Introducing Ordinal Token Support on Relysia
At Relysia, we remain committed to staying at the forefront of blockchain innovation. Today, we’re excited to announce a significant addition to our platform: ordinals. Ordinals represent a flexible token protocol that adds a new dimension to our growing list of features and APIs. We expect to have ordinals live in early Q2 2024, so keep your eyes peeled for the official release.
What Are Ordinals?
Think of Ordinals as a method to define predetermined satoshis on the blockchain as tokens, which is very similar to the early tokens on Bitcoin that were referred to as “colored coins.”
Ordinals originated on the BTC network, allowing data to be added to transactions thanks to an unforeseen side effect of the Taproot upgrade. While ordinals did originate on the BTC network, we have seen them become notably popular with their implementation on BSV. Although the methodologies between the two are not exactly the same, the results provide similar outcomes in regard to token creation and standards.
Why Ordinals?
Ordinals are a versatile token protocol that enables the implementation of custom smart contracts as they are represented as native satoshis. There has been significant progress in smart contract development around Ordinals tokens using Scrypt Smart Contracts, unlocking exciting ways to interact with tokens on-chain and fostering new use cases and applications.
We believe that adding Ordinals with smart contract features to our platform provides our clients with even more options to build their dream web 3 application. In the BSV ecosystem, we are seeing great innovations being built with Ordinals, and we believe this trend will continue.
Conclusion
In conclusion, the addition of Ordinal token support to the Relysia platform marks another milestone in our journey towards unlocking the full potential of blockchain technology. With ordinals, we empower developers to create custom smart contracts and explore new avenues of innovation in the decentralized ecosystem. Stay tuned for more updates as we continue to push the boundaries of what’s possible with blockchain technology.