THE:灰度：Ordinals 可以解鎖比特幣的新潛力嗎？（英文原版）_ION

Since its inception, Bitcoin has been hailed by some as a revolutionary technology with the potential to transform the way we conduct transactions using a new financial layer. Recently, a new innovation has emerged that could unlock new possibilities for the Bitcoin network to also function as a cultural layer. Ordinals1, which refer to NFT2-like assets on the Bitcoin network, had their start in December 2022 when Bitcoin developer Casey Rodarmor released the ORD software. Each bitcoin can be subdivided into 100 million smaller units called “satoshis,” and while normally these satoshis are fungible3, ORD assigns numerical values to individual satoshis, allowing for uniqueness. More specifically, ORD, which runs on top of a Bitcoin Core full node, allows users to add arbitrary data to a Bitcoin transaction (“inscription”) and tie the data to an individual satoshi4 (“ordinal”). Ordinals have generated a great deal of attention in the crypto ecosystem, surpassing one million inscriptions on April 8, 2023 (Figure 2), and sparking a conversation about the potential to unlock new possibilities for the Bitcoin network.

Figure 1: Simplified Bitcoin Inscriptions and Ordinals Example

Source: Grayscale Research

灰度：預計法院將于2023年秋季做出關于GBTC的裁決:7月31日消息，灰度（Grayscale）官方表示，我們收到的建議是，預計法院將于 2023 年秋季做出關于 GBTC 的裁決，這一結果與比特幣現貨交易平臺交易基金（ETF）的申請相關，將影響數百萬投資者和發行者。[2023/8/1 16:10:07]

This process effectively creates a Non-Fungible Token (“NFT”) on the Bitcoin network. While some are critical of ordinals, cautioning against bloating the blockchain or harming fungibility, we believe that ordinals represent one of the larger opportunities for Bitcoin adoption, especially as the Bitcoin network has historically been viewed as a rigid blockchain ecosystem. 

Figure 2: Ordinals Count

Source: Dune, @dgtl_assets, as of 4/21/2023

Despite their recent popularity, ordinals are not the first instance of NFTs on the Bitcoin blockchain. Renowned Bitcoin NFT projects, such as Rare Pepe Cards (Figure 3), employed a Layer 25 network known as Counterparty, which was established in 2014. However, Counterparty’s Layer 2 infrastructure was criticized for being complicated, which left room for other approaches to take hold. While the Counterparty network may seem less relevant today, it still represents one of the first instances in crypto’s history where users created and traded unique digital assets – and arguably could have spurred the mass excitement around NFTs, more broadly.

灰度：SEC的加密托管新規或禁止使用Coinbase進行存儲比特幣和以太坊:金色財經報道，灰度（Grayscale）在Coinbase的托管部門存儲54億美元的比特幣和以太坊。美國證券交易委員會（SEC）提出了一項規則，要求投資平臺負責安全保管其客戶的加密貨幣資金。首席執行官Michael Sonnenshein表示，美國證券交易委員會提出的關于保護客戶加密貨幣資金托管的新規則將使 Grayscale 無法繼續通過 Coinbase 的托管部門存儲其比特幣和以太坊。[2023/5/10 14:55:09]

Figure 3: Rare Pepe Card on Counterparty Network

Source: Rare Pepes

Ordinals stand out among Bitcoin NFT endeavors due to their independence from Layer 2 solutions. Rather than relying on such solutions, ordinals capitalize on previous Bitcoin network enhancements, such as SegWit (conducted in 2017, and increased Bitcoin block size limit to 4MB) and Taproot (conducted in 2021, and added more complex scripting in the witness6 section of the transaction). Ultimately, ordinals enable data to be directly embedded within the witness segment of a Bitcoin transaction. Ordinals can be composed of almost any type of data, ranging from pictures to videos to applications (Figure 4).

Figure 4: Example of a Bitcoin Ordinal

Source: Doom Clone NFT

As the use of ordinals deviates from the conventional peer-to-peer electronic cash system, numerous criticisms have arisen from those who disapprove of them. Generally, these criticisms can be summarized as follows:

灰度：出于安全考慮，不會發布儲備證明以公開其托管方鏈上錢包信息:11月19日消息，灰度（Grayscale）官方于今日發布文章，重申其產品資產安全性，表示其所有數字資產均由Coinbase Custody作為托管人持有。但灰度同時表示，Coinbase經常進行鏈上驗證。出于安全考慮，我們不會通過加密儲備證明或其他高級加密會計程序公開此類鏈上錢包的確切信息。

此外，灰度GBTC負溢價率超46%，創歷史新低。[2022/11/19 13:24:27]

Straying from Bitcoin’s initially conceived purpose: Utilizing the Bitcoin network to store arbitrary data contradicts the primary objective outlined in Satoshi’s 2013 whitepaper, which is for Bitcoin to serve as a “peer-to-peer electronic cash system.“

Blockchain bloat: Embedding additional data into the blockchain increases its size, making it more challenging to download and some argue that ordinals clutter the blockchain with extraneous information.

Compromises fungibility: If a substantial number of satoshis are inscribed, Bitcoin’s fungibility will diminish, potentially affecting its primary use case as electronic currency.

