There have been words on Twitter, so I thought it would be useful to write down
how ordinals came to be.
Ordinals is a few things. Ordinals proper is made up of ordinal numbers, the
numbering and tracking of satoshis, designed ultimately as vehicles for NFTs;
inscriptions, the NFTs which ride on the backs of ordinals; runes, the
degenerate black sheep of the protocol family; and ord
, the open-source
computer program which implements ordinals, inscriptions, and runes.
Along the way there have been a two ordinals-related entities that I've been
involved with. The first was Ordinals Corporation, a short-lived startup
founded when ordinals, the protocol, started taking off, which was dissolved
nearly as soon as it was created, and did exactly nothing. The second is the
non-profit Open Ordinals Institute, a going concern, which accepts donations,
pays for the ordinals.com servers, and funds
open-source contributors to ord
.
I first learned about NFTs back when they were taking off on Ethereum in 2017.
I wasn't initially very interested in them, but I did talk a bit with my friend
Parker Day, a photographer, about turning some of her portraits into NFTs,
although we didn't wind up pursuing it.
NFTs came on my radar again in mid-2021, when
Fidenza
by Tyler Hobbs was released. I had made generative art in the past, but there
was never a market for it, and suddenly beautiful generative NFTs were selling
for real money. I experimented with NFTs on Ethereum, but was turned off, to
put it mildly, by the reality of NFTs on Ethereum. The tooling was terrible,
the ERC-721 standard meant that each NFT had different semantics, and the
content was all stored off-chain.
This, combined with my existing dislike of Ethereum, made me decide to try to
figure out how to make NFTs on Bitcoin which didn't suffer from the issues
inherent to existing NFTs on Ethereum and earlier standards for NFTs on
Bitcoin.
I started noodling. From the start, I wanted the protocol to be UTXO-based, and
to use Bitcoin's native cryptography and script for transactions. Anything else
would have been much more complex, much less featureful, and would not have fit
in nicely with the rest of the ecosystem. However, UTXOs are ephemeral. The pop
into existence when created by a transaction, and pop just as suddenly out of
existence when spent.
I had the idea for "atoms", one of which would be created in every block, and
which would subsequently hop from coin to coin with each transaction. I made
the first to commit to the repo, then called bitcoin-atoms
, on 2021-12-12.
My friend Liam Scalzulli, who I had worked on other open-source projects with,
started working on the project with me, making his first commit to the repo on
2022-1-28.
I had some very helpful conversations about atoms with mconst, Eric Sirion,
Rijndael, and Jeremy Rubin, and eventually came up with ordinals, the numbering
and tracking of individual satoshis, as an alternative to atoms. On 2022-1-5 I
renamed the bitcoin-atoms
repo to ord
. On 2022-2-22 I posted a
draft
of the ordinals BIP to the bitcoin-dev mailing list, and on 2022-3-9 I bought
ordinals.com, ordinals.net,
and ordinals.org. The .net
and .org
were free, but
the .com
was for sale for $2000. Easily the best money I've ever spent!
I came up with an off-chain NFT scheme, where the creator of an NFT would sign
a message assigning a piece of content to an ordinal without needing to make a
Bitcoin transaction, and gave a workshop at BTC++ in Austin 2022-6-8, where
participants got paper wallets loaded with sats and issued their own NFTs.
Around this time Raph started working on the project, and made his first commit
on 2022-9-6. You can see the major contributors to the project over time,
including Liam and Raph,
on GitHub.
The off-chain NFT scheme had a lot of issues. Users would need to send NFTs
out-of-band, and it would be impossible to run a public server with all NFTs,
since there were no rate or content size limits.
I started trying to figure out where I could stuff content into the Bitcoin
blockchain. Bitcoin script, in the form of scriptpubkeys or scriptsigs, were
the obvious choice. Most script types were limited in size, ether by consensus
or standardness, but taproot scripts had no limit, so they became the vehicle.
Funnily enough, these script-based NFTs were originally called "runes", but we
switched to "inscriptions" and it stuck.
We did a lot of work on the wallet, and on 2022-12-14 I made the
first mainnet inscription, followed
quickly thereafter by the
second mainnet inscription by Rijndael.
