Ordinals are a system that allows for attaching arbitrary assets to satoshis (the smallest unit of Bitcoin) to track and transfer them individually, thereby creating NFTs on the Bitcoin network. It works within the existing Bitcoin system without the need for separate tokens or changes to the blockchain. Ordinals was released in January 2023 and has since caused a major increase in transactions to the Bitcoin blockchain, making the network congested and increasing the gas fees tremendously.
Ordinals in Bitcoin are a way of giving unique numbers to individual satoshis based on the order they are created. It's like giving each satoshi its own special ID. When satoshis are moved from one place to another, their order is maintained, just like a "first-in, first-out" system. These ordinal numbers are not officially recognized by the Bitcoin system itself, but they are important to a community of Bitcoin enthusiasts who find value in them.
Inscriptions are like additional information or pictures attached to these ordinal numbers. They are stored within the transaction data of Bitcoin. To create an ordinal NFT, people send a transaction for a specific satoshi and attach the desired information. It's like adding a special message or image to that satoshi. Unlike traditional NFTs on other platforms, ordinals can be treated as either fungible or non-fungible, depending on the owner. Regular ordinals can be used for regular Bitcoin transactions, but the attached information stays with them. On the other hand, NFTs on other networks, such as Ethereum, are different from fungible tokens and are treated separately.
ORDI's total supply: 21,000,000
ORDI's circulating supply: 21,000,000
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