The creator of the Bitcoin Ordinals protocol has established a non-profit organization called the Open Ordinals Institute. This institute, based in California, aims to boost the development of non-fungible tokens (NFTs) on the Bitcoin platform.
The main goal of Open Ordinals Institute is to provide financial support to the core developers of the Ordinals protocol. Notably, one of the main beneficiaries is Raph, the pseudonymous lead maintainer.
The board of the Open Ordinals Institute will consist of four members from the Ordinals project team. These members include Raph, Erin Redwing, a well-known podcast host focusing on Bitcoin, an anonymous Ordinals developer known as Ordinally, and Casey Rodarmor, the visionary behind the Ordinals protocol.
In January, Rodarmor introduced the Ordinals protocol, which quickly became extremely popular in the world of cryptocurrency. Users enthusiastically adopted it using the protocol to record various assets on the Bitcoin blockchain, including NFTs and Bitcoin-based cryptocurrencies. However, on May 28, Rodarmor passed over the leadership of the protocol maintenance to Raph.
As of August 1st, at 5:30 pm UTC, the total number of inscriptions using the Bitcoin Ordinals reached an impressive 21 million, making a significant achievement for users of the Bitcoin network.Â
In addition, the team has also launched the official website for the organization, Ordinals.org, where users can make donations and keep track of the project’s progress.
As stated on the website, donations to the Institute will be eligible for tax deductions for United States taxpayers once the organization receives approval from the Internal Revenue Service. This approval is expected to occur later this year.
Also Read: Bitcoin NFTs Ordinals Cross 350K Daily Inscriptions
