Bitcoin Technology Revival? A Comprehensive Review of the Ordinals Series Protocols

Bitcoin Tech Revival? A Review of Ordinals Series Protocols

Author: @jakegallen_

Translation: MetaCat

Layout: MetaCat

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The space of Ordinal is expanding rapidly.

Ordinal, PSBT, BRC-20, Meta-Protocols… What does all this mean?

The Bitcoin ecosystem has not seen this level of developer activity for a while. Let’s explore some experimental protocols that have emerged during this period of ordinal explosion.

First, let’s define some terms that Bitcoin builders might use when referring to their projects. They may sound similar, but there are subtle differences. It is important to know that they refer to different layers of the entire technology stack.

• BIP: Bitcoin Improvement Proposal
• Protocol: A set of fundamental rules for sharing data between computers
• Standard: A set of rules, conditions, and functionalities that define how a token works
• Meta-Protocol: An L2 overlay protocol that defines methods for creating data structures

1. Protocol: Ordinal Theory

Creator: @rodarmor (2023)

Details: Ordinal Theory was released on the Bitcoin mainnet in January 2023, which could be a pivotal moment that changes the way Bitcoin is used. It allows for writing up to 4MB of data per UTXO in a completely on-chain manner.

2. BIP174: PSBTs (Partially Signed Bitcoin Transactions)

Creator: @ahow101 (2018)

Details: A specific type of transaction format in Bitcoin that allows multiple parties to partially sign the transaction. Ordinal markets utilize PSBT to facilitate transactions.

3. Protocol: DLCs (Discrete Log Contracts)

Creator: @tdryja (2018)

Details: A contract protocol where two or more parties agree to exchange currency based on the outcome of a specific event determined by an oracle. Some ordinal protocols utilize it.

4. Meta-Protocol: .names

Creator: @satsnames (2023)

Details: Use Ordinal to write the name standard on Bitcoin. It also pioneered the implementation of the “first come, first served” technology. Since its launch, there have been dozens of .names including: .btc, .ord, and .xbt.

Fifth, Standard: BRC-20

Creator: @domodata (2023)

Details: The meta-protocol uses Ordinal to write json txt files, making it possible to deploy, mint, and transfer fungible tokens on Bitcoin. This category has a market value of over 1 billion US dollars within 2 months of its release.

Sixth, Protocol: BRC-20 Staking

Creator: @Brc20Lab (2023)

Details: The BRC-20 staking protocol combines the security of ORC-20 and the stability of BRC-20, allowing users to earn passive income through non-custodial staking.

Seventh, Standard: BRC-21

Creator: @alexeiZamyatin from @InterlayHQ (2023)

Details: Mint L1 assets (such as ETH, SOL, DOT) and decentralized stablecoins (such as DAI and LUSD) for use on the Lightning Network.

Eighth, Standard: ORC-20

Creator: @OrcDAO (2023)

Details: The protocol aims to be backward compatible with BRC-20, improving compatibility, scalability, and security, and eliminating the possibility of double spending attacks.

Ninth, Standard: OP Standard

Meta-Protocol: BRC-20 LPs, Ordinals Decentralized Entities (ODE), Smart Inscriptions, Liquidity Bridge

Creators: @0xGrug & @M3rl1nOg from @oshifinance (2023)

Details: Bitcoin decentralized finance [OrdFi] (DAO, DEX, liquidity pool, cross-chain bridge)

Tenth, Protocol: Bitcoin-Based Automated Market Maker (BBAMM)

Creator: @Omnisats (2023)

Details: Limited-time Bitcoin vaults can be converted into equivalent tokens such as BRC-20 and can provide liquidity with leverage for trading on DEX.

Eleven, Standard: BRC-721

Creator: @BRC_721(2023)

Details: Standard interface for validating the authenticity of Bitcoin ordinal collections.

Twelve, Protocol: Smart BRC-721 by Trustless Computer

Creator: @NewBitcoinCity&@punk3700(2023)

Details: Developers can write smart contracts on Bitcoin without trusting the computer. Supports all types of dapps on BTC: NFTs, DeFi, payments, games, DAOs, and file storage.

Thirteen, Standard: BRC-721A

Creator: @ivantkf(2023)

Details: Engrave multiple tokens in the on-chain pre-minted ticket system.

Fourteen, Standard: Generative BRC-721

Creator: @0xJerry543(2023)

Details: Use the “deploy” operation to create generative BRC-721 collections with unique features stored on-chain, reducing block space usage by 50%-90%.

Fifteen, Standard: BRC-721E

Creator: @OrdinalsMarket_&@BitcoinMiladys(2023)

Details: Connect your ETH NFTs with Bitcoin (Ordinals) through a one-way bridge and sell them on the Ordinals marketplace with custom collections.

Sixteen, Standard: BRC-1155

Creator: @BRC1155&@ivantkf(2023)

Details: Deploy the ERC-1155 standard from Ethereum to Bitcoin Core to minimize the inscription cost of ownership and explore more possibilities for ordinal inscription.

Seventeen, Standard: BRC-4907

Creator: @ivantkf(2023)

Details: Deploy the ERC-4907 standard from Ethereum to Bitcoin Core to expand the use cases of lease inscription and explore more possibilities for ordinal inscription.

Eighteen, Proposal: BRC-30

Creator: @okx (2023)

Details: The BRC-30 protocol allows users to earn BRC-30 tokens by staking BRC-20 tokens and Bitcoin. This protocol is open-source and available for all developers to build upon.

Nineteen, Meta-Protocol: BitStake

Creator: @0x_web3 (2023)

Details: An attempt to introduce yield/staking on “brc-20s”. “Yield” represents the appreciation of tokens per block. A nested JSON object where the key “6000” represents the first 6000 blocks and their yields, followed by the next 8000 blocks and their yields.

Twenty, Proposal: Ordinal News Standard

Creator: @1btcnews (2023)

Details: The Ordinal News Standard is a convention to permanently record news and discussion topics into Bitcoin.

Twenty-one, Proposal: BRC-20C

Creator: @toshtoss (2023)

Details: The Ordinal Inscription Categorization Protocol, which will bring significant changes to how we define and allocate tokens on the Ordinal ecosystem.

Twenty-two, Proposal: ORC-721

Creator: @OrcDAO&@geraldbauer (2023)

Details: Generating art using the ORC standard. Similar to GBRC-721, features are engraved on the deployer inscription and then reconstructed on separate ordinals using the features from the deployer inscription.

Twenty-three, Proposal: CRC-721

Creator: @kelvinaddr (2023)

Details: Composable BRC-721. CRC-721 enhances the reusability of image assets by separating the image assets from the deployer inscription. This allows for multiple Deploy-Inscriptions to reference the same or multiple sets of image assets.

Twenty-four, Proposal: GRC-20

Creator: @GoldstandardBtc (2023)

Details: Gold Standard is the first decentralized over-collateralized stablecoin protocol on the Bitcoin network, and the first standard that can be formulated around the DeFi + stablecoin ecosystem after BRC-20.

Are you tired after seeing so much? I am indeed a bit tired! The craziest thing is that all of this has happened in the past 6 months:

– BitFi

– OrdFi

– Bitcoin DeFi

– On-Chain Bitcoin DeFi

Are we in the midst of a revival of Bitcoin culture and technology? Or are we just entering another shiiiiiiitcoin era?

We will continue to update Blocking; if you have any questions or suggestions, please contact us!