The ord wallet inscribe
command was initially disabled on mainnet, and on
2023-1-9 we enabled it, and on 2023-1-20 I tweeted that
inscriptions were ready for mainnet.
That same day I opened
the now infamous PR requesting a BIP number for ordinals,
which languishes open to this day.
There was a trickle of inscriptions, then more, and then a rush, filling every
block. It was clear: Ordinals had gone nuclear.
With the protocol a wild success, I started having vague ideas about a startup,
unrelated to the protocol, because that seemed like that's was what one does in
those circumstances. On 2023-2-3 I incorporated Ordinals Corporation,
co-founded by myself, Ordinally, Erin, and Rocktoshi. Ordinals Corporation
never had a clear line of business, issued any shares, held any assets, or
undertook any business activities. It was dissolved less than three months
later on 2023-4-30. May it rest in peace.
The next few months were an insane rush of attention and chaos, and ultimately
extremely personally stressful. I took a hiatus from everything, although in
reality I hadn't been particularly productive even before making it official.
Things eventually started to get back to normal, and in August I started
working on ord
again.
On 2023-8-1, the Open Ordinals Institute was incorporated, a much more
unambitious entity whose sole purpose was to accept donations, pay for the
ordinals.com servers, and fund open source contributors
to ord, which it continues to do to this
day.
If you ask me my views, they will be nearly indistinguishable from those of,
for lack of a better term, ideological Bitcoin maximalists. I loathe the state,
have no particular respect for authority, and believe that Bitcoin is the path
away from the debauched debasement of our lives and civilization that fiat
currency has wrought.
However, I do not consider myself an ideological Bitcoin maximalist, with the
primary reason being that ideology often does not survive contact with reality.
This is the unenviable position that ideological Bitcoin maximalism, and the
insipid culture accompanying it, finds itself in at the present moment: an
uncomfortable contact with a reality with which it does not comport.
Ideological Bitcoin maximalism has a lot of good things going for it. It is
because of those things that this blog post was written. This post contains
advice for ideological Bitcoin maximalists, advice which will hopefully help
them stop scoring own goals and committing unforced errors. In other words, how
they can stop being losers.
Let me start by saying that this post is not written to defend ordinals and
inscriptions. They do not need defending. The cat is out the bag, and nobody
can put it back in.
Now, for the advice.
My first piece of advice is that whining about inscriptions makes you, and
Bitcoin, look weak. Simultaneously believing that Bitcoin is unstoppable
internet money and thinking that a bunch of retards publishing JPEGs on-chain
is any kind of problem is a contradiction. We both know the truth that, push
come to shove, the former is true and the latter is false. Bitcoin is
unstoppable internet money, and the JPEGs are a non-issue. But, by espousing
both beliefs, you weaken any argument you might make that Bitcoin can resist
the state.
For all the whining on Twitter, nobody has been able to make so much as a dent
in ordinals and inscriptions. So, given that, and given that we have important
work to do in destroying fiat, maybe you should stop whining about something
you can't change, and adjust to the new, and possibly uncomfortable reality
that NFTs have come to Bitcoin? This will no doubt not be the last time that
people start doing unpleasant things on Bitcoin, so it would be a good exercise
to start accepting it now. You can then refocus your efforts on more important
things, like spreading Satoshi's good word and helping as many people as
possible learn how to use Bitcoin.
Also, strategically, all press is good press, and complaining about
inscriptions just makes more people learn about them, and makes the inscribers
extra keen to nakadashi JPEGs into the blockchain, just to make you look like
idiots. If normies like doing something, then you're not going to make any
friends, or make any headway on anything, by scolding them for doing it.
If you still insist on complaining about inscriptions, at least take a moment
to learn about them, so you can ditch your worst and least compelling
arguments. These include:
-
Anyone can right-click save the JPEGs. Literally every degenerate buying
inscriptions knows this. Literally every single one. Nobody is buying
inscriptions based on the delusion that they are buying access. Accepting
this and updating your worldview will bring it closer to reality, and less
likely to be destroyed by it.
-
Inscriptions aren't real, they're just a collective hallucination. I've
been saying basically exactly this since day one, that ordinals and
inscriptions are an opt-in lens with which to view Bitcoin. Behaving as if
this is some kind of damning revelation makes you look like a moron.
