Smart Ordinals — Tutorial

Tutorial on How to Use Smart Ordinals

To run a test on the Smart Ordinals project the user must either install it on his computer following the README instructions, or he can run it directly from the site MaoOnChain. In both cases the welcome page will be presented as in Fig. 1.

Figure 1 — Welcome Page

The user then goes to menu (Home / Access) and insert his private key, as shown in Fig. 2.

The private key, can be any hexadecima number between the following 2 values, including them:

For this tutorial lets use the following private key:

771f6266849ef422cc6566291c1e27ff857b86fc9d7c51d983b72269290fb639

TestNet Addresses:

Compressed: mzdFVzhBwD164rLTJvbnyzEzRCCrE9Jqr7

Uncompressed: mgNcHR65mVftGELRJ6XLb8MuLs3QHrUpxr

Figure 2: Access Console with private key on TestNet Mode

Next the user needs a 1SatOrdinals Token. Lets create a token at menu (Smart Ord / 1SatOrdinals / Create), as shwon in Fig. 3. The user can both choose a file or use a text. For this example, we create a text token ASDFGH.

The token can be explored on-chain at:

https://test.whatsonchain.com/tx/b5f02aa6c078fae219eb54db9f9b5e1b116b6aee61288c9e4d249908a6b5d28b

Figure 3 — Creating a 1SatOrdinals Token

Using the TXID of the token, the user can open an on-chain p2p sell order using menu (Smart Ord / Market OnChain / Order Lock). The user inform the TXID and the price he want to sell his token. In case he has a single specific buyer he can inform his address at the field: Send 2 Add (Optional), in this case only the specific buyer can pay for the token. In this example, anyone can pay for the token.

Figure 4 — Creating an Order Lock

The contract with the order lock can be explored on-chain at:

https://test.whatsonchain.com/tx/a295b85573363ac39841750ebcff513185e9a756cf3c384ad7f4213ff800de65

If the owner regrets before any other user buy his token, he can cancel the order. Using the TXID of the order lock, the user can cancel the order using menu (Smart Ord / Market OnChain / Cancel) as show in Fig. 5.

Figure 5 — Order Lock Cancelled

The token brought back to the owner can be explored on-chain at:

https://test.whatsonchain.com/tx/88b8bd59c90cbedd104cc8746126d404a3413e62ce62d21ac5d2ce923de8a557

Using the current TXID of the token, lets open a new sell order with a higher price using menu (Smart Ord / Market OnChain / Order Lock), as shown in Fig. 6.

Figure 6 — New Order Lock with price of 2000 satoshis

The new contract with the order lock can be explored on-chain at:

https://test.whatsonchain.com/tx/ddda569d52c0c5699a388cb36a77052b528cfcde5021cac95782ee43de09c14a

Details of the contract can be explored using the TXID of the order lock at menu (Smart Ord / Market OnChain / Details), as shown in Fig. 7.

Figure 7 — Details of the Current Contract

Another user can execute the buy order, using the TXID of the open order lock, just offering a price equal or higher than that required by the current owner of the token. To emulate a new user, we can just switch the publick key compression at menu (Home / Access) and the system will interpret it as a different user, as show in Fig. 8.

Figure 8 — Public Key Compression Changed to Uncompressed

Now the new user can buy the token, by informing the TXID of the open sell order at menu (Smart Ord / Market OnChain / Details). He need to inform the price he wants to pay for the token, as show in Fig. 9.

Figure 9 — Buy order execute by a different user

The conclusion of the contract can be explored at:

https://test.whatsonchain.com/tx/4adaf5a451b813161b64096e52f28816ead5f5b51ec1c5f20d085eab0c921f75

Where the anyone can see that the price paid by the buyer goes directly to the address of the former owner of the token, while the ownership of the token goes to the buyer, as shown in Fig. 10:

Figure 10 — Buy Order Execution

Details of the new characteristics of the 1SatOrdinals can be explored at menu (Smart Ord / 1SatOrdinals / Details), using the TXID of the token after it was bought on-chain, as shown in Fig. 11, where we can see the address of the new owner of the token.

Figure 11 — Details of the Token with the new Owner

For more details watch the following video: