1SatOrdinals came about as a response to other token protocols on the BSV blockchain. However, it has since evolved into something much bigger than that, says David Case (1SatOrdinals Developer). Speaking on the sidelines of the London Blockchain Conference, Case noted that ordinals originally garnered popularity on the BTC blockchain but made a more natural fit on the BSV blockchain which offers far more functionality.
‘On BSV, what makes it unique is the fact that we can do transactions with a single Satoshi. And ordinals are all about a Satoshi as a unique thing that gets tracked across the blockchain,’ he said.
Understanding ordinals
On the BSV blockchain, an ordinal refers to a satoshi—the smallest unit of BSV—monitored as a distinct entity through specific rules. This system allows each satoshi to function like a token, capable of recording important events, such as embedding an image file, which is then permanently stored on the blockchain.
This mechanism ensures that the owner of a satoshi also holds all the history associated with it. It enables the creation of NFTs (non-fungible tokens) and unlocks numerous possibilities for innovative applications. While some aspects of this technology are already in use, there is still considerable potential for further development.
Unlike other protocols that require specific identifiers in transaction scripts, ordinals trace the origin and movement of satoshis without using labels, making transactions more space-efficient.
This concept, inspired by limitations on the BTC blockchain, was implemented on the BSV blockchain, adding functionalities like sCrypt contracts. Initially used for NFTs and a community mint-style fungible token protocol called BSV20, it has since evolved into BSV21, which supports smart contracts and advanced features like ‘lock to mint.’ An example is POW20, which requires proof of work for token issuance.
Ordinals on the BSV blockchain are unique
The BSV blockchain features unlimited transaction block sizes, allowing for boundless scalability. This means that the amount of data within a single 1Sat Ordinals token is irrelevant, enhancing their versatility, said Case
Additionally, a broader range of file types can be tokenised, and advanced rules, such as Lock-to-Mint and the POW20 miner, can be implemented to require genuine proof-of-work before collectors receive new tokens. Moreover, 1Sat Ordinals can be integrated with sCrypt’s smart contracts, opening up possibilities for innovative use cases that are yet to be explored.
‘So some of the use cases for ordinals right now is that people are using them just for collectables and maybe some fungible tokens that are meme coins or whatever. But in reality, you can kind of model any real-world workflow or process where an ordinal is essentially a tokenised version of anything,’ he said.
1Sat.Market now live
1Sat.The market is a wallet for BSV and Ordinals tokens, previously known as the 1Sat Ordinals home page. The rebranding to 1Sat.The market highlights its expanded functionality, including a trading platform for users to exchange tokens seamlessly.
Additionally, 1Sat.The market offers a downloadable POW20 miner, enabling users to mine new tokens by solving hash puzzles through proof-of-work on their desktop machines. Users can also utilise the platform’s resources to create individual Ordinals or entire series of unique tokens.