Additionally, it shows that you misunderstand one of the most fundamental
things about humans, civilization, and culture: Everything important is just
social conventions. Bitcoin is, in fact, just a social convention. Or, put
another way, it's not the software or data that matter, it's the social
conventions around it. Inscriptions are no different.
-
You can just store the data off-chain. People value on-chain data. It makes
inscriptions scarce, and dramatically improves reliability and user-safety.
Every other NFT ecosystem uses off-chain data, and uninformed users delegate
trust to whoever happens to be pinning the files on IPFS, and they might stop
at any time. On-chain data is a vast improvement in trustlessness, which, I
am told, is highly valued by ideological maxis.
-
Inscriptions are illegitimate. There's an obvious difference between things
that are illegitimate, like state violence, and things that you just think
are stupid. Arguing that something is illegitimate because you don't like it
or don't see the purpose of it makes you look like a retard.
-
Inscriptions are a state attack. Somehow, you see NFTs and shitcoins on
other chains, understand that they exist because of enthusiasm, demand,
grift, and degeneracy, don't think that these things are a state attack on
Ethereum, and somehow turn around and think that they're a state attack on
Bitcoin?
Attempting to censor inscriptions is exactly identical to attempting censoring
other kinds of transactions. Any machinery you build or public support you
muster will immediately lend support to censorship on Bitcoin in general.
Fortunately, processing transactions that someone views as illegitimate is
exactly the thing Bitcoin was built for, so you will ultimately fail, but we
would all be better of if you didn't try to convince people that censoring
Bitcoin transactions was something they should bother trying. You've already
managed to confuse Ocean Mining into thinking that it's possible and a good
idea, and although they'll eventually bend the knee even further than they
already have, it would be nice if we just got another mining pool, instead of
having it needlessly gimped right out of the gate.
So, what should you do about inscriptions?
Just ignore them. More valuable use-cases will price out the majority of
inscriptions. There will always be some high-value inscriptions, but they don't
compete seriously with hard money and uncensorable transactions. Bitcoin's
destiny is high fees. Embrace it.
We have much bigger fish to fry, and if you're interested in doing more than
just pearl clutching and engagement farming, we can all get to frying them.
When a dev tells you that something is weird and hard and they have to change
behavior that users rely on, the correct response is somewhere between "Cool
story, bro." and "Wah, wah, wah, are the bits being mean to you?". Developers
serve users, not the other way around.
For this and other reasons, the ord developers recommit to the stability and
predictability of inscription numbers, and will not pursue renumbering.
As someone who people in the ordinals community mysteriously pay a lot of
attention to, I see myself as having two distinct roles with regards to
proposals such as the great renumbering.
One is to have and propose things that I think are good ideas. This will
continue, and I don't see any particular reason to self-censor. In other words,
the unfettered blog posts will continue. The community needs to understand that
these are proposals only, and that I have had and will continue to have wacky
ideas.
The other role is as one of the people who helps make decisions about what to
implement in ord
, the ordinals reference implementation. Raph, as lead
maintainer, has the final say, but he hasn't stopped listening to my wacky
ideas, so I still have some influence. Those decisions must be made with
respect to the userbase of ord
and the greater ordinals community.
When I first decided to propose renumbering, I knew that it had to meet a very
high bar. Changes to ord
and to ordinals must be Pareto improvements, changes
to the status quo that leave everyone better off, or extremely close to it.
Changes cannot create winners and losers, even if the benefit to the winners
might be greater than the harm to the losers.
After reading discussion on GitHub and Twitter, lurking in many a Twitter
space, and discussing it with many people, it's clear that the great
renumbering does not meet that very high bar, and is better off consigned to
the dustbin of history.
A couple of the arguments that I personally found most persuasive:
-
Any public discussion will consist only of the most engaged users. Many less
engaged users simply won't be aware that a discussion is taking place, or
might not participate, regardless of their views. These voices simply won't
be heard. This includes people who aren't terminally online, many people who
don't speak English as their native language, and people who just don't
particularly like arguing online. This means that the bias must be strong
towards the status quo,
-
A programmer's job, fundamentally, is to drag his (or her!) balls through
miles of broken glass if it benefits the user. Unless the status quo is so
complex and unmentionable that it is untenable, disruptive changes must be
avoided. As a spirited GitHub commenter put it, "Code and protocols get messy
as they age. That's reality. Purity is for virgins."
