By now you probably have heard of the term NFT (Non-fungible token) used a lot in the crypto space. Today we are learning something new, Bitcoin Ordinals. In short, they are NFTs on the blockchain network.
What are Ordinals.
A new way to use the bitcoin network is through Bitcoin ordinals. They serve as a means to store various types of data directly on the network as Satoshis, the smallest unit of a bitcoin (1 bitcoin equals 100 million Satoshis). Unlike NFTs, which store data differently, ordinals directly utilize the network for storage.
Why choose Bitcoin Ordinals.
The ordinals protocol hosts Bitcoin Ordinals. This protocol operates within the Bitcoin network. Within the ordinals protocol, each Satoshi receives a specific number assigned to your particular data type, thereby creating an ordinal.
Ordinals are transferred through the ordinals protocol on-chain. This means the following:
- they never expire: Bitcoin ordinals persist indefinitely since they are stored directly on blocks, ensuring their perpetual existence.
- they are unchangeable: Once a Bitcoin ordinal is created, it assigns itself to a satoshi during the minting process (the creation of an ordinal on a Bitcoin block), and it cannot be edited thereafter.
Get to know more.
Now that we have covered the basics of what ordinals are. Join us on the next episode of explainer Express. HERE!!, as we discover more about the interesting world of inscriptions and BRC-20 tokens.
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