{"id":20575,"date":"2023-08-02T22:03:00","date_gmt":"2023-08-02T22:03:00","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/ordinals-launches-open-ordinals-institute-to-fairly-compensate-bitcoin-nft-devs\/"},"modified":"2023-08-02T22:03:03","modified_gmt":"2023-08-02T22:03:03","slug":"ordinals-launches-open-ordinals-institute-to-fairly-compensate-bitcoin-nft-devs","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/ordinals-launches-open-ordinals-institute-to-fairly-compensate-bitcoin-nft-devs\/","title":{"rendered":"Ordinals Launches Open Ordinals Institute to Fairly Compensate Bitcoin NFT Devs"},"content":{"rendered":"
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Ordinals, a fairly new protocol that enabled digital collectibles such as NFTs to be added to the Bitcoin blockchain (rather than simply running off Ethereum), announced on Tuesday the creation of a non-profit organization that will help fund and support the open-source development of these NFTs.\u00a0<\/p>\n

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The Ordinals protocol team is proud to announce the launch of the Open Ordinals Institute, a 501(c)(3) non-profit organization to foster the growth and advancement of the Bitcoin Ordinals protocol. Donations can be made at our website: https:\/\/t.co\/H7ymKSL4VR<\/p>\n

\u2014 Open Ordinals Institute (@ordinalsorg) August 1, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

The Open Ordinals Institute<\/a>, which is a registered 501(c)(3), will collect donations in Bitcoin to kick off its mission in helping bolster the efforts of its core developers, including the recently appointed lead and anonymous Ordinals Protocol maintainer who goes by the name of \u201cRalph.\u201d\u00a0<\/p>\n

The Ordinals protocol debuted in January after its programmer, Casey Rodarmor, introduced \u201cInscriptions\u201d to the Bitcoin mainnet. Until now, the financial backing for the Ordinals team primarily came from Rodarmor\u2019s personal funds, supplemented by generous contributions directed to the core developers.<\/p>\n

In May, Ordinals reached 3 million inscriptions, followed by Bitcoin\u2019s network ranking at second with the highest NFT trading volume, according to CryptoSlam.<\/p>\n

As part of Tuesday\u2019s announcement, the team has also launched the Ordinals.org platform. This site, designed to provide updates on protocol advancements, will now feature an option for supporters to contribute donations directly to the institute via two dedicated Bitcoin wallet addresses.<\/p>\n

Source: Ordinals.org<\/figcaption><\/figure>\n

Speaking about the rationale behind the non-profit initiative, Ordinally<\/em>, a core developer at Ordinals, emphasized the importance of maintaining the integrity of the protocol. In a press statement, Ordinally mentioned that the establishment of a non-profit was the \u201ccleanest way\u201d to fairly compensate developers without jeopardizing the protocol\u2019s foundational principles.<\/p>\n

Erin Redwin, a board member of the Open Ordinals Institute, shared insights with CoinDesk<\/em> regarding the broader vision of the non-profit, highlighting the institute\u2019s aspiration to empower developers, thereby amplifying the potential of Bitcoin-based NFTs.\u00a0<\/p>\n

\u201cGiven Ordinals\u2019 unprecedented pace of adoption and real-world implications for various crypto-economies, we believe it is crucial to fund a strong team of non-corporate funded developers to ensure the security and neutrality of this open-source protocol,\u201d Redwin said, adding that \u201c[c]ompanies across Web3 ecosystems \u2013 including Ethereum, Solana, Stacks, and others \u2013 are quickly building Ordinals infrastructure after previously believing NFT-functionality \u2018wasn\u2019t possible\u2019 on native Bitcoin.\u201d<\/p>\n<\/p><\/div>\n