What does this mean, practically?
-
ord
will commit to the stability of positive inscription numbers. Negative,
or cursed, inscription numbers are subject to change at any time, if new
cursed inscriptions are recognized.
-
At some as-of-yet unannounced block height in the future, new inscriptions
which would previously have been cursed will be blessed, and will receive
positive inscription numbers as part of the main sequence of inscription
numbers. Hopefully, this kind of community wide coordination is not a common
occurrence, but it may happen again from time to time, if it is advantageous
to recognize new kinds of inscriptions which previously would have been
invalid.-
-
The commitment to the stability of inscription numbers does not preclude the
fixing of bona fide bugs. If there is a legitimate bug, and the only
reasonable way to fix it proves disruptive to inscription numbers, we will
fix it.
Inscriptions are both a technical artifact, and an artistic technology.
Technical considerations must contend on equal footing with aesthetic
considerations.
Inscription numbers are here to stay.
Inscription numbers are numbers assigned to inscriptions in the order in which
they are created, starting at zero for the genesis
inscription.
When inscription numbers were originally added to
ord, the Ordinals wallet and explorer that
powers ordinals.com, they were intended to be stable
and never change.
However, now that we have more experience with the protocol, that seems less
tenable and has undesirable consequences, as maintaining stable inscription
numbers is a challenge in the face of changes to the inscription protocol.
Consider a simple case, an update that allows multiple inscriptions to be
created in a single transaction.
The inscription numbers assigned by an implementation that recognizes multiple
inscriptions in a single transaction would differ from those assigned by an
implementation that does not.
The former implementation would see T1, creating two new inscriptions, and T2,
creating a single new inscription, and assign inscription numbers N, N+1, and
N+2, the latter implementation would assign inscription number N to the first
and only inscription it recognized in T1, and N+1 to the inscription in T2.
There are many such updates that we would like to make or have made which would
introduce discrepancies like these, including:
- Multiple inscriptions per transaction
- Inscriptions in reveal inputs other than the first
- Inscriptions with new even fields
- Multiple inscriptions on the same sat
We've been able to make these changes and keep inscription numbers stable using
what I've now come to think of as a regrettable hack: cursed inscriptions.
Whenever ord
indexes an inscription which would not be recognized by an
earlier version, it assigns a negative inscription number. This keeps old
inscription numbers stable, while still recognizing new inscriptions.
Cursed inscriptions and negative inscriptions numbers have a number of
downsides:
- An inscription number now does not tell you anything about the order in which
the inscription was made.
- The logic required to keep track of which inscriptions are cursed is a source
of bugs and complexity.
- "Blessing" cursed inscription types, i.e., collectively deciding that after a
certain block height, certain cursed inscription types will no longer be
assigned negative numbers, and be assigned positive numbers instead, requires
coordination.
- Cursed inscription numbers are permanently unstable, so a substantial number
of inscription numbers are already unstable, even under the status quo.
In light of the above, I propose that we make inscription numbers permanently
unstable, and bless all cursed inscriptions, both retroactively and on an
ongoing basis. Cursed inscription numbers would be folded into the main
sequence, and, going forward, inscription numbers should not be used in URLs,
which is already the case for ord
, and inscription numbers would be
de-emphasized on /inscription
pages.
This would substantially simplify the ord
codebase, make it easier to produce
an implementation that assigns the same sequence numbers, and make future
protocol changes easier.
ord
version 0.4.0 has been
released. Inscriptions are finally ready for Bitcoin mainnet.
Inscriptions
Inscriptions are digital artifacts native to the Bitcoin blockchain. They are
created by inscribing sats with content using
ord, and can be viewed with the ordinals
explorer. They do not require a separate
token, a side chain, or changing Bitcoin.
Inscriptions are created by including content, like an image, text, SVG, or
HTML, in an inscription transaction. The content is included in the transaction
witness, which normally contains signatures and other data proving that a
transaction is authorized.
