The Bitcoin Ordinals protocol development team has announced the creation of a non-profit organization called the Open Ordinals Institute.
Ordinals Protocol, a protocol based on the Bitcoin blockchain that allows this network to generate inscriptions similar to NFT tokens using satoshis, the smallest unit of cryptocurrency, has created a non-profit organization or NGO, whose purpose will be to finance and guarantee the development of its open source code.
The NGO, which was named Open Ordinals Institute, was registered as a 501(c) organization, so it will be exempt from filing federal taxes with the United States Internal Revenue Service (IRS).
The launch of this NGO coincided with Ordinals' new milestone, which has just surpassed 21 million registrations on the Bitcoin blockchain.
Source: Dune Analytics
Ordinals Protocol was launched on the Bitcoin network earlier this year. However, despite being a fairly new protocol, it has seen astonishing success. In just 7 months, Ordinals has managed to surpass the 21 million signup mark, generating 1.873,83 BTC or approximately $54,9 million in registration fees.
Ordinals launches NGO and opens website
The new nonprofit created by Ordinals will focus on funding the development of the protocol code, supporting the work of the core developers, and informing the user community about the progress and advancements achieved. The NGO will also fund contributors who contribute tools and solutions that facilitate the use of Ordinals, as well as designers, reviewers, researchers, and educators who contribute to improving the protocol.
Recently, Ordinals appointed anonymous developer Raphjaph as the main maintainer or “core maintainer” of its open source.
In addition to creating an NGO, Ordinals developers have also launched a website for the project, where they will share their vision, goals, and all their updates with the community. According to the website, two Bitcoin addresses have been enabled so that the new Ordinals core maintainer can accept donations that will fund their work on the protocol in a neutral way.
Both addresses, one enabled for BTC donations and one for ordinal inscription donations, are in a 2-of-4 multisig wallet, where the keys are held by the Raphjaph protocol developers, Erin, Rodarmor, and Ordinally.
Despite the incredible success that Ordinals has achieved in such a short time, it is worth remembering that the protocol is currently experimental.
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