Bitcoin Ordinals team launches non-profit for protocol development growth.

Bitcoin Ordinals team launches non-profit for protocol development growth.

The Open Ordinals Institute: Fostering the Growth of NFTs on Bitcoin Blockchain

The blockchain industry continues to evolve with new innovations and developments being introduced regularly. A recent milestone in the industry is the launch of the Open Ordinals Institute, a non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on the Bitcoin blockchain. This initiative is led by the team behind the Bitcoin Ordinals protocol, a protocol that allows users to inscribe assets on the Bitcoin blockchain, including NFTs and Bitcoin-based cryptocurrencies.

The Birth of the Open Ordinals Institute

The California-based nonprofit, the Open Ordinals Institute, aims to bolster the Ordinals protocol by providing funding to the team’s core developers. This funding will support the ongoing development and improvement of the protocol, ensuring its stability and reliability. The Institute is formed by a board of four team members, including the project’s pseudonymous lead maintainer Raph, Bitcoin-focused podcast host Erin Redwing, an anonymous Ordinals developer known as Ordinally, and Ordinals creator Casey Rodarmor.

The launch of the Open Ordinals Institute was announced on August 1, 2023, through a tweet by the Ordinals protocol team. The nonprofit’s establishment signifies the team’s commitment to the growth and advancement of the Bitcoin Ordinals protocol and its associated ecosystem. As a non-profit organization, the Institute aims to create an environment where developers can work on the protocol without financial constraints, allowing for greater innovation and progress.

The Popularity of the Ordinals Protocol

The Ordinals protocol, launched in January by creator Casey Rodarmor, quickly gained popularity due to its unique offering. With the ability to inscribe assets on the Bitcoin blockchain, the protocol attracted users interested in creating and trading NFTs as well as Bitcoin-based cryptocurrencies. The excitement surrounding the protocol led to a surge in activity, resulting in millions of Bitcoin Ordinals inscriptions within a short period.

However, to ensure the protocol’s continued development and maintenance, Rodarmor stepped down as the lead maintainer on May 28, 2023. In a tweet, he announced the appointment of Raph as his successor, highlighting Raph’s commitment to the project and the need for funding to support his work. Raph, an impoverished student, relies on donations to continue his contribution to the Ordinals protocol.

The Role of the Open Ordinals Institute

The establishment of the Open Ordinals Institute further solidifies the team’s dedication to the Ordinals protocol’s growth and advancement. The nonprofit organization serves as a channel for funding and support, allowing the core developers, particularly Raph, to focus on their work without worrying about financial constraints. By providing a stable and reliable source of funding, the Institute enables the developers to dedicate their time and skills to enhancing the protocol.

To facilitate donations and provide updates to the project’s development, the Open Ordinals Institute launched its official website, Users can visit the website to make donations and stay informed about the latest progress and milestones achieved by the project. Moreover, all donations made to the Institute are expected to be tax-deductible for United States taxpayers, pending approval by the Internal Revenue Service later this year.

The Growing Impact of Bitcoin Ordinals

As of August 1, 2023, more than 21 million Bitcoin Ordinals inscriptions have been recorded, marking a significant achievement for users leveraging the Bitcoin network. This milestone underscores the increasing interest in the Ordinals protocol and its potential to shape the future of NFTs on the Bitcoin blockchain.

In conclusion, the launch of the Open Ordinals Institute brings new possibilities to the blockchain industry, specifically in the realm of NFTs and Bitcoin-based cryptocurrencies. By providing financial support and resources to the core developers of the Ordinals protocol, the Institute enables the continued growth and improvement of this innovative technology. As the industry continues to expand, organizations like the Open Ordinals Institute play a vital role in fostering innovation and advancing blockchain adoption.