Exploring Oshi and TheORD's Vision
In the previous article (https://theord.gitbook.io/vision-brc-20), we introduced BRC-20 and its features. Now, let's shift our focus to TheOrd and the $Oshi token.
⏳ Reading time: 15 min
1. Introduction of TheOrd
We don't care about morals. We care about innovation.
We don't care about forks. We care about building.
TheOrd is a team of passionate individuals, its members have actively been involved in the Bitcoin and blockchain space for over 7 years. Together, we have created a dynamic ecosystem consisting of several significant projects.
Let us give you a more detailed introduction to these project:
Firstly, we have $Oshi, a digital asset specifically designed for the governance of TheOrd. It will play a crucial role in decision-making and ensure robust governance within our ecosystem.
Next, there is $Yari, another digital asset dedicated to governing the bridges connecting TheOrd to other blockchains. Through $Yari, we will establish fruitful connections and collaborations, opening up new opportunities and strengthening our presence within the broader blockchain ecosystem.
Lastly, we have $Deth, a pioneering experiment based on the Yari protocol. This asset, which can be used on both ERC20 and BRC20 networks, represents our first attempt to explore and put into practice the potential of the Yari protocol. It embodies our commitment to innovate and explore new avenues in the field of bridges.
The mission of TheOrd is clear: bring order to the thriving ecosystem of ordinals.
To achieve this, we are developing open-source solutions that will enable a large number of developers to create decentralized protocols using registrations. Through our user-friendly development kits, it will become easy to implement solutions for transparent governance, tracking, and fair funding across the ordinal ecosystem.
We are committed to fostering the growth and success of this thriving community by providing developers with the necessary tools to create innovative and equitable solutions.
With TheOrd, we aspire to a future where decentralization becomes the norm, where transparency and collaboration are valued, and where every individual can contribute to shaping a more just and inclusive blockchain ecosystem.
The traditional financial sector has failed to provide reliable access to financial services on a global scale, leaving thousands of people impoverished in its wake.
Leveraging cryptographic technology, the peer-to-peer payment system Bitcoin has paved the way for the greatest financial and social experimentation of the last century.
Autonomous Market Makers (AMMs) play a fundamental role in this financial renaissance by laying the foundation for permissionless, liquid, and user-friendly exchanges without the need for intermediaries. Built upon this foundation, DeFi has gained increasing popularity but has experienced a major slowdown in innovation. Despite the rhetoric of "community governance," end-users have not seen improve their experience.
Fractured ecosystems, rising transaction costs, and privacy concerns call for a revamp of decentralized finance. Bitcoin's market dominance is based on 13 years of infrastructure maturation and resilience, while the explosive growth of DeFi is a result of rapid permissionless experimentation within the Ethereum community on an application level.
By establishing trustless gateways between the two ecosystems, users will benefit from the best of both worlds, combining Ethereum's open financial applications with the security and liquidity of Bitcoin. We will ensure that liquidity pools and promising financial products serve the Bitcoin ecosystem.
The social and economic revolution of Bitcoin, complemented by the financial laboratory of Ethereum, will make the dream of a liquid market for all assets a reality.
Theord is the stepping stone towards this reality.
2. Summary
TheOrd is committed to providing a comprehensive set of tools and resources for managing ordinal proposals on the Bitcoin blockchain. We will offer a SDK (Software Development Kit) and a complete platform that will facilitate this management process.
Through our Meta Protocol, we are revolutionizing the BRC20 standard by transforming traditional inscriptions into advanced smart inscriptions. This innovation represents a major breakthrough by enabling the establishment of complex decentralized protocols.
The Meta Protocol adds an additional layer of functionality and interaction, paving the way for a more transparent and fair ecosystem. By pushing the boundaries of the BRC20 standard, our aim is to radically transform the ecosystem by creating a space where the rules of the game are clear, transactions are transparent, and decisions are made in a fair and cooperative manner.
This evolution towards advanced smart inscriptions will enable the construction of more sophisticated decentralized protocols and provide new opportunities for developers and users. By simplifying interactions, enhancing transparency, and promoting participatory governance, we are creating an environment where integrity and trust are the cornerstones.
With our Meta Protocol and our commitment to pushing the boundaries of the BRC20 standard, we are determined to shape a more transparent, fair, and open blockchain ecosystem.
TheOrd strives to create a user-friendly environment where the management of ordinal proposals on Bitcoin is simplified and accessible to all users. Our goal is to promote active participation, transparent decision-making, and a seamless experience in the realm of Ordinal Decentralized Entities, while providing easy access to essential data needed for informed decision-making.
3. The Revolution of Automated Market Makers: The Essential Engines for Transparent and Efficient Trading in Decentralized Finance (DeFi)
Automated Market Makers (AMMs) have revolutionized the field of automated trading since their introduction, both in traditional financial markets and in the blockchain space. AMMs are algorithmically controlled automated agents designed to facilitate transactions by efficiently connecting buyers and sellers. Their operation is based on predetermined rules that ensure the balance of exchanges.
In practice, AMMs are continuously active on both sides of a trading pair. They ensure that there is always sufficient liquidity available by automatically adjusting prices based on supply and demand. Liquidity providers profit from the price difference between buy and sell prices, known as the spread.
One of the earliest implementations of an AMM on the Ethereum blockchain was proposed by Alan Lu of Gnosis. He developed a concept of a "pool" containing two tokens, where token prices are internally derived from the respective token balances. This innovative approach, based on a simple invariant formula such as balance(A) * balance(B) = k (or x * y = k), has been widely adopted and popularized by prominent figures such as Martin Köppelmann and Vitalik Buterin.
Finally, Hayden Adams materialized this idea by creating Uniswap, a globally renowned AMM platform. In summary, AMMs are powerful automated trading tools that have transformed the way transactions are done in financial markets and blockchains.
They enable constant liquidity and precise price matching between buyers and sellers while providing profit opportunities for liquidity providers.
Through innovations such as liquidity pools and simple invariant formulas, AMMs continue to play a central role in the decentralized finance (DeFi) ecosystem by opening up new possibilities for transparent and efficient trading for users worldwide.
You can check out our initial proposal here: https://theord.gitbook.io/brc-20-lpv1-proposal/
4. Introduction to the $Oshi Token
4.1 Utility and Economy of the $Oshi Token
| Ticker | Oshi |
|---|---|
Supply | 13337 |
Chain | Bitcoin -> BRC-20 |
Market | |
Website |
We chose the name "Oshi" for our initiative due to its rich symbolism and multiple interpretations. The term "Oshi" holds significance in various cultural contexts, aligning with our core values and mission. The meanings associated with "Oshi" include:
In Japanese idol culture, it represents the devotion and admiration of a fan towards a favorite artist.
In gaming communities, it symbolizes loyalty and emotional attachment to a beloved character or player.
Linguistically, "Oshi" means "push" or "pressure" in Japanese, reflecting our commitment to promotion and excellence.
Above all, "Oshi" represents unwavering support, passion, and emulation for our users, the ecosystem, and our/your goals.
4.2 Distribution
100% Free-mint BRC-20 token was deployed to the community on 18/04/2023 at 18:56:51.
4.3 Token Utility
This token embodies the governance power that governs the entirety of features and tools provided and audited by TheOrd to the DeFi & DAO community on ordinals and bitcoin.
4.4 What is the Oshi protocol?
Oshi Protocol is a decentralized exchange protocol based on the BRC20 standard, functioning as an Automated Market Maker (AMM). Its primary goal is to facilitate transactions by providing a secure and efficient environment for cryptocurrency exchanges.
The Oshi Protocol allows anyone to create and provide trading pools, thereby supporting liquidity providers. These trading pools enable users to seamlessly and without intermediaries exchange different cryptocurrencies. As an automated market maker, Oshi Protocol ensures the constant availability of liquidity in these pools, facilitating transactions and enhancing the trading experience for users.
Through its decentralized nature, Oshi Protocol offers an alternative to traditional centralized exchanges, providing greater security and autonomy to users. By enabling the creation and provision of trading pools, the Oshi Protocol encourages community engagement and active participation, thereby contributing to the growth and vibrancy of the blockchain ecosystem.
4.5 Who benefits from the Oshi Protocol?
The Oshi Protocol benefits all stakeholders in the liquidity ecosystem by providing significant value to everyone of them.
Firstly, for investors, Oshi offers a self-balancing portfolio that allows them to maximize the value of their assets. Through automated management of trading pools, investors can maintain diversified exposure to different cryptocurrencies. This enables them to have a more efficient trading experience and capitalize on market opportunities.
Secondly, for traders, Oshi provides a deep and reliable source of liquidity. The trading pools generated by the protocol offer substantial trading volumes, allowing traders to execute their transactions quickly and efficiently without the fear of liquidity shortage. This facilitates their trading activities and enhances the quality of their trades.
Lastly, for cryptocurrency issuers, Oshi serves as an effective bootstrapping tool. By creating trading pools on the protocol, issuers can boost the liquidity of their assets and make them more accessible to investors and traders. This promotes adoption and visibility of their tokens, contributing to the growth and success of their projects.
