Ordi Coin
ORDI is a Bitcoin derivative product based on the BRC20 token standard which is built on the Bitcoin Ordinals Protocol, similar to Ethereum’s ERC20 token standard. It allows for the creation and trading of custom tokens on the Bitcoin network.
The Ordinals Protocol enables “sats” (the smallest unit of Bitcoin) to carry diverse data types like images, text, music, and videos and doesn’t require the use of external smart contracts. ORDI is the first BRC-20 token built on the Bitcoin blockchain.
Background
ORDI was made possible by the Bitcoin Ordinals Protocol, developed by Casey Rodarmor who launched the protocol in January 2023. It added abilities beyond what Bitcoin was originally designed to do.
Launch
ORDI token launched in March 2023 and officially listed on LBank on June 14, 2023.
How does it work?
The BRC-20 standard, inspired by Ethereum’s ERC-20, adapts the concept to fit the Bitcoin network. Unlike ERC-20 tokens that are based on smart contracts, BRC-20 tokens like ORDI inscribe data within a satoshi. The technology streamlines the process of issuing tokens by using JSON-based inscription data for defining token attributes like total supply and transaction rules.
Sources and resources
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