Original - Odaily
Author - Nan Zhi
Yesterday, Binance announced the launch of spot and contract trading for the BRC-20 token ORDI. As soon as the news came out, the price of ORDI once soared from 7.4 USDT to exceed 12 USDT. Today it rose again to exceed 14.5 USDT, and temporarily fell back to 13.6 USDT, with a 24-hour increase of approximately 83%.
However, early this morning, Casey, the founder of the Ordinals protocol, posted on the .
Binance official website information shows that ORDI’s “official website link” points toordinals.com, the white paper points todocs.ordinals.com, Blockchain Explorer points to ordiscan. As follows:
Some users in the community who are not familiar with Ordinals and ORDI misunderstood that ORDI officials were unwilling to list the tokens on Binance and asked Binance to delist the tokens, viewing this as bad news.
In fact, the concept, implementation and development of the ORDI token are not strongly related to the Ordinals protocol, and Casey has long been opposed to BRC-20. Odaily will reveal the relationships and stories between its concepts in this article.
Concept analysis
Ordinals
Ordinals protocol is developed by software engineersCasey Rodarmorproposed and officially launched on the Bitcoin mainnet on January 30, 2023. The protocol defines an order for each Satoshi (the smallest unit of Bitcoin) and uses Segregated Witness and Taproot technology to allow content to be engraved on the Bitcoin network and bound to sats with specific serial numbers, making it transferable and transactions. The inscribed content forms mainly include images, text, video, audio, etc.
BRC-20
BRC-20 is a token standard proposed by Domo on March 9, 2023. Based on the Ordinals protocol, a specific text (text) is engraved on the blockchain and regarded as a token. currency. Its standard format is as follows:
In short, ORDI is the first token of BRC-20, and its creator is Domo, while BRC-20 uses the Ordinals protocol, and the founder of the Ordinals protocol is Casey.What Casey’s request for Binance’s delisting message means is that the “name-named” token should not be tied to the underlying protocol itself.
I want to remove BRC-20 from the world
Casey has long opposed the existence of BRC-20, believing that BRC-20 generates garbage UTXO and takes up space in Bitcoin. And there are potential security issues.
“Garbage” UTXO theory
On September 1, Casey said: “What I want for Christmas is for the Degens to discover Taproot Assets so they can stop minting BRC-20s。”
On September 24, after 6 months, the sats casting progress reached 100%. On this day, Casey posted: BRC-20 sats tokens have a token limit of 21 million, and each minting is limited to 1. This limit resulted in 21 million transactions.and massive mempool congestion, eventually casting completes。”(Odaily note: The cost of sats engraving exceeds US$21 million and requires 21 million engravings)
try to replace
On September 26, Casey proposed a new protocol based on the Bitcoin network called Runes as an alternative to BRC 20. Rodarmor said Runes is a UTXO-based protocol that fits Bitcoin more naturally and promotes the minimization of UTXO collections by avoiding the creation of junk UTXOs.
On October 15, Casey said on the Read more about Runes? If it were a similar process to brc-20, they wouldnt perform very well.
Casey responded: “What dissatisfaction do you have with the BRC-20 process?” (i.e. designed to improve upon the BRC-20).
(Additional reading: Replace BRC-20 and activate the BTC ecosystem? Ordinals founder brings new protocol Runes》）
Security Question
On September 23, Casey proposed that an attacker could lock the balance of a victims address by minting a transfer inscription and sending it to the victims address.
On November 4, Domo, the founder of BRC-20, released a security improvement proposal and added a fraction function to solve the problems raised by Casey. Domo said that given that simplicity is a fundamental principle of the BRC-20 standard, the proposal to introduce additional core functionality is made after careful consideration and is not mandatory.To date, there is little evidence that these attacks took place。
ORDI is not affected
At noon today, the information on Binance’s official website showed that the content in the ORDI “Currency Information (Info)” interface has been changed, the link to the Ordinals protocol has been deleted, and the description “ORDI is the first BRC on the Bitcoin blockchain. -20 Tokens Standard Created Tokens.
As of 15:00, ORDI still remains above 13 USDT, with an increase of 30% today. It has not been affected by the incident. Caseys dream still needs to be realized.
