This article is a personal opinion about Ordinals.
We will update:
● Analyze what is BRC-20 based on Ordinals
● Great opportunities for native Bitcoin ecology
We published 3 official account articles last week. Mainly organize the Chinese documents of Ordinals and BRC20. If you don't know the Ordinals agreement yet, you can make up the lessons first.
Chinese document of Ordinals protocol based on Bitcoin network
BRC-20 Chinese Documentation Based on Ordinals Protocol
How to correctly operate the BRC20 of the Ordinals protocol
This article talks about why a Bitcoin believer is optimistic about Ordinals.
You may already know a lot about NFT, and digital collections, and you may have a bunch of small pictures in your hand. These are the digitalization of art based on the blockchain, and the artwork is on the chain. Ordinals is also a similar protocol, the difference is that Ordinals writes digital artworks into the blocks of the Bitcoin network.
Ordinals enables the creation of NFTs on Bitcoin's main chain
One thing that needs to be specifically stated is that Ordinals developer Casey Rodarmor emphasizes that Ordinals is not an NFT protocol. He called the things stored on the chain digital artifacts , Inscriptions . This casting process, also called mint, is called inscribe (inscription) . Now the entire Ordinals community and ecological developers use these new names. This small name difference has a huge meaning.
This means that Ordinals are different, a new species.
The rapidly established community consensus means it has great potential.
Casey writes in Ordinals' documentation:
Ordinals is a love letter to Bitcoin, the Internet, programming, and the World Wide Web.
This sentence conveys that Casey is a caring and persistent person. The "fundamentalists" of Bitcoin believe that what Bitcoin wants to achieve is free money and the decentralization of currency. (One thousand words are omitted here, and I will talk about it later when I have a chance). My personal understanding is that Ordinals is a new value store based on the solid foundation of Bitcoin, and it can also be called a new kind of money. The vigorous blockchain and web3 are a bit over-hyped. The emergence of Ordinals is a correction for the industry.
Advantages of Ordinals
1. Based on the security of the Bitcoin main chain, there is no doubt that this is the safest public chain. We all know that Bitcoin is the blockchain network with the largest consensus and the highest security. Bitcoin nodes have been deployed in space, which means that even if the earth is destroyed, the digital artwork you store on the Bitcoin block will not disappear.
2. As a descendant protocol, Ordinals directly inherits the Bitcoin consensus
To write an inscription through Ordinals, you need to store a certain amount of Satoshi. That is to say, the inscription is not only a digital artifact, but also a "piggy bank" . A certain amount of BTC is stored in the inscription jar, and the inscription itself is a certain amount of BTC. This is a natural endorsement integration. When people see Ordinals and understand the Ordinals protocol, they can immediately build trust and reach a consensus.
3. Preserve forever - one of the gimmicks of digital artwork
If you are an artist, you will undoubtedly prefer to choose Bitcoin, because Bitcoin is a full-node ledger, and the data written into the block is permanently stored in this ledger. If choosing the best does not increase the cost, then it should be the best.
some questioning voices
Ordinals are just a disguised lock-up of BTC?
The regret of many of my friends is that they did not hold BTC . I am also one of them. Therefore, it is a good thing to lock positions in disguise! This should be called another way to store BTC.
Ordinals establish a new application scenario that may accelerate Bitcoin's entry into the Satoshi era .
People will feel that it is very expensive to buy a Bitcoin for 30,000 US dollars, but it will be much more comfortable to buy 100 million Satoshi for 30,000 US dollars.
The emergence of Ordinals magnifies the value storage container of Bitcoin and accelerates the possibility of more people accepting Bitcoin as a value storage and currency. There are many players who will store more Satoshi in the inscription when engraving the inscription. The current storage range is 546-20000 Satoshi. If the protocol is upgraded to support larger storage, I believe people will store more bitcoins in the inscription.
For example, an artist can engrave his work with a bitcoin, and this work of art has dual value attributes. The lucky money you give to your children, the gifts you give to your family, write them on Bitcoin, maybe one day these things will become a huge asset!
Ordinals has no technical barriers, so it is difficult to face competition at the protocol level?
Ordinals has almost no technical barriers. Simply understood, it is a new index for Bitcoin. But it is this simplicity that is the biggest barrier, just like WeChat, which looks very simple. From a technical point of view, this is an elegant implementation, just like the transfer confirmation of Bitcoin is very slow, but no matter how fast the public chain is, it is impossible to surpass Bitcoin. When people slow down, they will suddenly realize that the simplest thing at the beginning is the best.
The Ordinals protocol is very simple and pure, inheriting the genes of Bitcoin. We believe that the Ordinals protocol will make the blockchain truly accessible to the public in the field of art. This will be the first visible expansion of Bitcoin after establishing itself as a means of storing value on the Internet. So Ordinals was successful from the start.
The performance bottleneck of Ordinals cannot realize the NFT of the application class?
Application NFT depends on the development of this ecology, and application NFT may not be needed at all.
In fact, BRC20 is an application-like NFT of Ordinals. BRC20 has no smart contract and does not require thousands of lines of code. One line of strings on Ordinals realizes the function of ERC20.
To sum up, we believe that Ordinals will build real blockchain finance on the rock of Bitcoin.
We witness together.
