This archive, forever inscribed on Bitcoin, is a testament to the groundbreaking Ordinal reality in 2023 - a milestone in Bitcoin history.
The Ordinal Theory
Ordinals are a numbering scheme for satoshis that allows tracking and transferring individual sats. These numbers are called ordinal numbers. Satoshis are numbered in the order in which they're mined, and transferred from transaction inputs to transaction outputs first-in-first-out. Source
Such identifiers could be used for a variety of purposes, such as user accounts, PKI roots, or to issue stablecoins or NFTs. The scheme composes nicely with other Bitcoin applications, such as the Lightning Network or state chains. Source
The power of inscriptions
Individual satoshis can be inscribed with arbitrary content, giving rise to Bitcoin-native digital artifacts, more commonly known as NFTs (Non-Fungible Tokens).
Unlike traditional NFTs, inscriptions do not require a sidechain, a separate token, or even an independent storage solution.
Many NFTs on Ethereum point to media that are stored on IPFS (InterPlanetary File System) or elsewhere, rather than within the Ethereum blockspace itself. In contrast, inscriptions are as durable, immutable, secure, and decentralized as Bitcoin itself. This distinction highlights the inherent efficiency and simplicity of inscriptions.
The creation of perpetually inscribed artifacts directly on the Bitcoin blockchain forms the core of the Ordinal movement. As the developers and early adopters began to inscribe, the realm of Bitcoin started to expand through the lens of Ordinal Theory, giving rise to a new, augmented reality within the Bitcoin ecosystem.
This evolution signifies not just an expansion of Bitcoin's functionality, but also a profound shift in how we perceive and utilize its blockspace. For better or worse, one can read more about the early mindset and critics, while debates are still ongoing to this day.
The evolution of inscriptions
Initially, the goal of most inscribers was to inscribe as early as possible. A race ensued. Milestones were set at the first 100, 500, 1k, 10k, and 100k inscriptions.
As we surpassed the 100k mark and new ideas emerged, the focus then shifted to structured inscriptions called BRC-20, a term borrowed from the Ethereum's ERC-20 tokens. Introduced by Domo, these inscriptions are essentially a JSON format-based credit system, with ORDI being the first and most valuable BRC-20 to date. However, their real-world utility, given the lack of smart contract or programmable support, remains to be seen.
After reaching the 1M inscription milestone, the emphasis shifted towards curating quality collections. Quality was first associated with original art, then evolved to include generative collections, and most recently, collections entirely inscribed on uncommon satoshis.
In the meantime, experiments continued to emerge along the way, such as Cursed ordinals, ORC-20 (an upgrade attempt to BRC-20), ORC-721 (generative inscriptions), SRC-20 (stamps), and finally, a promising effort to construct Recursive inscriptions.
Builders and early adopters are simply having fun, being creative, and absorbing a seemingly refreshing energy that has been absent from the Bitcoin ecosystem for quite some time.
This rapid evolution occurred within just a few months of Ordinals' mainnet deployment to the Bitcoin network. The initiative is still in its nascent stages, and the potential for future developments is vast. As for what the Block 900,000 edition might bring, it's likely beyond our current foresight.
CA$ a perfect match for Ordinals
The essence of the Crypto Archive$ is to chronicle major events in the crypto space in a concise, simple, and unfiltered manner. Our goal is to remain as neutral as possible while preserving pertinent information indefinitely. This ethos aligns perfectly with the simplicity and permanence of Ordinal inscriptions.
See the inscribed Crypto Archive$ | 800,000 (up to this point).
CA$ inscriptions #1
We commemorate Block 800,000 with a few of our own inscriptions, forever inscribed:
Snapshot of Bitcoin metrics on June 20, 2023 (from Clark Moody Bitcoin). Please note the small screenshot within, capturing the exact time of the displayed information.
Snapshot of the ord repository. Again, note the small screenshot within, capturing the exact time of the displayed information.
A special dedication: Bitcoin is about to surpass 8 million minutes of non-stop operation.
More Archive$ | Q2 2023
Illegitimate bitcoin transactions, what got many folks started
Chronology thread, by Dazza9x on Twitter
Casey’s github, the original developer of ord (main code repository)
Docs.ordinals.com, the official documentation portal
Guide to BRC-20 tokens by Bankless
Bitcoin Rocks | Ordinal Punks | Timechain | Loops | Shrooms,
Legendary early collections featured by Sub1k Ordinals.
Disclaimer: the information provided on this newsletter does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the newsletter content as such. Readers shall conduct their own due diligence and consult their financial advisor before making any investment decisions.