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：Genesis Global Capital是灰度母公司旗下子公司，并非灰度产品的交易对手或服务提供商:金色财经报道，Grayscale Investments（灰度）发布产品运营报告，灰度称，鉴于近期的市场事件，所持有的灰度数字资产产品的安全性不受影响。Genesis Global Capital是Grayscale母公司旗下子公司，Genesis Global Trading宣布暂停赎回和新贷款发放，Genesis Global Capital并非灰度任何产品的交易对手或服务提供商。灰度称：
1.灰度产品继续照常运营，最近发生的事件对产品运营没有影响；
2.产品的资产仍然安全可靠，存放在深冷藏的隔离钱包中；
3.灰度不借入、出借、再抵押或以其他方式抵押产品的基础资产，禁止资产托管人从事此类活动；
4.公开报价的产品继续交易，并产生美国证券交易委员会和场外市场的报告和经审计的财务报表。[2022/11/16 13:13:45]
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
灰度：DeFi是一种新兴的加密货币创新，它超越了银行:金色财经报道，灰度发布《灰度DeFi入门》报告，报告指出，去中心化金融（DeFi）是一种新兴的加密货币创新，它超越了银行，超越了边界，创造了一个新的互联网原生全球金融生态系统。DeFi已经开始重塑全球金融和电子商务。数字货币，云经济平台，和金融生态系统是到目前为止最引人注目的阶段。比特币的区块链实现了可信的价值交换；以太坊的计算机实现了数字商业的法律协议；DeFi的开放API实现了一个全球银行生态系统。每一个都提供了一个建筑块，以实现一个更强大的以互联网为基础的全球社会。从历史上看，随着加密货币经济的扩张，最近的一波增长最为迅速。DeFi也遵循这一趋势。[2021/12/30 8:13:35]
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:
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.
动态 | 灰度：注册总计22亿美元的管理资产 比特币信托下跌0.26％:据AMBCrypto报道，加密资产管理公司灰度（Grayscale Investments）于2019年1月10日注册了总计22亿美元的管理资产（AUM）。灰度此前在1月8日登记的管理资产为23亿美元，为今年最高。随后，在1月9日和10日，该公司的资产净值下降并保持在22亿美元。根据这家公司的最新消息，尽管其基础加密货币在2020年的第一周出现了积极的价格走势，但灰度比特币信托仍下跌了0.26%。[2020/1/13]
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.
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.
声音 | 灰度：比特币具备对冲全球流动性危机的能力:据coindesk消息，加密货币资产管理公司Grayscale Investments（灰度）最近发布一份报告，报告揭示了比特币作为对冲全球流动性危机的能力。考虑到全球货币，财政和贸易政策发生重大转变，家和决策者可能会发现管理经济越来越困难，从而暗示投资者需要控制自己的财务状况。考虑到比特币透明，不可变和全球流动性，拥有不同于其他任何资产的独特属性，这使得它能够在正常经济周期和市场动荡期间表现良好，比特币应该被视为长期投资组合中的战略地位。该报告审查了近期五次宏观经济冲击，在这些冲击中，作为一种价值储存手段，数字资产的表现优于其它投资。从这些案例研究(包括希腊退欧、英国退欧、中国的人民币结构性贬值以及特朗普的两次冲击)中，报告推断，比特币可能是一个帮助投资者将其投资组合与任何潜在的市场失控隔离开来的有效工具。[2019/6/18]
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.
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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