The concerns are valid: the original Bitcoin whitepaper does not account for unique digital assets, extra data contributing to blockchain bloat, nor inscriptions that could reduce fungibility. Still, ordinals are, in fact, a byproduct of utilizing the Bitcoin blockchain as it exists today and the subsequent crypto innovations that have come since, even if not initially envisioned by Bitcoin’s creator. And—while the inscription of satoshis does decrease fungibility—it is estimated that it would take around 238 years7 to mint ~.24% of total terminal BTC supply.  

灰度：由于DeFi的復雜性和資產支持代幣的擴散，ETHW分叉將面臨重大挑戰:金色財經報道，Grayscale Research在其官網上討論了以太坊可能向權益證明的過度，并將理論上的工作量證明ETHW鏈與ETC進行了比較。Grayscale總結稱，由于 DeFi 的復雜性和資產支持代幣的擴散，ETHW 分叉將面臨重大挑戰。雖然預計成功的機會很低，但礦工和交易所已經出現了對 PoW 分叉的一些支持。到目前為止，對 ETHW 代幣的投機導致價格自推出以來穩步下跌超過 50%，而 ETC 的價格上漲了約 9%。

除了對 ETHW 代幣的興趣下降之外，主要的以太坊協議和參與者，例如 Tether 和 Circle，已經表示支持將 ETH PoS 作為規范鏈。這是一個重要的支持跡象，因為這兩家公司負責近 1200億美元的交易。鏈上資產支持的代幣。如果協議發現代幣持有者確實希望在以太坊的 PoW 變體上對協議進行變體，他們很可能會偏愛 ETC，而不是在 ETHW 上復制的鏈上生態系統的復雜性中導航。[2022/8/16 12:28:40]

We believe that ordinals are positive for the Bitcoin network in two key ways: resulting in an increase of Bitcoin miner fees, and potentially contributing to a cultural transformation within the Bitcoin community.  

One of the largest open issues related to Bitcoin’s economic model is the security budget, which is the concern that once all new tokens have been mined, miner rewards derived from transaction activity may eventually prove insufficient to motivate miners to maintain an adequate hash rate for securing the network. The advent of ordinals has led to an increase in total fees paid to miners (Figure 5), which could potentially establish a sustainable baseline level of transaction fees to incentivize miners, thereby ensuring continued network security throughout the lifetime of the Bitcoin network.

聲音 | 灰度：全球接受比特幣的公司和非營利組織的數量超過10萬:據dailyhodl報道，數字資產管理巨頭灰度（Grayscale）表示，全球接受比特幣的公司和非營利組織的數量目前已超過10萬家。[2019/8/24]

Figure 5: Bitcoin Total Fees 

Source: Glassnode, as of 4/21/2023. For illustrative purposes only.

Bitcoin-the largest digital asset by market cap and mainstream awareness-has been criticized by some crypto insiders and developers as a relatively stagnant community and blockchain. Based on the velocity of NFT adoption witnessed on other chains, such as Ethereum, we believe that ordinals have the potential to attract new users who may not have previously considered using Bitcoin. We believe the emergence of ordinals is likely to promote a development-oriented community and culture in support of the Bitcoin network. 

Since its inception in 2017, the ERC721 standard has been adopted by some of the most well-known NFT collections on Ethereum. While other blockchains use their own standards, it is a natural reference point to compare Bitcoin Ordinals to Ethereum’s ERC721, considering Ethereum NFTs account for nearly 90% of the total NFT market share. Ordinals exhibit several notable distinctions in comparison. 

Ultimately, ordinals present a straightforward manifestation of non-fungible digital assets due to their immutable nature, absence of programmability, and mandatory on-chain inscription requirements, as opposed to ERC721s. Although Ethereum NFTs boast greater programmability and currently dominate the NFT market in terms of volume and popularity, ordinals could be an appealing alternative for those seeking a straightforward, scarcer digital asset on the most established blockchain available.

Although ordinals are a recent development, they have already amassed over one million inscriptions within a mere four months, even during a bear market. This unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain. While legitimate concerns exist, we believe that ordinals have the potential to positively impact the Bitcoin network in the longer-term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community.

 “Ordinals” refers to a numbering scheme for satoshis that allows tracking and transferring individual satoshis.

  A non-fungible token is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity. 

 Fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts are indistinguishable from any other part.

 The smallest unit of bitcoin; there are 100 million satoshis in one bitcoin.

 Layer 2 blockchain solutions are protocols designed to function atop a Layer 1 blockchain (such as Bitcoin or Ethereum) with the aim of enhancing scalability, privacy, and other attributes of the foundational blockchain.

 The witness segment within a Bitcoin transaction is responsible for housing transaction signatures. This information can be converted into accessible content-ioqf for any Bitcoin node utilizing the ORD software.

 500 million inscriptions assuming around 10,000 satoshis per inscription, which equates to approximately 50,000 BTC inscribed or 0.24% of the total terminal supply of 21 million.

 Ethereum Request for Comments (ERC) 721 is a data standard for creating non fungible tokens, meaning each token is unique and cannot be divided or directly exchanged for another ERC-721 token. The ERC-721 standard allows creators to issue unique crypto assets like NFTs via smart contracts.

 The InterPlanetary File System is a protocol, hypermedia and file sharing peer-to-peer network for storing and sharing data in a distributed file system. 

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