Along with the content, the inscription transaction contains a content type,
also known as a MIME type, identifying the type of content to be inscribed.
When mined, the inscription is made on the first sat of the first output of the
transaction, permanently and inexorably marking it, distinguishing it from its
fellows. It is no longer just a sat, it is an intertwined component of the long
and confusing tale that is human art and culture.
Using ordinal theory, the unspent
output containing an inscribed sat can be found, and its movements and
ownership tracked across time and transactions, allowing inscriptions to
traded, gifted, bought, and sold.
This allows inscriptions quite native to Bitcoin. They can be sent to normal
bitcoin addresses, in normal bitcoin transactions, and benefit from timelocks,
multisig, and all the rest of Bitcoin's infrastructure. To avoid losing them, a
wallet that holds inscriptions must perform sat control, the sizing and
alignment of transaction inputs and outputs that controls the destination of
individual sats, but aside from that, transactions that transfer inscriptions
are quite mundane.
Digital Artifacts
Inscriptions are digital
artifacts, and digital
artifacts are NFTs, but not all NFTs are digital artifacts. Digital artifacts
are NFTs held to a higher standard, closer to their ideal. For an NFT to be a
digital artifact, it must be decentralized, immutable, on-chain, and
unrestricted. The vast majority of NFTs are not digital artifacts. Their
content is stored off-chain and can be lost, they are on centralized chains,
and they have back-door admin keys. What's worse, because they are smart
contracts, they must be audited on a case-by-case basis to determine their
properties.
Inscriptions are unplagued by such flaws. Inscriptions are immutable and
on-chain, on the oldest, most decentralized, most secure blockchain in the
world. They are not smart contracts, and do not need to be examined
individually to determine their properties. They are true digital artifacts.
ord
0.4.0
ord
is an open-source binary written in Rust, and developed on
GitHub. It implements an ordinal wallet, which
can create and transfer inscriptions, and a block explorer. There are public
mainnet, signet, and
testnet instances.
ord
is experimental software, and comes with no warranty or guarantees. ord
0.4.0, the latest release, has been tested carefully, and can now be used to
make inscriptions on mainnet, and that those inscriptions will not break due to
a future protocol change.
Three mechanisms exist to introduce opt-in changes to the protocol, without
breaking existing inscriptions: Versioning, optional fields, and mandatory
fields.
Inscriptions can contain a version field. The inscription parser will ignore
inscriptions with an unrecognized version. This allows introducing fundamental
changes to inscriptions, without disrupting existing inscriptions.
Additionally, fields can be marked as optional or mandatory, which determines
how an inscription parser treats an unrecognized field. Unrecognized optional
fields are ignored but the inscription is normally, while unrecognized
mandatory fields render the whole inscription invalid.
Individual features that can be safely ignored if unsupported can be introduced
as optional fields, while features that must be supported in order in order to
understand an inscription can be introduced as mandatory fields.
Inscriptions are not finished, but this flexibility gives us confidence that
future improvements can be made opt-in and non-disruptive.
Let markets and bazaars where rare sats and inscriptions are traded grow and
flourish, and may their wares never crack or vanish.
What's missing?
Inscriptions have many unique benefits and features, but they have not yet
reached feature parity with other NFT implementations.
Two key features are missing: provenance and decentralized markets.
Provenance is the ability to determine the author of an inscription, or its
membership in a set of inscriptions all created by the same person. We have a
design that accomplishes this, and its implementation is tracked in
issue #783. A transaction creating a new
inscription, X
, may include an existing inscription, P
, in its inputs,
which is returned back to the owner in its outputs. Since only the owner of P
could have made this transaction, this identifies P
as the parent of X
.
This mechanism is flexible, and can be used to identify an inscription as being
created by an individual, or to identify an inscription as being a member of a
larger collection. Furthermore, this mechanism is recursive. You can create in
inscription that represents your identity, and use that inscription as the
parent of an inscription that itself is used as the parent inscription for a
collection.
For inscriptions be valuable, there must be venues where they can be bought and
sold. We have a sketch for decentralized and trustless offers to buy and sell
using partially-signed transactions, and its implementation is tracked in
issue #802. The owner of an
inscription may offer it for sale by publishing a transaction that includes it
as an input, and containing an output that pays to them the sale price. Any
third party can take such a transaction, add their own input of at least the
sale price, add an output sending the inscription to themselves, and finalize
it by broadcasting it to be mined. Offers to buy are similar.
