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As far as I can tell ordinals are just NFT's? Is that correct?
by ShamelessC 3y ago
As far as I can tell ordinals are just NFT's? Is that correct?
- therein 3y agoThey store JSON using the OP_PUSHDATA. The JSON has known fields like ticker, containing the name of the asset, call type like "transfer", "mint" etc. and an amount field. There are then external indexers that index these transactions and keep tabs. It is not a feature like GP mentions. It is a fun hack that's being taken too seriously.
- tylersmith 3y agoBitcoins have always been non-fungible. Ordinals are just a standard for referencing a specific coin down to the unit (Satoshi) level that can be objectively determined. You can then "Inscribe" a given ordinal with a data payload such as json and image data.
- nullc 3y agoFungibility is a social/political/economic property. No two macroscopic physical objects are identical either, but we can treat them as fungible by disregarding their insubstantial differences.
- diego_sandoval 3y agoThat's assuming that the insubstantial differences are detectable. Monero is fungible not because we choose to ignore the differences between units, but because we actually can't detect any relevant difference that makes it traceable or identifiable in practice.
- nullc 3y agoMonero isn't in that sense either though, as each coin does have a casual history far smaller than the system-- less distinguishable for sure, but indistinguishable not quite! In the case discussed here the users are intentionally making their coins distinctive, which users could also do in monero if they were equivalently stupid. :P
- TheDudeMan 3y agoThat is one use case.
- ShamelessC 3y agoThanks for giving me a straight answer ha.
- can16358p 3y agoNFTs can have complicated logic. From what I understand, ordinals can have very limited logic, if any at all. NFTs can be though as "smart cards" and ordinals like numbered post stamps, just as an analogy.