Introduction
Ordinals (ORDI) is a groundbreaking cryptocurrency operating on the Ordinals protocol, a blockchain-based system. Its primary goal is to establish a decentralized marketplace for digital assets, specifically focusing on digital content inscribed on satoshis, the smallest unit of Bitcoin.
Leveraging the Taproot upgrade introduced to the Bitcoin network, the Ordinals protocol enables users to inscribe various forms of information, such as text, pictures, audio, and video, onto individual satoshis.
This innovation essentially brings the functionality of NFTs to the Bitcoin blockchain.Ordinals (ORDI) is a groundbreaking cryptocurrency operating on the Ordinals protocol, a blockchain-based system.
Its primary goal is to establish a decentralized marketplace for digital assets, specifically focusing on digital content inscribed on satoshis, the smallest unit of Bitcoin.
Leveraging the Taproot upgrade introduced to the Bitcoin network, the Ordinals protocol enables users to inscribe various forms of information, such as text, pictures, audio, and video, onto individual satoshis.
This innovation essentially brings the functionality of NFTs to the Bitcoin blockchain.
ORDI Overview
The total supply of bitcoins is capped at 21 million, each divisible into 100 million satoshi (satoshi being the smallest unit of bitcoin), resulting in a total of 2100 trillion satoshi.
To comprehend this, we need to delve into the concept of inscription facilitated by the Ordinals protocol.
Unlike other methods, this process doesn’t require the utilization of a separate token, side chain, or any alteration to Bitcoin itself.
The primary function of the Ordinals protocol is to inscribe information directly onto each Satoshi, encompassing text, pictures, audio, and video.
However, owing to the size restrictions of Bitcoin blocks, the predominant content for inscription, akin to minting, primarily comprises text and pictures.
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About ORDI (ORDI)
ORDI stands out as the pioneering token crafted in adherence to the BRC-20 fungible token standard on the Bitcoin blockchain.
How Ordinals (ORDI) Work?
The Ordinals protocol functions as a framework enabling the creation of Bitcoin NFTs by appending supplementary data to individual satoshis, the smallest unit of Bitcoin.
Ordinals NFTs maintain a symbiotic link with Bitcoin, tethered to individual satoshis and thereby connected to the underlying asset.
This connection is established through a shared numbering system that assigns each satoshi a unique serial number based on its mining order.
The Ordinals protocol operates through the following steps:
1. Inscription Process:
The creation of Ordinals involves inscribing or embedding content data onto the witness of a Bitcoin transaction. This inscription process is made possible by the Taproot upgrade, introduced to the Bitcoin network on November 14, 2021.
2. Creating an Ordinals Wallet:
Users initiate their Ordinals journey by downloading Bitcoin Core, syncing their node to the blockchain, and subsequently creating an Ordinals wallet. Following synchronization, they can transfer satoshis to this wallet.
3. Numbering and Tracking:
Every satoshi is assigned a distinctive serial number known as an Ordinals Serial Number. This facilitates tracking transfers and ensuring each satoshi’s uniqueness. Serial numbers are affixed to satoshis based on their mining and transfer sequence, hence the name “Ordinals.”
4. Storing Data on the Bitcoin Blockchain:
Diverging from traditional NFTs, Ordinals set themselves apart by directly inscribing data onto individual satoshis, which become part of Bitcoin blockchain blocks. The NFT’s data, encompassing images, videos, or other content, is stored directly on the blockchain, enhancing both security and immutability.
When Was Bitcoin Ordinals Launched?
Casey Rodarmor, the visionary behind the Ordinals protocol, has been spearheading its development since 2022.
Inspired by Bitcoin’s pseudonymous founder, Satoshi Nakamoto, Rodarmor infused the Ordinal theory into the protocol.
This innovative approach led to the introduction of Bitcoin Ordinals in January 2023, marking a significant milestone in the generation of Bitcoin NFTs by associating information with individual satoshis.
Casey Rodarmor’s active involvement and dedication underscore the ongoing evolution and advancement of the Ordinals protocol, positioning it as a noteworthy player in the realm of blockchain technology.
How many Ordinals (ORDI) are in circulation?
As of 2023, there are presently 21,000,000 ORDI tokens in circulation, with a maximum supply capped at 21,000,000.
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The Price of Ordinals (ORDI)
The current live price of ORDI stands at $19.84 per (ORDI/USD), reflecting a total market capitalization of $416.66 million USD.
The 24-hour trading volume for ORDI is recorded at $131.12 million USD. The real-time update feature ensures that the ORDI to USD price remains accurate.
Over the last 24 hours, ORDI has experienced a marginal decrease of -0.4%, and its circulating supply is at 21.00 million.
How Can I Buy Ordinals (ORDI)
The followings are the markets from them a person can easily purchase or buy a ORDI:
- BingX
- DigiFinex
- Gate.io
- CoinDCX
- Bitget
- Binance
- KuCoin Etc.
ORDI Coin Price Prediction
According to our projections for Ordinals, ORDI is expected to oscillate between $17.98 and $28.00 in the coming year.
The forecast hints at a potential surge of 38.15%, envisioning a value of $28.00 should it reach the upper target by 2024.
What is the daily trading volume of ORDI (ORDI)?
Over the last 24 hours, the trading volume of ORDI (ORDI) stands at $86,919,187, reflecting a notable decrease of -30.00% compared to the previous day.
This decline indicates a recent reduction in market activity.
Is ORDI A Good Investment?
The risk gauge score for ORDI currently indicates a low-risk investment.
Portfolio managers who prioritize comprehensive risk assessment may find this gauge particularly pertinent in steering clear of or identifying more precarious investments.
Over the past 24 hours, ORDI has experienced a 5.45% decrease in its value, settling at the current price of $24.48.
What Will An Ordinals (ORDI) Coin Worth In Next 5 Years?
Predicting the future value of Ordinals five years from now is an impossible task.
The cryptocurrency market is exceptionally volatile and susceptible to a myriad of influencing factors, including U.S. dollar policies, governmental regulations, technological advancements, market sentiment, Ordinals’ circulating supply, and the evolution of project ecology.
As a result, providing an accurate forecast for the price of Ordinals half a decade into the future is an inherently uncertain endeavor.
Conclusion
In conclusion, Ordinals function as a systematic numbering scheme for satoshis, enabling the tracking and transfer of individual units.
Termed ordinal numbers, they are assigned based on the order of satoshis’ mining and their subsequent transfer in a first-in-first-out manner from transaction inputs to outputs. This dual reliance on order forms the basis of both the numbering and transfer schemes, hence the name “ordinals.”
Notably, ordinals extend their utility beyond mere numbering, serving as stable identifiers for attaching arbitrary assets like NFTs, security tokens, accounts, or stablecoins to satoshis.
Developed as an open-source project on GitHub, Ordinals encompasses a comprehensive ecosystem.
This includes a BIP outlining the ordinal scheme, an index facilitating communication with a Bitcoin Core node for satoshi tracking, a wallet enabling ordinal-aware transactions, a blockchain explorer for interactive exploration, and functionality for inscribing satoshis with digital artifacts.
This manual provides a holistic overview of the Ordinals project’s diverse functionalities and its commitment to an open and collaborative development approach.