Approved scientists will benefit from seed money, support, and mentoring provided by the program.
On August 14, the Bitcoin Frontier Fund, previously Stacks Ventures, introduced what it is terming the initial Bitcoin Ordinals accelerator program. The program’s website indicates the Bitcoin Frontier Fund is providing seed money to startups with innovations in the Ordinals space. Besides, it also provides mentorship and access to funding pipelines.
Bitcoin Frontier Fund is offering $100k and a stricter program and community to enable people to take their startups to the next level. They will get common shares worth 2-3 percent equity.
Startups lacking considerable funding will be needed to sign an equity share of more than 3 percent to acquire the funds and participate in the program. Persons who have already secured funding of $600000 and above within the past half year will be required to sign a share of more than 2 percent.
Bitcoin Frontier Affirms Interest in Web3 Usage, Infrastructure, and Accessibility
Despite the precise acceptance requirements for this program being unvivid, the website highlights numerous interest areas, for instance, established Web3 use cases, developer tools, infrastructure, and accessibility.
Ordinals are quite new in the blockchain and cryptocurrency industry. Casey Rodarmor, a Bitcoin developer, created them in January this year.
Ordinals refer to inscriptions developed on a digital asset’s units. They resemble a painter making a famous piece’s limited version lithograph print and numbering them afterward.
Collectors would have more perceived value for the lowest numbers despite the prints being considered precisely the same. The collectability also includes the ability to store or inscribe data within a Bitcoin Ordinal, which makes it function almost similar to a nonfungible token (NFT).
Ordinals Influencing Cryptocurrency and Blockchain Communities
Satoshis make up Bitcoin ordinals and are the blockchain’s smallest digital asset. Up to four megabytes of data can be used to inscribe them, making it possible to embed images and text in every ordinal. Despite their existence since the end of January this year, Ordinals have significantly impacted cryptocurrency and blockchain communities.
Vitalik Buterin, Ethereum’s developer, is one of the tech’s supporters. Recently, he claimed that the Ordinals had brought back the builder culture on Bitcoin. Nevertheless, most of the community members have expressed concerns regarding what is considered a civil battle between persons.
They believe that Ordinals are detrimental to the Bitcoin network and its spirit and persons who consider it an innovative progress of current technology. It would be exciting to observe Buterin and Ethereum input towards advancing ordinals reach.
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