The team behind the innovative Bitcoin-based protocol, Ordinals, has taken a significant step in its development journey. They recently announced the establishment of a nonprofit organization called the Open Ordinals Institute. This nonprofit will provide crucial support for their groundbreaking protocol. Moreover, the move comes at a remarkable time as the total number of inscriptions on the platform surpassed 21 million.
- The team behind the Bitcoin-based protocol, Ordinals, has established the Open Ordinals Institute. This is a nonprofit organization to support their groundbreaking protocol.
- Ordinals allows users to assign data to individual satoshis (fractional units of Bitcoin), enabling the inscription of various assets like artwork and games.
- With the Institute’s formation, the team can now receive tax-deductible donations and allocate resources more neutrally.
What are Bitcoin Ordinals?
Ordinals, created by developer Casey Rodarmor earlier this year, quickly gained recognition as a hub of innovation within the realm of cryptocurrencies, specifically Bitcoin. The protocol allows users to assign data to individual satoshis. To clarify, satoshis are minute fractions of a whole Bitcoin. Therefore, Oridnals enables the inscription of various assets such as artwork, profile pictures, and even playable games.
What is the Open Ordinals Institute?
Now, the Open Ordinals Institute, headquartered in California, aims to bolster the development of the Ordinals protocol by funding its core group of developers. This includes the project’s lead maintainer known by the pseudonym “Raph.” However, the new structure will have significant tax implications, as the Institute, once approved by the IRS, will be able to accept tax-deductible donations. Therefore, this is a shift from the past when funding for the development team came privately from Rodarmor and was classified as personal gifts for tax purposes.
“It’s very great to scale this up and make a long-term effort. Nonprofits can accept donations and can allocate capital to people contributing in a very neutral way, without there being a profit incentive.”
Raph expressed excitement about the prospects of scaling up their efforts with the nonprofit approach. Raph believes that the nonprofit will increase neutrality in distributing resources. Plus, it also eliminates the incentive of profit. The Ordinals team has also launched a platform called Ordinals.org. Here, the organization members will share community updates and offer resources related to the project’s ongoing development.
21 Million Milestone!
Bitcoin Ordinals recently reached an impressive milestone of 21 million inscriptions! This is particularly important because it aligns with the capped supply of Bitcoin, which is also limited to 21 million coins. So, this achievement underscores the significance of the Ordinals project within the crypto community.
The establishment of the Open Ordinals Institute sets the stage for further advancements in the Ordinals protocol. Moreover, it reaffirms the commitment of the team to push the boundaries of art and collectibles within the realm of digital scarcity. As the project gains momentum, it will undoubtedly continue to make waves within the crypto community.