Nonprofit Launched by Bitcoin Ordinals Team

Open Ordinals Institute Formed to Support Bitcoin-Based Protocol

The team behind the innovative Bitcoin-based protocol, Ordinals, has reached a milestone in its development journey. They recently launched a nonprofit organization called the Open Ordinals Institute to provide crucial support for their groundbreaking protocol. This announcement comes at an opportune time as the platform surpasses 21 million inscriptions.

Ordinals, created by developer Casey Rodarmor, has quickly become known for its innovation in the world of cryptocurrencies, particularly Bitcoin. The protocol allows users to assign data to individual satoshis, which are small fractions of a whole Bitcoin. This means that various assets such as artwork, profile pictures, and even playable games can be encoded on the Ordinals platform.

With the establishment of the Open Ordinals Institute, headquartered in California, the development of the Ordinals protocol will receive additional funding. This funding will support the project’s core group of developers, including the lead maintainer known as “Raph.” One significant change with this new structure is that the Institute, once approved by the IRS, will be able to accept tax-deductible donations. This marks a shift from the previous funding model, where private donations from Rodarmor were classified as personal gifts for tax purposes.

Raph expressed excitement about the nonprofit approach and believes it will scale up their efforts and increase neutrality in resource distribution. The nonprofit also eliminates the profit incentive, ensuring resources are allocated in a fair and impartial manner. Additionally, the Ordinals team has launched Ordinals.org, a platform where members of the organization can share community updates and provide resources related to ongoing development.

This milestone announcement coincides with Bitcoin Ordinals reaching 21 million inscriptions, a significant achievement considering the capped supply of Bitcoin, which also stands at 21 million coins. The establishment of the Open Ordinals Institute not only sets the stage for further advancements in the protocol but also reaffirms the team’s commitment to pushing the boundaries of art and collectibles in the digital scarcity realm. As the project gains momentum, it is poised to continue making waves within the crypto community.

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