Reveal the founder of Ordinals requests Binance to remove the behind-the-scenes story of ORDI

Founder of Ordinals Calls for Binance to Remove Behind-the-Scenes Story of ORDI

“I want to completely eradicate BRC-20 from the world.”

Author: Nan Zhi

Yesterday, Binance announced the launch of spot and contract trading for the BRC-20 token ORDI. Upon the news, the price of ORDI skyrocketed from 7.4 USDT to over 12 USDT and today it has reached a high of 14.5 USDT before falling back to 13.6 USDT, with a 24-hour increase of approximately 83%.

However, early this morning, Casey, the founder of the Ordinals protocol, posted on Platform X, requesting Binance to remove some links on the ORDI token information page that point to Ordinals. Casey emphasized that ORDI is not related to Ordinals, The Open Ordinals Institute, or The Ordicord.

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According to the information on the Binance official website, the “official website link” for ORDI points to ordinals.com, the “whitepaper” points to docs.ordinals.com, and the “blockchain browser” points to ordiscan. As shown below:

Some users in the community who do not understand Ordinals and ORDI mistakenly believe that Binance does not want to list the token and view it as negative news.

In reality, the concept, implementation, and development of the ORDI token are loosely related to the Ordinals protocol, and Casey has long been opposed to BRC-20. This article by Odaily will reveal the relationship and story between them.

Concept Analysis – Ordinals

The Ordinals protocol was proposed by software engineer Casey Rodarmor and officially launched on the Bitcoin mainnet on January 30, 2023. The protocol defines an order for each satoshi (the smallest unit of Bitcoin) and uses Segregated Witness and Taproot technology to “engrave” content onto the Bitcoin network, binding it to a specific sequence of sats, enabling transfer and trading. The engraved content can include images, text, videos, audios, etc.

BRC-20

BRC-20 is a token standard proposed by Domo on March 9, 2023. Based on the Ordinals protocol, it “engraves” a specific text onto the blockchain and treats it as a token. The standard format is as follows:

In short, ORDI is the first token of the BRC-20, created by Domo, and the BRC-20 uses the Ordinals protocol, which was founded by Casey. Casey’s request for Binance to delist the token is a response to the idea that the token should not be linked to the underlying protocol itself.

“I want to completely eradicate BRC-20 from the world,” Casey said.

Casey has long been opposed to the existence of BRC-20, believing that it creates “garbage UTXO” and takes up space in Bitcoin. There are also potential security issues.

The “garbage” UTXO theory

On September 1st, Casey said, “What I want for Christmas is for Degens to discover Taproot Assets so they can stop minting BRC-20.”

On September 24th, after 6 months of effort, sats minting reached 100%. On this day, Casey wrote, “BRC-20 sats tokens have a limit of 21 million, with a limit of 1 per minting, resulting in 21 million transactions, and a large amount of memory pool congestion, and finally the minting is complete.” (Odaily note: sats engraving costs more than 21 million US dollars, requiring 21 million engravings)

An attempt to replace it

On September 26th, Casey proposed a new protocol based on the Bitcoin network, called Runes, as an alternative to BRC-20. Rodarmor said that Runes is a protocol based on UTXO, which naturally adapts to Bitcoin and promotes the minimization of UTXO set by avoiding the creation of “garbage UTXO.”

On October 15th, Casey stated on the X platform, “You can’t even understand the delightful, handmade shitcoining that Runes will bring to Bitcoin.” A community user replied to the tweet, “Does anyone know where I can read more about Runes? If it’s a similar process to BRC-20, they won’t perform well.”

Casey responded, “What are you dissatisfied with regarding the process of BRC-20?” (meaning improvement for BRC-20).

Security concerns

On September 23rd, Casey proposed that attackers could lock the balance of a victim’s address by minting “transfer inscriptions” and sending them to the victim’s address.

On November 4th, BRC-20 founder Domo released a security improvement proposal, adding the fraction feature to address the issue raised by Casey. Domo stated that considering simplicity is a basic principle of the BRC-20 standard, the suggestion to introduce additional core features was carefully considered and not mandatory. So far, there is little evidence of these “attacks” happening.

ORDI Unaffected

At noon today, the Binance official website displayed changes in the ORDI “Token Info” interface. The link to the Ordinals protocol has been removed, and a new description has been added stating, “ORDI is the first token created on the Bitcoin blockchain according to the BRC-20 token standard.”

As of 3 pm, ORDI remains above 13 USDT, with a 30% increase today, showing no impact from this event. Casey’s “dream” still awaits realization.

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