The Open Ordinals Institute: Supporting the Growth of Ordinals Protocol
The team behind the Ordinals protocol, led by Casey Rodarmor, has established the Open Ordinals Institute as a non-profit organization to fund the development of the protocol. Here are the key points:
1. Open-source development funding: The Ordinals team was previously funded privately by Rodarmor and through gifted contributions. The creation of the Open Ordinals Institute allows for donations to support the work of core developers.
2. Non-profit structure: The Open Ordinals Institute is registered as a 501(c)(3) organization. This structure ensures that developers can be compensated without compromising the values and goals of the protocol.
3. Empowering developers: The institute aims to empower developers to contribute to the growth of Bitcoin-based NFTs. It hopes to attract developers from various Web3 ecosystems, such as Ethereum, Solana, and Stacks, who previously believed NFT functionality was not possible on native Bitcoin.
4. Security and neutrality: The institute aims to fund a strong team of non-corporate funded developers to ensure the security and neutrality of the open-source protocol. This is crucial considering the rapid adoption of the Ordinals protocol and its implications for various crypto-economies.
5. Versatility and value: The Ordinals protocol has gained attention for its versatility and potential to increase the value of Bitcoin. It has already reached 3 million inscriptions and has contributed to Bitcoin becoming the network with the second-highest NFT trading volume.
Hot Take
The establishment of the Open Ordinals Institute as a non-profit organization is a significant step in supporting the growth and development of the Ordinals protocol. By attracting developers and ensuring the security and neutrality of the protocol, the institute can further enhance the utility of Bitcoin-based NFTs and contribute to the overall advancement of the crypto ecosystem.
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