What's next?
Inscriptions have been designed to be native to the web. Inscriptions are byte
strings, identified with a content type, and so can be displayed in a browser.
HTML, CSS, JavaScript, SVG, MP3, PNG, and JPEG, are supported by the ordinals
explorer.
Inscription content is sandboxed so that it cannot make outgoing web requests.
However, in the future, this sandboxing will be relaxed to allow inscriptions
to use the content of other inscriptions. This will allow for the development
of an a modular, on-chain ecosystem of remixing and composition. This is
tracked in issue #1082.
Inscriptions are unnamed and untitled, but we hope to give artificers the
ability to give their inscriptions globally unique, human-readable names. This
is tracked in issue #794.
The future of inscriptions is bright. We hope not only to reach feature parity
with other NFT implementations, but to surpass them.
We just released ord version
0.1.0!
ord
is an ordinal number wallet and the index
that serves ordinals.com.
This release of ord
is by no means complete, but it now supports making
ordinal-aware transactions on mainnet using the ord wallet send
command
thanks to @raphjaph, and boasts much faster
indexing thanks to @callmeier.
ord wallet send
The ord wallet
commands interact with an existing Bitcoin Core wallet using
Core's RPC interface, and this release features a new send
subcommand that
constructs an ordinal-aware transaction to send a particular ORDINAL
to a
recipient's ADDRESS
:
ord wallet send ORDINAL ADDRESS
We write extensive tests alongside every feature, but bugs can always slip
through, and the project as a whole is still immature, so restrictions apply
when using ord wallet send
with Mainnet wallets.
ord wallet send
will refuse to interact with a Mainnet wallet with a name
other than ord
, which does not start with ord-
, to encourage users to
explicitly mark wallets as being intended for use with ord
.
Using bitcoin-cli
wallet commands with an ord
wallet risks spending your
rarest and most exotic sats, and using ord wallet
commands with your main
wallet risks doxing your main stash if you assocaite a spicy ordinal with your
identity.
Index Optimization
ord
must build and maintain an index that maps transaction outputs to ordinal
ranges. ord
0.1.0 now exploits the fact that many UTXOs are spent soon after
they're created, and uses an in-memory cache to avoid huge numbers of database
insertions and retrievals. ord
uses the
redb database, which is already quite fast,
but using an in-memory cache avoids reads from and writes to redb
's B-tree,
which are more expensive than the in-memory cache's hashmap.
Backwards Compatibility
ord
is still alpha-quality software, so breaking changes are inevitable, but
starting with version 0.1.0, we'll indicate when breaking changes are included
in a release by bumping the minor version number (0.x.0).
Try it out!
Check out ord
0.1.0 and let
us know what you think! ord
is CC-0-licensed open-source software developed on
GitHub.
Raph and I have been working hard on
ord, the
ordinal block explorer and wallet, and
have just finished the initial version of the ord wallet send ORDINAL ADDRESS
command, which makes a transaction sending ORDINAL
to ADDRESS
.
Ordinal-aware Bitcoin transactions are rather tricky, and must attend to a
number of considerations:
- Rare ordinals shouldn't accidentally be lost to the recipient or the fee.
- The ordinal being sent should be aligned to the beginning of the output going
to the recipient.
- Additional postage should be added so that the ordinal can be sent onward
without needing to merge in additional UTXOs.
- Excess sats should be stripped from the recipient's output.
- Inputs and outputs must be aligned so that the ordinal being sent actual
makes it to the recipient.
This requires a great deal of stressful fiddling with transaction input and
output size and order, and a great deal of checks for edge cases. You can see
all the gory details in the transaction
builder.
All that fiddling has paid off, and today we made three transactions on signet:
-
This transaction is simple send of mvzwjdjcofe
. The first output is
change, added to ensure that mvzwjdjcofe
is the first ordinal in the output
sent to the recipient:
ord wallet send mvzwjdjcofe tb1qaykcryeds0kmz3azv5tn46dyt3wu5l5qc3djz0
-
This transaction sends ordinal nphhwymyrjx
to
tb1qew25cz5603xqzkw66m5yq9ruflkkpgjyprcdc5
:
ord wallet send nphhwymyrjx tb1qew25cz5603xqzkw66m5yq9ruflkkpgjyprcdc5
nphhwymyrjx
is first in the input, so no alignment output is needed to make
it first in the recipient's output.
