Bitcoin Ordinals: Expanding the Possibilities of the Bitcoin Network
Introduction
Bitcoin Ordinals is a service that enhances the capabilities of the Bitcoin network through inscriptions on the blockchain. Launched in January of this year, the service is still in its early stages. To further elevate the development of the protocol, the team behind Bitcoin Ordinals has recently launched a non-profit organization called the Open Ordinals Institute.
The Open Ordinals Institute: Supporting Bitcoin Ordinals’ Development
On Tuesday, the launch of the Open Ordinals Institute was announced. This non-profit organization, based in California, will support the development of Bitcoin Ordinals by providing funding to the core group of developers, including the pseudonymous project lead, Raph.
Overview of the Open Ordinals Institute
The Open Ordinals Institute will consist of four team members who will serve on its board. Alongside Raph, the board members include Erin Koperwiek, a Bitcoin-focused podcast host, an anonymous Ordinals developer known as Ordinally, and the creator of Ordinals, Casey Rodarmor.
Rodarmor founded the innovative Bitcoin service and handed over the reins as the project lead to Raph on May 28th.
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The Open Ordinals Institute also unveiled its website, Ordinals.org, in their announcement on Twitter. The website allows individuals to donate money and stay updated on the protocol’s development.
According to the official website, all donations made to the institute will be tax-deductible for U.S. taxpayers once the organization receives approval from the Internal Revenue Service, which is expected to happen later this year.
Development of the Bitcoin Ordinals Service
Today, according to data from Dune, the Bitcoin Ordinals service has reached a new milestone. The number of inscriptions on the blockchain has surpassed 21 million.
Earlier today, it was also reported in Bitcoin news that the revolutionary protocol added a significant number of inscriptions in the past month. However, the month was disappointing in terms of trading volume in dollar terms, with a 45% decrease recorded.
Looking at the bigger picture, the capabilities of the Bitcoin Ordinals service remain highly impressive. Ordinals enables the creation and trading of non-fungible tokens (NFTs) and BRC-20 tokens on the Bitcoin network. In a short period, it has become a well-established protocol within the Bitcoin ecosystem, and its development shows no signs of slowing down. With the establishment of the Open Ordinals Institute, the pace of development is expected to accelerate even further.
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Conclusion
The launch of the Open Ordinals Institute signifies a significant step forward in the development of Bitcoin Ordinals. With the support of this non-profit organization, the protocol’s core group of developers will receive the necessary funding to continue enhancing the capabilities of the Bitcoin network. As the protocol expands and reaches new milestones, it is expected to further solidify its position within the Bitcoin ecosystem.
Tags: Bitcoin, BTC, Non-profit, Open Ordinals Institute, Ordinals