Tectum recently launched the SoftNote Bitcoin Ordinals, and numerous members of our community are already minting it. This new product is part of our goal of making blockchain solutions easily accessible to the average person. In addition, this new release shows that Tectum SoftNote is scalable and can be incorporated into every Web3 service.
Bitcoin ordinals were already in circulation before the launch of our products. However, the available options had significant challenges that discouraged most people from minting at least a copy. In addition, people could not personalize these digital assets. These factors explain why ordinals are not as popular as other forms of NFTs.
Below are the challenges facing minting and ownership of regular Bitcoin ordinals:
For those who are new to the concept, ordinals in Bitcoin is a protocol that assigns unique identifiers to a Satoshi and enables users to transact with the data attached to that unit of cryptocurrency. It works like an NFT and enables people to own “personal” units of the cryptocurrency.
One major reason Bitcoin Ordinals are not popular is because they are very expensive. It costs $8,000 to inscribe unique features on 1 MB of a Bitcoin Ordinal. The protocol allows people to upload up to 4 MB of data on a Bitcoin, which means users must hold at least $32,000. This amount is ridiculous and will discourage almost any investor from minting this digital asset.
The cost of inscribing data on an ordinal of Bitcoin is just half the case. There is a process that allows people to upload data to an ordinal. This transaction costs an extra $11 and will take an average of 2 hours to complete. The period stated above is the average time and does not consider congested network traffic.
In simpler terms, it may take much longer to complete this process. Therefore, investors are paying an insane amount of money for a process that takes as long as traveling to another country.
After going through the hectic steps outlined in the subheadings above and obtaining the ordinal, people should be able to properly personalize their digital assets. However, this is not the case, and inscriptions are not permanent. Another individual can inscribe on the same ordinal that already has an inscription.
This makes most people question the essence of jumping loops of fire to obtain and personalize a virtual item if someone else can undertake the same process on the same ordinal. It is like paying the deposit for an “exclusive” apartment, only to learn that there will be other occupants. Such a place is no longer exclusive.
Tectum is using SoftNote to reshape how people own and utilize Bitcoin Ordinals. The team has identified and improved on the limitations of the current offerings.
Here are measures that Tectum is employing to ensure that ordinals are exclusive and affordable.
It costs $1.96 to inscribe data on 1 MB of SoftNote Ordinals. Yes, you read well. It costs less to upload a unique identifier on a Satoshi when you use Tectum’s innovative solution than when you get coffee from Starbucks.
This is arguably the most important part of minting an ordinal. With SoftNote, your inscriptions on a Satoshi are permanent, and no one else can overwrite your unique identifier. This makes the process more rewarding for anyone who chooses to invest. Even better, more individuals will want to mint an ordinal since their data will not be re-inscribed by anyone else.
At this point, some people are probably still wondering what the catch is. After all, there is usually a catch in every offer that seems too good to be true. Well, there are no complications when you mint SoftNote Ordinals. Individuals are probably expecting that Tectum will transfer the cost to the transaction process.
Instead, the transaction process is arguably the best part of getting these digital assets. It costs $0.02 to mint an ordinal through SoftNote, and the process is instant. Not one hour or one minute. You get your ordinal in less than a second. This is the benefit of using the fastest blockchain.
Considering both options, which would you rather pick? Mint a SoftNote Ordinal today, and you will be glad that you did.
