veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

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TrendX研究院
6 months ago
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The Bitcoin second-layer ecosystem continues to develop. As one of the second-layer BTC networks, Ordinals ecology, in the upward trend led by BTC, the projects and tokens in this sector are worthy of attention.

Fifteen years ago yesterday, Satoshi Nakamoto published the Bitcoin white paper Bitcoin: A Peer-to-Peer Electronic Currency System, which ushered in a new era of information.

Today, 15 years later, BTC is experiencing a dramatic rise, driven by expectations of a BTC spot ETF. In less than 2 days, it went from less than $30,000 to $35,000, and the current price remains above $34,000. On the other hand, Bitcoin miners are enthusiastic and the mining difficulty has reached a record high.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

At the same time, the Bitcoin second-layer ecosystem continues to develop. As one of the second-layer BTC networks, the Ordinals ecosystem is worth paying attention to in the upward trend led by BTC. The projects and tokens in this sector are worthy of attention.

Ordinals(ORDI)

Ordinals inscription

Ordinals (ORDI) is the leading coin of the BTC second-layer ecosystem and the creator of the Ordinals ecosystem.

The Ordinals protocol is a method for creating crypto asset content on the Bitcoin blockchain, which was launched in January 2023 by Casey Rodarmor. It allows recording data on satoshis, the smallest unit of Bitcoin, which are called inscriptions, similar to nft.

People refer to the act of creating an inscription in the Bitcoin network as “inscription,” and the inscription itself is called an “inscription.”

BRC-20 protocol

Based on the Ordinals inscription, a unified protocol standard is established, written in JSON data format, and then written into the Bitcoin network as an inscription, which can be used to issue homogeneous tokens. The inscription in the form of JSON is the BRC-20 protocol, and the homogeneous token issued in this way is the BRC-20 token.

The total amount of tokens, deployment, issuance, and transfer can be specified in JSON.

The first part, deploy is deployment, which means the issuance of a token named ordi with a total amount of 21 million.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

The second part, mint, means casting, with a maximum of 1,000 pieces minted at a time.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

The third part, transfer, means transfer.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

Ordinalswallet

In addition to the Inscription protocol, ordinals also developed a native wallet ordinalswallet. Similar to Ethereum Money, ordinaryswallet wallet is a non-custodial BTC wallet that allows users to view and store BTC and Ordinals NFTs.

ORDI Token Ordinals deployed ORDI tokens on March 8, 2023, with a total amount of 21 million. ORDI hits all-time high price of $25. ORDI has a total market capitalization of $107 million, ranking 260th among all cryptocurrencies in terms of market capitalization.

With the recent rise in BTC, as the leader of the Ordinals ecosystem, the price of ORDI has performed well, with an increase of approximately 47% in October.

Unisat

UniSat is a lightweight wallet based on the Bitcoin network that supports the Ordinals protocol and the BRC-20 token standard. As of this writing, UniSat Wallet has over 300,000 users.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

UniSat not only has wallet products, its main functions include:

  • Enables users to create, mint, and trade NFTs and tokens on the Bitcoin blockchain.

  • Supports searching for various information in the text content of inscriptions, including text.bitmpa.sats\unisat\brc-20 \number\news。

  • Displays the complete list of BRC-20 tokens, including the tokens deployment time, holder data, and number of transactions. The BRC-20 balance of the wallet can be queried based on the address.

  • A trading market that supports BRC-20 tokens and collectibles.

  • Ordiscan

Ordiscan is an ordinal block browser. In addition to supporting data on inscriptions, BRC-20 assets and collectibles, Ordiscan also launches API tools for developers. The Ordiscan API is currently in the testing phase.

Ordiscan shows that the total number of inscriptions is 35.714 million, the total amount of storage is 13.4 GB, and the total mining fee generated is 1318 BTC.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

BRC-20 Token

According to BRC-20.io data, there are currently 213 BRC-20 tokens with a total market capitalization of nearly $1.29 trillion. You can use data performance to see which popular BRC-20 tokens are there.

SATS

SATS is currently the most popular BRC-20 token in the market and has the highest ecological activity. It has more than 36,000 holder addresses and more than 21 million transactions, far exceeding other BRC-20 tokens.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

The total amount of SATS is 2, 100, 000, 000, 000, 000. The historical highest price is more than 0.00000003 US dollars. The current price is around 0.000000027 US dollars. The growth rate in October reached 132%.

On September 28, Unisat released BRC 20-Swap and explained the reason for using SATS as gas.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

Three CEXs, Poloniex, BingX and Bibox, have launched the SATS/USDT trading pair. SATS gained 107% in October.