However, the input is quite large, so an additional output is added that
brings the size of the recipient's output down to 10,000 sats. We could
reduce the size of recipient's output to the dust limit, however in that
case, UTXOs would need to be merged in to pay for fees when sending the
ordinal onwards.
-
This transaction sends ordinal 139761296637063
to
tb1q02yk08hkp9pkyhwdsdfd0ra437tjcdnrjs0sxv
:
ord wallet send 139761296637063 tb1q02yk08hkp9pkyhwdsdfd0ra437tjcdnrjs0sxv
There's a lot going on here! Let's break down the inputs and outputs:
Inputs:
- Contains
139761296637063
at offset 7,500.
- Needed to pay for all outputs
Outputs:
- Change containing 7,500 sats to make
139761296637063
the first ordinal
of the recipient's output.
- The recipient's output containing
139761296637063
at offset 0. Worth
10,000, so that the recipient can forward 139761296637063
without
needing to merge in additional UTXOs.
- Change containing 16,006 sats, to reduce the recipient's output to 10,000
sats.
ord wallet send
will hopefully be much easier to use compared to using
bitcoin-cli
to manually construct ordinal-aware
transactions. Give it a shot and let
us know what you think!
I've been working on a numbering scheme for satoshis that allows tracking and transferring individual sats. These numbers are called ordinals, and constitute a numeric namespace for Bitcoin. Satoshis are numbered in the order in which they're mined, and transferred from transaction inputs to transaction outputs in first-in-first-out order. More details are available in the BIP.
Ordinals don't require a separate token, another blockchain, or any changes to Bitcoin. They work right now.
Ordinals can be represented in a few ways:
With raw notation, like so 1905530482684727°. The number is the ordinal number, and the "°" is the Romance language ordinal symbol.
With decimal notation, like so 738848.482684727°. The first number is the block height, and the second is the index of the ordinal within the block.
With degree notation, like so 0°108848′992″482684727‴. We'll get to that in a moment.
A block explorer is available at ordinals.com. You can explore recent blocks, and look up ordinals by number, decimal, degree, or name.
Arbitrary assets, such as NFTs, security tokens, accounts, or stablecoins can be attached to Ordinals.
Ordinals is an open-source project, developed on GitHub. The project consists of a BIP describing the ordinal scheme, an index that communicates with a Bitcoin Core node to track the location of all ordinals, a wallet that allows making ordinal-aware transactions, a block explorer for interactive exploration of the blockchain, and functionality for minting ordinal NFTs.
Rarity
Since ordinals can be tracked and transferred, people will naturally want to collect them. Ordinal theorists can decide for themselves which sats are rare and desirable, but I wanted to provide some hints.
Bitcoin has periodic events, some frequent, some more uncommon, and these naturally lend themselves to a system of rarity. These periodic events are:
- Blocks: A new block is mined approximately every 10 minutes, from now until the end of time.
- Difficulty adjustments: Every 2016 blocks, or approximately every two weeks, the Bitcoin network responds to changes in hashrate by adjusting the difficulty target which blocks must meet in order to be accepted.
- Halvings: Every 210,000 blocks, or roughly every four years, the amount of new sats created in every block is cut in half.
- Cycles: Every six halvings, something magical happens: the halving and the difficulty adjustment coincide. This is called a conjunction, and the time period between conjunctions a cycle. A conjunction occurs roughly every 24 years. The first conjunction should happen some time in 2032.
This gives us the following rarity levels:
common
: Any sat that is not the first sat of its block
uncommon
: The first sat of each block
rare
: The first sat of each difficulty adjustment period
epic
: The first sat of each halving epoch
legendary
: The first sat of each cycle
mythic
: The first sat of the genesis block
Which brings us to degree notation, which unambiguously represents an ordinal in a way that makes rarity easy to see at a glance:
A°B′C″D‴
│ │ │ ╰─ Index of sat in the block
│ │ ╰─── Index of block in difficulty adjustment period
│ ╰───── Index of block in halving epoch
╰─────── Cycle, numbered starting from 0
Ordinal theorists often use the terms "hour", "minute", "second", and "third" for A, B, C, and D, respectively.
