Understanding Bitcoin Ordinals
Originally published at https://www.kaloh.xyz on March 11, 2023.
In this article, we will explore the concept of Bitcoin Ordinals, delving into its theory, history, current state, and evaluating the pros and cons associated with this new development.
Bitcoin Ordinals Theory
The foundation of Bitcoin Ordinals lies in the introduction of the Ordinals theory by Casey Rodarmor. This theory encompasses the notion of “inscribing” content in Satoshis, which are the atomic units of Bitcoin.
Each Bitcoin can be divided into 100,000,000 satoshis, and Ordinals allow the actual content to be stored on the Bitcoin blockchain, eliminating the need for off-chain systems like IPFS.
Notably, this method operates without the requirement of sidechains, tokens, or any significant changes to the existing infrastructure.
History of Digital Objects and NFTs on Bitcoin
While Bitcoin Ordinals presents a unique approach, it is not the first endeavor to bring digital objects to the Bitcoin ecosystem. Previously…
