On August 14th, the Bitcoin Frontier Fund, previously known as Stacks Ventures, introduced its inaugural accelerator program named the “First Bitcoin Ordinals Accelerator Program.”
The Bitcoin Frontier Fund has initiated a pioneering accelerator program focused on Ordinals startups. The program’s website outlines the fund’s commitment to provide seed funding to startups pioneering advancements in the Ordinals domain, in addition to granting access to funding networks and mentorship opportunities. Eligible startups lacking substantial funding are required to allocate a 3% equity stake to gain access to the program’s financial support. Conversely, startups securing $600,000 or more in funding within the past six months only need to relinquish a 2% equity stake.
While specific admission criteria remain somewhat ambiguous, the program’s website highlights several areas of interest such as infrastructure, established Web3 applications, developer tools, and accessibility. The concept of Ordinals represents a recent innovation within the realm of blockchain and cryptocurrency. Conceived by Bitcoin developer Casey Rodarmor in January 2023, Ordinals are essentially markings inscribed onto individual units of digital assets. This concept resembles a painter creating numbered limited edition prints of an artwork.
Ordinarily, lower numbered units carry greater perceived value among collectors, even though the prints themselves are identical. Moreover, Ordinals can encompass embedded data, similar to nonfungible tokens (NFTs). These Bitcoin Ordinals consist of satoshis, the smallest units on the Bitcoin blockchain, and can house up to four megabytes of data, enabling the inclusion of text and images within each Ordinal.
Despite their brief existence since January 2023, Ordinals have exerted a substantial influence on both the blockchain and cryptocurrency communities. Ethereum’s creator, Vitalik Buterin, stands among the proponents of this technology, noting that Ordinals have revitalized a “builder culture” on the Bitcoin platform. Nevertheless, a degree of contention exists within the community, with some perceiving a schism between those who view Ordinals as potentially detrimental to the ethos and network of Bitcoin, and those who regard them as an innovative evolution of existing technology.