VMPX

The ecological activity of VMPX is second only to SATS, but the number of transactions is much smaller than that of SATS, and there are relatively few holders.

The total amount of VMPX is 108, 624, 000, the historical high price exceeds $0.37, and the current price is $0.031. VMPX will be more popular from May to July 2023.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

As an earlier BRC-20 token, VMPX has been listed on many CEXs, including 10 CEXs including Gate, Poloniex, Bitget, and MEXC. VMPX fell nearly 30% in October.

OXBT

OXBT is also a relatively active BRC-20 token, ranking 4th in terms of number of transactions and 3rd in terms of holders.

The total amount of OXBT is 200, 000, 000, the historical high price is about US$0.26, and the current price is around US$0.012.

OXBT listed two CEXs - AscendEX (formerly BitMax) and BitForex, which fell by about 15% in October.

dispute

Collectibles are deposited into the Bitcoin network through inscriptions and have stronger collection value. However, there is currently some controversy regarding the significance and prospects of BRC-20. Those who agree with BRC 20 believe that BRC 20 is on the Bitcoin network and has positive significance for the Bitcoin network and Bitcoin ecology.

Regarding the doubts about BRC-20, first, SlowMist Technology pointed out that there may be security risks from minting (Mint) BRC-20 tokens to conducting transactions. During the process of minting tokens, the security of the related BRC 20 token minting platform is questionable, and the defense measures are relatively weak, making it easy for malicious attacks to tamper with the code, resulting in theft of users assets when minting tokens. In terms of transaction methods, SlowMist Technology believes that both methods have security issues. One is to find a third-party guarantee to conduct transactions privately, which is easy to encounter problems such as scammers and counterfeit coins; the other is to go to a specialized trading platform to place orders for transactions, but the security of these trading platforms cannot be guaranteed.

Second, the view represented by Haotian believes that BRC-20 violates the principle of decentralization. Because BRC 20 essentially stores transactions through inscriptions. For example, if I have 10 ORDI and I transfer 10 ORDI to Zhang San, I will write this behavior as an inscription. However, John Doe can also write an inscription claiming that I transferred 10 ORDI to him. These two inscriptions create a conflict since I only have 10 ORDI in total. In this case, a centralized platform may be needed to adjudicate which inscription is valid. If the mining fees for novices are insufficient, they are likely to be squeezed out by the big players with higher mining fees, which creates an unfair factor.

On October 22, the NFT trading market Magic Eden announced the suspension of BRC-20 trading because users stated on the X platform that there was a risk of double spending due to recent order issues. Different versions of the ord are currently in use in different markets, and they index different inscription numbers. Before Magic Eden, OKX and UniSat Wallet all used the same ordinal number, trading BRC-20 had the risk of double spending.

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

Ordinals protocol upgrade

On October 24, Ordinals creator Casey Rodarmor merged the v 0.10.0 update into the Ordinals code. According to the research of Block Rhythm, the important functions of this update are: batch inscription, adding metadata, inscription number end point, and remote burning command.

For batch-engraved inscriptions, multiple inscriptions can be placed in the same input at one time, and the location of the inscriptions can be specified in the output. Adding metadata enables users to add meta-protocols in inscriptions, attach any type of information, and helps indexers differentiate between different types of protocols. The inscription number endpoint allows visitors to retrieve inscriptions by number in a URL. The remote burning command burns the asset on the serial number and sends the corresponding NFT to the remote burning address for burning.

BRC 20-SWAP test

According to Unisat’s official announcement, BRC 20-SWAP started testing today. Currently, only whitelist addresses can participate in the test. The tokens launched by BRC 20-SWAP are as follows:

veDAO Research Institute: 15th anniversary of the release of Bitcoin white paper, an overview of Ordinals ecological trends

Summarize

As the second-layer network ecosystem of BTC, the Ordinals ecosystem not only successfully realizes the issuance of collectibles and homogeneous tokens within the Bitcoin ecosystem, but also gives them unique real-world value. More importantly, the issuance, circulation and trading of such collectibles and fungible tokens further enhances the demand for BTC, brings more opportunities to BTC miners, and also benefits the overall value of BTC.

However, most of the BRC 20 tokens in the Ordinals ecosystem currently lack practical applications and relatively sufficient application scenarios.

Among them, ORDI, as the creator of the Ordinals protocol, has certain practical significance and market recognition. SATS, as the trading GAS of Unisats BRC 20-SWAP, has certain practical needs. With the strengthening of the global consensus of Bitcoin, the continued development of the Ordinals protocol and the upcoming launch of BRC 20-SWAP, the Ordinals ecosystem as the second-layer Bitcoin network may be able to continue to pay attention and wait and see.

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