Since its inception, Bitcoin has been hailed by some as a revolutionary technology with the potential to transform the way we conduct transactions using a new financial layer. Recently, a new innovation has emerged that could unlock new possibilities for the Bitcoin network to also function as a cultural layer. Ordinals1, which refer to NFT2-like assets on the Bitcoin network, had their start in December 2022 when Bitcoin developer Casey Rodarmor released the ORD software. Each bitcoin can be subdivided into 100 million smaller units called “satoshis,” and while normally these satoshis are fungible3, ORD assigns numerical values to individual satoshis, allowing for uniqueness. More specifically, ORD, which runs on top of a Bitcoin Core full node, allows users to add arbitrary data to a Bitcoin transaction (“inscription”) and tie the data to an individual satoshi4 (“ordinal”). Ordinals have generated a great deal of attention in the crypto ecosystem, surpassing one million inscriptions on April 8, 2023 (Figure 2), and sparking a conversation about the potential to unlock new possibilities for the Bitcoin network.
Figure 1: Simplified Bitcoin Inscriptions and Ordinals Example
Source: Grayscale Research
灰度：SEC反对比特币现货ETF上市的理由不合逻辑:金色财经报道，灰度针对美国证券交易委员会（SEC）于 12 月 9 日发布的简报进行了回应，灰度表示，SEC 的核心观点是比特币期货 ETF（交易所交易基金）的交易所与 CME 的监管共享协议提供了充分的保护，防止比特币期货市场而非现货比特币市场的欺诈和操纵。但比特币现货市场发生的任何欺诈行为必然会影响比特币期货的价格，所以 SEC 的观点并不合逻辑。SEC 将于 2 月 3 日就此事发布最终简报。[2023/1/14 11:11:24]
This process effectively creates a Non-Fungible Token (“NFT”) on the Bitcoin network. While some are critical of ordinals, cautioning against bloating the blockchain or harming fungibility, we believe that ordinals represent one of the larger opportunities for Bitcoin adoption, especially as the Bitcoin network has historically been viewed as a rigid blockchain ecosystem.
Figure 2: Ordinals Count
Source: Dune, @dgtl_assets, as of 4/21/2023
Despite their recent popularity, ordinals are not the first instance of NFTs on the Bitcoin blockchain. Renowned Bitcoin NFT projects, such as Rare Pepe Cards (Figure 3), employed a Layer 25 network known as Counterparty, which was established in 2014. However, Counterparty’s Layer 2 infrastructure was criticized for being complicated, which left room for other approaches to take hold. While the Counterparty network may seem less relevant today, it still represents one of the first instances in crypto’s history where users created and traded unique digital assets – and arguably could have spurred the mass excitement around NFTs, more broadly.
灰度：DeFi的资产现在的价值占标准普尔指数4.2万亿美元市值的2.6%:金色财经报道，灰度发布《灰度DeFi入门》报告，报告指出，DeFi机器人顾问的回报自动化战略正在推动资本市场的效率，这在DeFi的开放银行业务之前是不可能的。在DeFi的开放式银行数据API之前是不可能的。DeFi使任何人向全球任何地方有互联网连接的其他任何人提供这些服务。颠覆了金融行业。DeFi的市值在两年内已经上升到约900亿美元。DeFi的资产现在的价值占标准普尔指数4.2万亿美元市值的2.6%。然而，却在8万亿美元的全球银行业中仅占1.6%，DeFi仍处于早期阶段。如果这种增长速度能够继续下去的话。这将是所有美国商业银行存款的1%，或使DeFi成为美国第18大资产银行。[2021/12/30 8:13:34]
Figure 3: Rare Pepe Card on Counterparty Network
Source: Rare Pepes
Ordinals stand out among Bitcoin NFT endeavors due to their independence from Layer 2 solutions. Rather than relying on such solutions, ordinals capitalize on previous Bitcoin network enhancements, such as SegWit (conducted in 2017, and increased Bitcoin block size limit to 4MB) and Taproot (conducted in 2021, and added more complex scripting in the witness6 section of the transaction). Ultimately, ordinals enable data to be directly embedded within the witness segment of a Bitcoin transaction. Ordinals can be composed of almost any type of data, ranging from pictures to videos to applications (Figure 4).
Figure 4: Example of a Bitcoin Ordinal
Source: Doom Clone NFT
As the use of ordinals deviates from the conventional peer-to-peer electronic cash system, numerous criticisms have arisen from those who disapprove of them. Generally, these criticisms can be summarized as follows:
灰度：元宇宙仍在兴起，许多关键组件已“初具规模”:12月19日消息，加密货币信托基金灰度在推特发文称，它们推出了一篇《元宇宙》报告，文中，灰度认为“加密云经济”是下一个新兴市场投资前沿，以及，元宇宙处于 Web 3.0 互联网发展的前沿。元宇宙是一组相互关联的体验式 3D 虚拟世界，位于任何地方的人们都可以在其中进行实时社交，从而形成跨越数字和物理世界的持久的、用户所有的互联网经济。元宇宙仍在兴起，但许多关键组件已经初具规模，并正在彻底改变从电子商务到媒体和娱乐，甚至房地产的方方面面。[2021/12/20 7:49:48]
Straying from Bitcoin’s initially conceived purpose: Utilizing the Bitcoin network to store arbitrary data contradicts the primary objective outlined in Satoshi’s 2013 whitepaper, which is for Bitcoin to serve as a “peer-to-peer electronic cash system.“
Blockchain bloat: Embedding additional data into the blockchain increases its size, making it more challenging to download and some argue that ordinals clutter the blockchain with extraneous information.
