Ordinals, Brc-20 and Redactedbtcnft($0XBT) by BitGod
Recently, we’ve seen a new wave in web3 development: the Ordinals, the new thing taking BTC by storm. Just like NFTs, ordinal inscriptions are digital assets that are inscribed on Satoshis, and this is possible thanks to the Taproot upgrade that launched on the Bitcoin network back in Q4 2021. So it’s safe to say ordinals and brc-20 have been in the scheme of things since before we even noticed. Just about a month ago, it was recorded that the daily record for inscriptions was broken four times using Ordinals as users flooded the network with images, video games, and so many other contents.
*Now that’s that about Ordinals and Brc-20, Let’s talk about Redactedbtcnft and BitGod*
According to my knowledge and research, there will be a token (0XBT) that will be launching on the Bitcoin network, or, let’s say, backed by Bitcoin. The $0XBT will be a new type of token that is created by burning Bitcoin, but instead of being burned away, it will be stored on the Bitcoin blockchain. Instead of burning Bitcoin and having it removed from circulation, we tend to get $OXBT tokens instead, Crazy idea. This is a first-hand, crazy concept from BitGod.
BitGod, the man behind this concept, has created something interesting and unique, it’s captivated many CT users and is everywhere, building an amazing amount of hype and community. Not only did BitGod stop at just this crazy idea, but he also understood that Ordinals aren’t just about inscribing tokens; you can also inscribe the right amount of content on the Ordinal network. He understood this concept, and he’s decided to even make it more interesting by gamifying Redactedbtcnft; meaning you inscribe your token, burn off SATs, and then get your $0XBT. It’s just amazing how this idea is starting to play out perfectly.
Well, despite the potential excitement surrounding Ordinals, BRC-20, and the Redactedbtcnft project by BitGod, it is essential to consider some potential drawbacks.
One aspect to be aware of is the organic nature of the Twitter followers associated with the project. While it is not uncommon for projects to have a mix of organic and non-organic followers, it is important to be mindful of this fact. It’s always a good practice to critically evaluate the level of organic engagement and hype surrounding a project.
Additionally, transparency and team information are vital factors when assessing any project. In the case of BitGod and Brad, the lack of doxing and limited information about their team can raise concerns. It’s important for participants and investors to have confidence in the individuals behind a project and to understand their backgrounds, expertise, and intentions.
As with any investment or involvement in the cryptocurrency space, it is recommended to DYOR not just take financial advice from any medium or threadoors.
