images, audio and video into a single satoshi. This was achieved by implementing the Taproot update of the Bitcoin network, which came into effect on November 14, 2021. In this way, Ordinals introduced the dynamics of NFTs (non-fungible tokens) to the Bitcoin blockchain, facilitating the creation of unique digital currencies registered in satoshis.
Registered satoshis host information related to digital content and are stored in the token portion of a Bitcoin transaction. Due to the limited size of Bitcoin blocks, ordinal inscriptions are mainly composed of text and images.
On the other hand, the Ordinals project aims to develop and optimize methods for engraving in Bitcoin and related wallets. This will allow users to visualize NFTs generated on the Bitcoin blockchain.
In this context, several initiatives and platforms, including Gamma and Hiro Wallet, have begun offering services to facilitate the creation, management and storage of these ordinals. These services aim to provide a user-friendly and accessible platform for buying, selling and exchanging digital assets through the Ordinals protocol.
Finally, Ordinals coin (ORDI) emerged as the first cryptocurrency developed according to the BRC-20 standard on the Bitcoin network, with its supply distributed in large quantities to users of the Ordinals protocol via airdrops.