Over the past two weeks, an unknown cryptocurrency project called “Ordinals” has exploded in popularity, with dozens of new accounts created and transactions totaling in the millions of dollars. Casey Rodarmor, the creator of Ordinals, told reporters he had no idea the project would take off like it did. Rodarmor said he created Ordinals as a way to create a decentralized version of NFTs (Non-Fungible Tokens), which are similar to cryptocurrencies but can only be used by specific individuals or groups.
In 2012, Rodarmor created an anonymous cryptocurrency called “Bitcoin Cash.” Bitcoin Cash was designed with the intention of improving upon the original Bitcoin blockchain. Rodarmor believed that the Bitcoin network had limitations that needed to be addressed. For example, miners were able to quickly process transactions thanks to its high block size limit. Additionally, there was no governance mechanism in place for updating the blockchain. Consequently, developers aimed to create a larger block size limit and introduce a governance system in order to improve stability and security of the network.
The market responded positively to the invention, presumably because it met consumer demand. It is likely that this device would have been more popular if it were released earlier in the year, when people were more likely to be using devices such as smartphones. However, since its release in late January, it seems to have found a market among
As of Wednesday, Feb. 8, Dune Analytics reports that there are over 122,500 Ordinals in circulation. The number of total inscriptions is up 40% from about 88,000 on Tuesday. On February 8, the number of Ordinals inscribed peaked over 21,000. Wednesday was the second highest day with over 17,7000 inscribed.
While NFTs on the Bitcoin blockchain may be a fun way to expand its ecosystem, some Bitcoin maximalists oppose their use for taking up block space and making transactions more expensive. However, it is still unclear how long this opposition will last, as the number of people using NFTs could continue to grow in popularity.
It seems that community members were quick to embrace the idea of on-chain, immutable NFTs, even though the governance model for these assets remains unknown. Rodarmor believes this is likely due to the fact that these digital assets seemingly offer a “fuck yeah” factor, which is something many people seem to want in today’s economy.
Since Rodarmor’s Genesis inscription was the first recorded Ordinal, it is a symbol of the beginning of Bitcoin. The simple pixel art skull represents the technological progress and innovation that has taken place in Bitcoin since its inception. The timestamp also signifies when Bitcoin began, December 14th, 2009
“The inscription on the large wooden plaque reads as follows: ‘In Loving Memory of Joan, Beloved Wife of Roy, 1974-1994. We will always love you. – The Family'”
CryptoDickbutts NFT is one of the most controversial NFTs in the game, with many believing that it is unattainable due to its high requirements. Inscription 2 was made three days later, seemingly to show that those claims are false.
Rodarmor is one of the few individuals who have both a background in art and programming, which makes him uniquely qualified to produce Ordinals. His skills in both fields give him an edge when it comes to creating innovative art that takes advantage of the NFT technology. Rodarmor believes that Ordinals have the potential to transform the way people interact with property, proofing real-world ownership without relying on centralized authorities.
The idea behind Ordinals is that they are a way to improve upon Bitcoin’s blockchain without fundamentally changing the mechanism by which transactions are processed. Instead of relying on a fixed number of “blocks”, Ordinals use a system in which each new block represents an increase in ordinality – or, more simply, the amount of progress made since the last block. This makes it possible to track not just financial transactions but also any kind of data stream.