Compromises fungibility: If a substantial number of satoshis are inscribed, Bitcoin’s fungibility will diminish, potentially affecting its primary use case as electronic currency.
The concerns are valid: the original Bitcoin whitepaper does not account for unique digital assets, extra data contributing to blockchain bloat, nor inscriptions that could reduce fungibility. Still, ordinals are, in fact, a byproduct of utilizing the Bitcoin blockchain as it exists today and the subsequent crypto innovations that have come since, even if not initially envisioned by Bitcoin’s creator. And—while the inscription of satoshis does decrease fungibility—it is estimated that it would take around 238 years7 to mint ~.24% of total terminal BTC supply.
灰度：价值可以数字货币形式被快速传送到任何地方:数字资产管理公司灰度刚刚发推称，当我们回顾货币的历史时，无限量印刷纸币就等于与价值挥手再见。但是现在价值可以像信息一样以同样的速度被传送到世界的任何地方。并且这些价值是以数字货币的形式存储。[2020/11/7 11:53:20]
We believe that ordinals are positive for the Bitcoin network in two key ways: resulting in an increase of Bitcoin miner fees, and potentially contributing to a cultural transformation within the Bitcoin community.
One of the largest open issues related to Bitcoin’s economic model is the security budget, which is the concern that once all new tokens have been mined, miner rewards derived from transaction activity may eventually prove insufficient to motivate miners to maintain an adequate hash rate for securing the network. The advent of ordinals has led to an increase in total fees paid to miners (Figure 5), which could potentially establish a sustainable baseline level of transaction fees to incentivize miners, thereby ensuring continued network security throughout the lifetime of the Bitcoin network.
Figure 5: Bitcoin Total Fees
Source: Glassnode, as of 4/21/2023. For illustrative purposes only.
Bitcoin-the largest digital asset by market cap and mainstream awareness-has been criticized by some crypto insiders and developers as a relatively stagnant community and blockchain. Based on the velocity of NFT adoption witnessed on other chains, such as Ethereum, we believe that ordinals have the potential to attract new users who may not have previously considered using Bitcoin. We believe the emergence of ordinals is likely to promote a development-oriented community and culture in support of the Bitcoin network.
声音 | 灰度：由于Ripple公司的参与，XRP去中心化程度相对较低:金色财经报道，机构加密资产经理灰度（Grayscale）发布了有关数字资产XRP的深入报告，分析了XRP的历史、协议、价格和交易速度等。灰度称，XRP试图消除由机构推动的高交易费用和较长的处理时间，并且像大多数数字资产一样，解决了双重支出问题。灰度强调了XRP分类帐的去中心化性质，并解构了在开源分类帐上处理交易的方式。该报告还表示，Ripple直接致力于发展XRP生态系统，并且其拥有XRP总供应量的一半以上，从而固有地使该协议的去中心化程度低于其他加密资产。[2019/11/28]
Since its inception in 2017, the ERC721 standard has been adopted by some of the most well-known NFT collections on Ethereum. While other blockchains use their own standards, it is a natural reference point to compare Bitcoin Ordinals to Ethereum’s ERC721, considering Ethereum NFTs account for nearly 90% of the total NFT market share. Ordinals exhibit several notable distinctions in comparison.
Ultimately, ordinals present a straightforward manifestation of non-fungible digital assets due to their immutable nature, absence of programmability, and mandatory on-chain inscription requirements, as opposed to ERC721s. Although Ethereum NFTs boast greater programmability and currently dominate the NFT market in terms of volume and popularity, ordinals could be an appealing alternative for those seeking a straightforward, scarcer digital asset on the most established blockchain available.
Although ordinals are a recent development, they have already amassed over one million inscriptions within a mere four months, even during a bear market. This unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain. While legitimate concerns exist, we believe that ordinals have the potential to positively impact the Bitcoin network in the longer-term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community.
“Ordinals” refers to a numbering scheme for satoshis that allows tracking and transferring individual satoshis.
A non-fungible token is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity.
Fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts are indistinguishable from any other part.
The smallest unit of bitcoin; there are 100 million satoshis in one bitcoin.
Layer 2 blockchain solutions are protocols designed to function atop a Layer 1 blockchain (such as Bitcoin or Ethereum) with the aim of enhancing scalability, privacy, and other attributes of the foundational blockchain.
The witness segment within a Bitcoin transaction is responsible for housing transaction signatures. This information can be converted into accessible content for any Bitcoin node utilizing the ORD software.
500 million inscriptions assuming around 10,000 satoshis per inscription, which equates to approximately 50,000 BTC inscribed or 0.24% of the total terminal supply of 21 million.
Ethereum Request for Comments (ERC) 721 is a data standard for creating non fungible tokens, meaning each token is unique and cannot be divided or directly exchanged for another ERC-721 token. The ERC-721 standard allows creators to issue unique crypto assets like NFTs via smart contracts.
The InterPlanetary File System is a protocol, hypermedia and file sharing peer-to-peer network for storing and sharing data in a distributed file system.
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