ORDI was the first BRC-20 token on the Bitcoin blockchain. Here’s an introduction to the Ordinals meme coin and how it works.
Key Takeaways:
ORDI was the first BRC-20 token on the Bitcoin blockchain, leveraging the Ordinals protocol to integrate non-fungible token (NFT) functionality into the Bitcoin ecosystem.
The Ordinals protocol assigns each Satoshi a unique numerical identity, enabling them to be inscribed with data, thereby creating NFTs directly on the Bitcoin network.
The BRC-20 token standard inscribes JSON data onto Satoshis, detailing token information like ticker and supply.
ORDI’s price has fluctuated significantly, with an all-time high (ATH) of US$95.52 in March 2024.
ORDI can be easily purchased in the Crypto.com App.
What Is ORDI?
ORDI is a cryptocurrency token operating on the Bitcoin network within the innovative Ordinals protocol, which enables the addition of text, images, audio, and video to Satoshis, the smallest unit of Bitcoin.
This offers new and exciting use cases within the Bitcoin network: as the inaugural BRC-20 token based on the Ordinals protocol, ORDI represents a showcase of the novel capabilities of this technology, which allows for the creation and trading of non-fungible tokens (NFTs) and fungible tokens directly on the Bitcoin blockchain.
With a fixed supply of 21 million tokens to match the total Bitcoin supply, ORDI operates as a fungible and transferable token, making it a useful asset within the BRC-20 ecosystem. The success of ORDI has highlighted the demand for Bitcoin-based tokens and collectibles, signifying the potential impact of the Ordinals protocol on the cryptocurrency market.
What Is the Ordinals Protocol?
The Ordinals protocol, developed by Casey Rodarmor, was launched on the Bitcoin mainnet in January 2023 and aims to give each Satoshi a distinct numerical identity. It enables Satoshis to be tracked, transferred, and imbued with individual meanings through inscriptions, which are the metadata added onto Satoshis, containing information attached to transactions.
The Ordinals protocol assigns each Satoshi a sequential number, in the order they are mined, and Satoshis can be inscribed with data — such as pictures, text, or videos — through a Bitcoin transaction. This allows one Satoshi to be different from another, hence becoming non-fungible and enabling the creation of Bitcoin NFTs. This process is on-chain and does not rely on sidechains, smart contracts, or tokens other than Bitcoin.
The Ordinals protocol has quickly gained in popularity. In fact, as of 1 July 2024, over 72 million inscriptions have been minted on the Bitcoin network since launch, generating 4,219 BTC in fees.
Is ORDI the Same as the Ordinals Protocol?
ORDI is a meme coin that operates on the Bitcoin network — it is the first BRC-20 token created using the Ordinals protocol, which was developed by software engineer Casey Rodarmor. The protocol allows for data like text, images, audio, and video to be written directly to each Satoshi, the smallest unit of the Bitcoin network, opening up new applications for NFTs and fungible tokens on Bitcoin.
ORDI leverages the capabilities of the Ordinals protocol to introduce these new functionalities and applications, particularly in the realm of NFTs and cryptographic tokens. As the inaugural BRC-20 token based on the Ordinals protocol, it serves as a showcase for these new possibilities, demonstrating the innovation of the Ordinals protocol and the opportunities this type of functionality could unlock going forward.
How Does the BRC-20 Token Standard Work?
BRC-20 is a token standard that inscribes JSON data (text structure) to Satoshis. Designed as a fungible token standard, BRC-20 tokens contain the token’s basic information (for example, token ticker and maximum supply) and enable functions like token deployment, minting, and transfer on the Bitcoin blockchain.
While inspired by Ethereum’s ERC-20, BRC-20 differs, as it does not have smart contract capabilities; the Bitcoin protocol only recognises the transfer of Satoshis, not the inscriptions.
Hence, BRC-20 needs a separate database to recognise and register the transactions, called indexers, which are centralised and off-chain, to maintain the wallets and their balances of BRC-20 tokens. Indexers are crucial to the BRC-20 market, as they help to prevent problems like duplicated tokens or tokens minted over the set limit.
Why Is ORDI Valuable?
ORDI serves as a payment coin within the BRC-20 network and has a limited supply mirroring Bitcoin’s total supply, fostering scarcity and demand. The Ordinals protocol, which underpins ORDI, enhances the Bitcoin experience by allowing users to add data to their Satoshis, creating Bitcoin-powered collectibles and NFTs.
This distinctive approach sets ORDI apart in a market saturated with meme coins, offering practical utility and innovation within the cryptocurrency space.
ORDI’s Price History
The price history of ORDI showcases significant fluctuations since its inception. The data indicates that its lowest price was $2.86 in September 2023.
ORDI experienced a substantial surge, reaching its all-time high (ATH) of $95.52 in March 2024. On 1 July 2024, ORDI’s price was $39.55, more than 10 times higher than its all-time low price.
How to Buy ORDI
Opening a position in ORDI is easy using the Crypto.com App, which offers over 250 cryptocurrencies, from meme coins like Dogecoin and Shiba Inu to Bitcoin, Ethereum, Solana, and Ripple. Fund an account with one of 20-plus fiat currencies like USD, GBP, and EUR.
Just follow these simple steps:
Download the Crypto.com App, available free on the Apple App Store or Google Play Store.
Complete the simple sign-up process.
Fund your account using bank transfer, Apple Pay, or a prepaid/credit card. Allow 1-3 business days for bank transfers.
Once funds hit your account, you can start buying ORDI.
Conclusion
ORDI, propelled by the Ordinals protocol, represents a pioneering endeavour to integrate NFTs and collectibles into the Bitcoin ecosystem. Its focus on usability and value addition is paving the way for a new era of innovation within the crypto space.
As the first BRC-20 token, ORDI has not only showcased the potential of the Ordinals protocol, but has also demonstrated the demand for tokenisation and other applications made possible through this technology.
Nevertheless, the token’s introduction has sparked substantial debate within the crypto community, particularly regarding Bitcoin’s scalability and the preservation of its core transactional design. This underscores the significance of ORDI in challenging established notions about how digital assets, particularly Bitcoin, can be utilised.
Although ORDI’s emergence has prompted concerns about potentially diminishing Bitcoin’s original purpose as a straightforward means of transaction, it has undeniably expanded the realm of possibilities for the crypto space as a whole.
