While Bitcoin has traditionally been known as a ‘peer-to-peer electronic cash system’, the recent excitement in the crypto world has been centered around smart contracts. Compared to Ethereum, which is often referred to as a ‘world computer’, the Bitcoin network has been limited in its application due to the lack of smart contract functions.
However, the innovation of Bitcoin has never stopped. With the introduction of technologies such as Lightning Network and Stacks, the Ordinals Protocol and BRC-20 token standard have opened up a new chapter for Bitcoin digital assets. This new protocol and standard share the same anonymous, decentralized, and regulation-resistant nature as Bitcoin, and are expected to revolutionize blockchain asset management while also creating new opportunities for Bitcoin applications. We believe that this will enrich the Bitcoin ecosystem, drive technological development, and lead to greater value realization.The Journey Thus Far
The introduction of the Ordinals protocol by @Casey Rodarmor has opened up new possibilities for the Bitcoin network. With the ability to natively create NFTs, Ordinals allows for the attachment of arbitrary assets, such as NFTs, security tokens, accounts, or stablecoins, to satoshis using ordinals as stable identifiers.
This has led to an influx of new builders participating in building Bitcoin’s future, ushering in a new era of growth and innovation. Projects such as Yuga Labs and Magic Eden have already begun experimenting with Ordinals, and the ecosystem has grown at an unprecedented rate. In just three months, the Ordinals ecosystem has generated over 4.75 million inscriptions, 838 BTC in paid fees, and over 450,000 user engagements. This is just the beginning of what is sure to be an exciting journey for the Bitcoin network and the Ordinals protocol.https://dune.com/jackie2000/bitcoin-ordinals
Based on the Bitcoin network’s native Ordinals protocol, @domodata has issued the first Bitcoin network homogeneous token protocol (BRC-20) using the Ordinals protocol. This experimental protocol uses the JSON data format of Ordinals inscriptions and offers core functions such as deploying, minting, and transferring tokens. By issuing tokens based on the Proof of Work (POW) Bitcoin blockchain, this new narrative has captured the attention of enthusiasts and upholds the spirit of decentralization.https://domo-2.gitbook.io/brc-20-experiment/
Despite the significant difference in utility value between BRC-20 tokens and ERC-20 tokens, both are simply ways to store a script file in Bitcoin and give meaning to satoshis. However, the market sentiment feedback clearly demonstrates the power of Bitcoin consensus. With the growth of value and consensus led by $ORDI, BRC-20 tokens have gained traction. In just three months, over 140,000 BRC-20 tokens have been issued, resulting in a cumulative transaction volume of over 3.5 million. Although BRC-20 is experimental, it is undeniable that it has great potential, much like the birth of Crypto Punk. While some may not fully understand it yet, the market’s response shows that it is worth exploring further.The Path Ahead
Ordinals has opened a new door for the Bitcoin ecosystem, generating interest from institutions, developers, and investors alike. Greyscale is optimistic about the resulting BTC network applications, and major exchanges and platforms such as Binance, OKX, and Opensea are eager to try it out. While there has been controversy among miners regarding the balance between Bitcoin’s financial attributes and data storage, much like the early innovations in the Lightning Network, Ordinals is a great experiment that has allowed more people to participate in the Bitcoin ecosystem and hardened the consensus.
However, the Ordinals ecosystem is still in its early stages of development, with several issues to be resolved, including weak infrastructure, lack of liquidity, and limited potential financial applications. Despite this, we believe that Ordinals will gradually become the cornerstone of a new era of smart contracts on the Bitcoin network. To achieve this, the Ordinals ecosystem needs more builder and investor participation and support.Turtsat
Turtsat is a community-led open platform for ordinals, with a mission to become the Gitcoin of the Ordinals world, where anyone can build, donate and influence Bitcoin Ordinals & brc-20 through Turtsat. With Turtsat, we’re building a basic donation protocol that will enable more open-source developers and communities to participate in the ecological construction of Ordinals and gain the benefits.
Our vision is to create a world shaped by positive community-led change on Ordinals, partnering with some of the most influential organizations to drive the future of the Ordinals protocol and the Bitcoin ecosystem. Join us on this exciting journey to shape the future of Ordinals!
- Apply for initial funding assistance for your innovative startup project and boost its impact.
- Request technical expertise from the builder community to enhance your project’s long-term sustainability.
- Accelerate your progress with our comprehensive toolkit and robust infrastructure designed for ordinals builders.
- Engage in decentralized decision-making processes, including project endorsement and Turtsat operations.
- Choose, vote, and donate to empower Ordinals open-source projects around the world.
- Get involved and reap the rewards from workflow assignments and early-stage project development.
Public Donation Protocols : The creation of public donation protocols is based on the foundational donation logic of the PSBT protocol. This will allow for inscriptions to be completed within the last transaction through Auto-inscribe, reducing gas consumption for user Mint and supporting multiple Mint transactions at once while only paying one gas fee. Additionally, Turtsat aims to reduce the number of transactions in the entire network by packaging multiple events, thereby reducing information congestion. The platform will also offer community-supported grant donations to help high-quality Ordinals apps gain users and financial support.
Open source infrastructure platform : Develop open source tools based on To develop tools based on Ordinals for developers and users, including explore, BRC20, indexing service, and more. These tools will enable developers to build on the Ordinals protocol and create innovative applications that benefit the entire ecosystem.
A community of ordinals believers : $TURT is a great experimental BRC-20 MEME. It aims to gather the value consensus of BTC and Ordinals, enabling more people to understand and participate in the ecological construction of Ordinals and return to the BTC network. With Turtsat, we’re building a platform that empowers the community to shape the future of Ordinals and drive the Bitcoin ecosystem forward.
Turtsat is built on Ordinals, which means it is open-source, fair, and always open. In keeping with Bitcoin’s completely decentralized idealism and Ordinals geek spirit, Turtsat will never accept any VC funding. As the era of “Satoshi” pricing approaches, we invite you to join Turtsat in promoting the development of the Bitcoin network and the Ordinals ecology. Together, we can shape the future of Ordinals and drive the Bitcoin ecosystem forward.
Turtsat cannot be built without the active participation of the community and we thank you for your continued support. With great things to come, we are excited to work with the community to build a new era of Ordirals and participate in the journey of the future of the crypto world!