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Ordyswap: The Bitcoin network's first NFT transaction protocol

02-10 14:19
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Since the creation of the first Bitcoin NFT, the infrastructure projects supporting its transactions have also grown rapidly.

Since the NFT was officially brought to the main Bitcoin network on January 21 by core Bitcoin contributor Casey Rodarmor through the Ordinals protocol, the community's enthusiasm for buying Bitcoin NFT has continued to grow and all 10,000 NFT have now been wiped out. BlockBeats also reported the relevant situation at the first time:Bitcoin NFT 'in progress' : Ordinals protocol, FOMO and debate"

Referring to the development history of Ethereum ecological NFT, the next step to be solved is how to build the secondary trading market of NFT in the Bitcoin ecosystem. Of course, the Bitcoin network doesn't natively support smart contracts, which makes it more difficult to develop. But the powerful Bitcoin community has come up with a solution, and this article highlights one such community project: Ordyswap.

The NFT exchange marketplace on the Bitcoin network

Ordyswap was created to implement bitcoin Ordinal NFT's transaction capabilities. Specifically, Ordyswap allows anyone to submit a quote for a particular Ordinal NFT. To create the offer, the submitter needs to lock in enough STX tokens and specify the bitcoin address with a specific serial number NFT that it wishes to purchase.

If the holder of the Ordinal NFT accepts the offer, the Ordinal NFT is automatically sent to the offering party and STX is automatically paid to the seller of the NFT. The whole process is based solely on on-chain transactions without any centralized escrow process involved.

As you can see, the Ordinal NFT transaction experience implemented so far is still very primitive, much like the original NFT transaction functionality implemented by Crypto Punk in the early days of Ethereum. Another question that may have many readers wondering is why Ordyswap asks to lock STX tokens instead of BTC.

This brings us to a new bitcoin ecosystem project and issuer of STX tokens: Blockstack.

What is the Blockstack network

Blockstack is a bitcoin ecosystem project, but for readers who are more familiar with Ethereum ecology, it is difficult to define it in a single sentence, because many of the familiar Ethereum concepts do not apply to Blockstack.

Specifically, Blockstack is not a bitcoin side chain, it is not a PoS chain, it is not a Bitcoin Layer2 expansion solution, and it is not a Bitcoin consolidated mining chain. If defined in its own terms, Blockstack is the first blockchain to be mined using transport proof (PoX). PoX, however, is a novel mining protocol that selects block producers by transmitting another cryptocurrency on another blockchain to a predetermined list of addresses.

Well, well, at this point some readers may have given up. In short, Ordyswap uses the Blockstack network to implement the smart contract capability in order to enable the transaction to Ordinal NFT. The trade-off, of course, is that users can only use Blockstack's native token, STX, as a settlement intermediary, and cannot use bitcoin to buy Ordinal NFT.

How do I trade with Ordyswap

Ordyswap is currently in the proof-of-concept stage, so the user interface is not very user-friendly. To be specific, users who want to use Ordyswap need to install it using NPM as follows:

npm install -g ordyswap

pnpm add -g ordyswap

yarn global add ordyswap

Create a new quote:

To create a new quote, the user first needs to determine the serial number of the NFT he wants to buy and run the following command:

ordyswap < ordinalId> < amount> < btcAddress> < recipient>

The key parameters are respectively represented as:

ordinalId: indicates the ID of the NFT

amount: The amount of STX that is willing to pay

btcAddress: Bitcoin address used to receive NFT

recipient: Address for the seller to receive STX

Of course, in order to complete the entire transaction, the user needs to do more in the future. This article only introduces the general trading method, for users who really want to experience it, I suggest you refer to the official GitHub for more detailstutorial.

While Ordyswap's trading experience is very primitive and even experimental at this point, Ordyswap is a sign of the potential of the Bitcoin community. As practitioners of the crypto industry, we seem to have ignored the development of the Bitcoin ecosystem in recent years, and have been more interested in various interesting projects created through smart contracts on Ethereum.

But with the recent indirect popularity of Nostr's Bitcoin Lightning network and the creation of Bitcoin's native NFT project, the bitcoin community's years of technological advances seem to be gaining renewed attention.

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