Ordinals

Overview

Ordinals is a protocol that enables the inscription of digital assets directly onto individual satoshis (the smallest unit of Bitcoin). The ORDI token is the native token of the Ordinals ecosystem, launched in 2023.

Purpose and Utility

The primary purpose of Ordinals is to enable NFT-like functionality on Bitcoin by inscribing digital content onto satoshis. The ORDI token serves as the governance and utility token for the Ordinals ecosystem, used for trading inscriptions and participating in the protocol's development.

Business Model and Current Usage

The protocol allows users to create, trade, and collect unique digital assets on Bitcoin. The current usage aligns with its intended purpose, with significant trading volume and creation of inscriptions occurring on the network. The protocol has seen widespread adoption among Bitcoin NFT enthusiasts and digital artists.

Platform Development

The Ordinals protocol has shown consistent development activity, with regular updates and improvements to the infrastructure. The ecosystem has expanded to include various marketplaces and tools for creating and trading inscriptions.

Token Distribution and Governance

ORDI tokens were distributed through a fair launch mechanism, with no pre-mine or founder allocation. The token distribution appears to be relatively decentralized, with no single entity controlling a majority of the supply.

Revenue Model

The protocol generates revenue through transaction fees paid in Bitcoin for creating and transferring inscriptions. This model doesn't involve interest-bearing mechanisms or lending protocols.