Now for some examples. This ordinal is common:
1°1′1″1‴
│ │ │ ╰─ Not first sat in block
│ │ ╰─── Not first block in difficutly adjustment period
│ ╰───── Not first block in halving epoch
╰─────── Second cycle
This ordinal is uncommon:
1°1′1″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── Not first block in difficutly adjustment period
│ ╰───── Not first block in halving epoch
╰─────── Second cycle
This ordinal is rare:
1°1′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── Not the first block in halving epoch
╰─────── Second cycle
This ordinal is epic:
1°0′1″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── Not first block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── Second cycle
This ordinal is legendary:
1°0′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── Second cycle
And this ordinal is mythic:
0°0′0″0‴
│ │ │ ╰─ First sat in block
│ │ ╰─── First block in difficulty adjustment period
│ ╰───── First block in halving epoch
╰─────── First cycle
If the block offset is zero, it may be omitted. This is the uncommon ordinal from above:
1°1′1″
│ │ ╰─ Not first block in difficutly adjustment period
│ ╰─── Not first block in halving epoch
╰───── Second cycle
Supply
Total Supply
common
: 2.1 quadrillion
uncommon
: 6,929,999
rare
: 3437
epic
: 32
legendary
: 5
mythic
: 1
Current Supply
common
: 1.9 quadrillion
uncommon
: 745,855
rare
: 369
epic
: 3
legendary
: 0
mythic
: 1
At the moment, even uncommon ordinals are quite rare. As of this writing, 745,855 uncommon ordinals have been mined - one per 25.6 bitcoin in circulation.
Names
Each ordinal has a name, consisting of the letters A through Z, that get shorter the larger the ordinal is. They could start short and get longer, but then all the good, short names would be trapped in the unspendable genesis block.
As an example, 1905530482684727°'s name is "iaiufjszmoba". The name of the last ordinal to be mined is "a". Every combination of 10 characters or less is out there, or will be out there, some day.
Exotics
Ordinals may be prized for reasons other than their name or rarity. This might be due to a quality of the number itself, like having an integer square or cube root. Or it might be due to a connection to a historical event, such as ordinals from block 477,120, the block in which SegWit activated, or ordinal 2099999997689999°, the last ordinal that will ever be mined.
Such ordinals are termed "exotic". Which ordinals are exotic and what makes them so is subjective. Ordinal theorists are are encouraged to seek out exotics based on criteria of their own devising.
Archaeology
A lively community of archaeologists devoted to cataloging and collecting early NFTs has sprung up. Here's a great summary of historical NFTs by Chainleft.
A commonly accepted cut-off for early NFTs is March 19th, 2018, the date the first ERC-721 contract, SU SQUARES, was deployed on Ethereum.
Whether or not ordinals are of interest to NFT archaeologists is an open question! In one sense, ordinals were created in early 2022, when I finalized the Ordinals specification. In this sense, they are not of historical interest.
In another sense though, ordinals were in fact created by Satoshi Nakamoto in 2009 when he mined the Bitcoin genesis block. In this sense, ordinals, and especially early ordinals, are certainly of historical interest.
I personally favor the latter view. This is not least because the ordinals were independently discovered on at least two separate occasions, long before the era of modern NFTs began.
On August 21st, 2012, Charlie Lee posted a proposal to add proof-of-stake to Bitcoin to the Bitocin Talk forum. This wasn't an asset scheme, but did use the ordinal algorithm, and was implemented but never deployed.
On October 8th, 2012, jl2012 posted a scheme to the the same forum which uses decimal notation and has all the important properties of ordinals. The scheme was discussed but never implemented.
These independent inventions of ordinals indicate in some way that ordinals were discovered, or rediscovered, and not invented. The ordinals are an inevitability of the mathematics of Bitcoin, stemming not from their modern documentation, but from their ancient genesis. They are the culmination of a sequence of events set in motion with the mining of the first block, so many years ago.