Odaily Planet Daily News The team behind the Bitcoin Ordinals protocol said on Tuesday that they have created a non-profit organization "Open Ordinals Institute" to support the development of its protocol to "write" NFT-like assets into the Bitcoin blockchain.
The California-based organization is understood to be supporting the development of the protocol by funding its core team of developers, including Raph, the project’s anonymous lead maintainer. The transition to a not-for-profit structure will primarily involve tax issues, Raph said. Until IRS approval, Ordinals' development team (which was privately funded by Rodarmor in the past) will be able to accept tax-deductible donations. Previously, the money provided to Rodarmor and Raph was classified as a personal gift for tax purposes.
Raph said four people are expected to serve on the organization's board, including himself, Rodarmor, Hell Money podcast host Erin Redwing, and Ordinally (pseudonym), a technology researcher at Ordinals.
Additionally, the Ordinals team has launched Ordinals.org, where members of the organization will post community updates and provide other resources related to project development.
On Tuesday, the total number of Ordinals inscription mints topped 21 million, according to the Dune Analytics dashboard. (Decrypt)
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