The first token on BTC minted on special satoshis: the Miner’s Jades
The OrdX protocol is nearing completion of the development of the feature to mint tokens on a special satoshi. Once we complete this feature, the first inscription, called "Miner's Jade," will be deployed. The inscription details are as follows:
{ "p": "ordx", "op": "deploy", "tick": "Jades", "lim": "1", "attr": "rar=uncommon", "des": "Miner's Jades." }
During the minting process, only sats with the "uncommon" attribute in the wallet can be used for minting. Without a special satoshi, minting cannot be completed. A successful minting will result in a Jades token, which is an OrdX token bound to the special satoshi and cannot be further divided on the main network. These digitized treasures forged on special sats may have significant value, potentially requiring native layer-two networks for splitting or collateralization. Such digital treasures are suitable for collecting.
According to the theory of the Ordinals protocol, out of the total 21 trillion sats, there are only 6,929,999 uncommon sats. Uncommon sats refer to the first satoshi of the first UTXO of the first transaction in each block. In the design of BTC, the first transaction in each block is the block reward received by miners. Roughly after 6,929,999 blocks, there will be no more block rewards (because the minimum unit of BTC is a satoshi, and after this point, the block rewards will be zero, which will happen far in the future). This inscription actually expands the definition of uncommon. Even without the generation of new sats, the first satoshi of the first UTXO of the first transaction can still be minted into Jades.
As of now, the block height of BTC is approximately 830,000, which means there are only about 830,000 sats that can be minted into Jades, and a high probability of these sats is held by whales and exchanges. BTC adds around 144 new blocks per day, resulting in roughly 52,560 Jades minted each year.
This inscription holds special significance:
It is the world's first token minted on a special satoshi. Special sats are unique products of Bitcoin and have significant appreciation potential. As BTC's influence grows, the value of special sats will be recognized by more people, and their value could rise exponentially. It can be said that all special sats at present are like natural diamonds. Searching for and collecting these special sats has become a valuable and enjoyable pursuit for many people. However, collecting and managing special sats is not easy. In the early stages of Ordinals development, there have been many NFT projects issued on special sats. But managing individual NFTs one by one is difficult. Currently, there are no good tools that allow those who do not possess special sats to easily discover them and list them on the market for interested buyers. Similarly, those who need special sats lack tools to manage these NFTs associated with thousands of special sats. The special satoshi inscribings provided by the OrdX protocol now allow anyone who holds BTC to easily check if they have any special sats in their wallet. If they do, they can directly mint them into tokens and list them for sale. Collectors of special sats can purchase them on the market and display them as token quantities, just like regular tokens, instead of individual NFTs.
It also pays homage to Bitcoin miners. The first satoshi of each block is obtained by Bitcoin miners. Even if BTC is completely mined in the future and no new BTC is generated, the first satoshi of each block can still be minted into a jade. If the value of this inscription becomes high enough, it could serve as an incentive for miners to continue contributing to the security of the BTC network.
This is also the first infinite mining inscription of the OrdX protocol. However, infinite mining in OrdX is not limited to natural special sats alone. The greater application lies in creative mining, which is a human advantage rather than a machine advantage. This provides an opportunity for ordinary people to create significant value by utilizing their creativity using the OrdX protocol on regular sats. Stay tuned for more details.
We will continue to explore more treasures on BTC and hope that the community will participate in creating more gameplay. The wisdom of the masses is limitless.
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