What if blockchain moves away from a store of value to a store of information as a priority- all the while facing the exponential growth of bitcoin storage requirements? Ordinal inscriptions present this challenge for the bitcoin ecosystem. Unintended consequence aside, bitcoin boosters and evangelist soldier on with the launch of The Open Ordinals Institute. Details here.
Open Ordinals Institute Launches to Propel Bitcoin Ordinals Protocol
As reported by Bitcoin Magazine:
The Ordinals team, led by creator Casey Rodarmor, has introduced the “Open Ordinals Institute,” a non-profit organization aimed at advancing the Bitcoin Ordinals protocol and its reference implementation, Ord. The Open Ordinals Institute will financially support Ordinals core developers, including the newly appointed lead maintainer, Raph, fostering an open-source contributor environment for sustained growth and high-quality contributions.
In a statment sent to Bitcoin Magazine, Raph emphasized the importance of collaboration and community engagement in the Ordinals protocol development. “We want to create an open-source contributor environment where long-term and high-quality commitments are possible. Close collaboration and wider community engagement with Ordinals is encouraged and supported,” he said.
Operating as a 501(c)(3) non-profit, the Open Ordinals Institute will accept tax-deductible donations, enabling a transparent and sustainable funding model. Previously funded privately and through personal gifts, this shift ensures the protocol’s neutrality while supporting developers Ordinals core developer Ordinally echoed this sentiment in a statement, saying that the non-profit organization presents itself as “the cleanest way” to compensate developers without compromising the neutrality of the protocol. The Ordinals.org website will facilitate community updates and resource sharing related to the Ordinals protocol development.
What Next?
If we know anything at this point, the perennial truism (which continues to dash the dreams of even the most ardent techno-utopian strategists) is that, more often than not, technologies adapt and develop in ways that are not anticipated. Ordinals are worth tracking if your organization is grappling with Designing, Quantifying, and Measuring Exponential Innovation. There will be lessons to be learned in this space – which will impact the growth of the web3 and blockchain infrastructure, including the future of blockchain security.
The Future of Bitcoin and the Exponential Growth of and Risks Posed by Ordinal Inscriptions
Yassine Elmandjra at Ark Invest offered a positive perspective earlier this year: “In our view, Ordinals have activated a new wave of Bitcoin users and developers—a net positive. Enabling new types of innovation, Ordinals have rejuvenated developer interest in building Bitcoin infrastructure. During the next few months, wallets and marketplaces are likely to support Ordinals, broadening the range of Bitcoin use cases.”
Open Ordinals Institute Champions Bitcoin NFT Developers
As reported by The Daily NFT Report: Erin Redwin, a board member of the Open Ordinals Institute, said that the non-profit intends to enable developers to expand the newly recognized utility of Bitcoin-based NFTs.
Redwin said, “Firms across Web3 ecosystems, including Ethereum, Solana, Stacks, among others, are rapidly constructing Ordinals infrastructure. Previously, these companies assumed NFT-functionality ‘wasn’t achievable’ on native Bitcoin.” She continued, “Given the remarkable rate of adoption and practical implications for various crypto economies, it is essential to financially back a robust team of developers, not funded by corporations, to maintain the security and impartiality of this open-source protocol.”
Additional Resources
Bitcoin’s Momentum: Bitcoin seems unstoppable due to solid mathematical foundations and widespread societal acceptance. Other cryptocurrencies like Ethereum also gain prominence. The Metaverse’s rise is closely tied to Ethereum’s universal trust layer. See: Guide to Crypto Revolution