4.6 The Pillars of Stability: The Essential Role of Early Liquidity Providers in the Oshi Protocol.
Liquidity providers (LPs) play a fundamental role within the Oshi Protocol. They are the fondation which the entire system relies upon which the entire system relies. The presence of liquidity attracts traders, and trading generates fees that contribute to the profitability of the pool. This increased profitability, in turn, attracts more liquidity.
However, it is important to note that early liquidity providers assume higher risks and face higher opportunity costs. This includes initially lower pool profitability. They invest in the protocol with confidence and perseverance, understanding the initial challenges they may encounter.
It is through their dedication and willingness to take risks that early LPs contribute to the growth and stability of the Oshi Protocol. Their participation is crucial in establishing strong foundations and creating an environment leading to the evolution and prosperity of the ecosystem.
4.7 Governance
Oshi holders will play a crucial role in decentralizing the governance of the protocol, ensuring its long-term resilience and protection against malicious actors. It is essential that our governance is as resilient and decentralized as our technological infrastructure to guarantee its longevity.
We strongly encourage token holders to actively participate in shaping the direction of the protocol and engage in experimentation. Their contribution is vital in enabling the project to reach its full potential. By actively participating, they contribute to shaping a prosperous and sustainable future for the entire ecosystem.
Through collaboration and experimentation, Oshi token holders will play a key role in the ongoing evolution of the protocol. Their involvement helps develop innovative solutions, identify growth opportunities, and strengthen the system's resilience.
Together, we can create a robust, prosperous, and sustainable ecosystem that benefits all participants and allows the Oshi Protocol to reach its full potential.
4.8 Prototype & MVP ODE
Please note that the image above is provided as a preview and is not final.
The design is subject to change and will incorporate all the features provided in this documentation, as well as additional functionalities, as it is an internally developed POC that we wanted to share.
5. Features and tools provided by TheOrd
TheOrd will offer a comprehensive range of features and tools that will enable the management and facilitation of Ordinal Improvement Proposals (OIP) within the Bitcoin community. This will be done by initiating Ordinal Decentralized Entities (ODE), which can be compared to the DAO model on Ethereum.
With its innovative inter-protocol ODE and advanced user interface, TheOrd will provide a unique experience for participating in Decentralized Ordinal Entities (ODE).
Additionally, TheOrd will offer a specialized indexer that extracts and processes ordinal transactions on the Bitcoin blockchain in a standardized manner for liquidity pool creation.
Let's deep dive further:
The Meta Protocol will serve as the foundation for managing Ordinal Proposals through the ODE created by Oshi. This inter-protocol and Bitcoin projects DAO model enables efficient coordination of proposals and decisions within the community. By initiating Ordinal Decentralized Entities (ODE) , TheOrd establishes a robust infrastructure to facilitate the decision-making process and decentralized governance for all protocols on ordinals by being agnostic and open-source.
An Indexer that will extract and process ordinal transactions on the Bitcoin blockchain in a standardized manner. This tool will provide developers and users with an efficient way to access and process data related to ordinal transactions. Through this standardization, users will be able to benefit form a more consistent and streamlined experience in their interactions with ordinal and off-chain data on the Bitcoin blockchain.
A User Interface for ODEs (Ordinal Decentralized Entities) will be at the forefront of innovation in participating in ODEs on Bitcoin by creating fair and customizable participation structures for proposals, discussions, and voting. This will help ODEs to facilitate smooth and transparent decision-making on a global scale in a decentralized manner. For more detailed information on our ODE interface for DAOs, and what Oshi will be building, please read our documentation.
A DEX enabling token swapping and liquidity pool creation.
6. Conclusion
TheORD aims to develop the foundations of the DeFi and DAO ecosystem on Bitcoin. By using Oshi for this mission, our primary objective is to establish a framework upon which other teams can build to accelerate the complex development of decentralized finance and decentralized autonomous organizations on Bitcoin.
While transaction indexing can be costly and complex, we will utilize the standards we have developed to implement a solution: a network participant running our indexer can become a virtual machine that supports the execution of deployed and discussed ordinal protocols on the blockchain. We refer to this as a "notarynode," which will explain in more detail in another article.
This virtual machine will be verifiable, entrusted to numerous entities, and, of course, open-source. Thus, Theord will herald the advent of decentralized indexers and hopes to see the emergence of a decentralized network of "notarynodes" enabling verification and transparency of data processed by the many DeFi projects that will emerge in the coming weeks and months.
The Oshi Finance team, including Grug, M3rlin, and others, will be leading this effort.
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