Exploring TTP & Ordinals History: Insights from Benny’s AMA Session
On the April 5th, 2024, members of the Trac team convened on Discord’s stage for an insightful discussion shedding light on the history and evolution of the ordinals sector, delving deep into the early days of the space. Led by Benny, the discussion took us down memory lane, revisiting the inception of TTP and its profound significance for future developments on the Bitcoin Network. It was a dialogue aimed at refreshing the community’s mind on how TTP Ecosystem started, the journey so far, and hope for the future.
Ordinals: A Journey Through Time
The session kicked off with a reflective journey into the origins of the ordinals space. From its nascent days with basic NFTs and heavy centralisation to the present era of multiple metaprotocols and Trac as a decentralized indexer. The team shared anecdotes from the early days when skepticism and FUD loomed large, threatening the very existence of Ordinals. Despite vocal opposition, ordinals survived due to their popularity and miners support.
The introduction of Brc-20 introduced basic features such as buying and selling tokens on a marketplace and fair-launch-style distributions, Where users could mint a token for free with only the price of gas. Though Fair launch style distribution can be great for investors it can also be a waste of resources as the gas spent ultimately goes to the miners and not the projects.
TTP: Building Blocks of Tomorrow
As the conversation progressed, the discussion pivoted to Trac Systems’ flagship projects: Trac, TAP, & Pipe (TTP). The team emphasized the importance of decentralization, particularly in Trac’s indexer, which stands as a bastion of credibility and security in the Bitcoin Network’s development landscape.
Pipe, another cornerstone of the ecosystem, was introduced as a solution to mitigate the risks associated with overreliance on inscriptions. This is achieved by using a UTXO based model, which has some benefits in simplicity.
TAP Protocol was created with the limitations of BRC-20 in mind, By allowing multi-send transactions, the cost of distributing tokens to multiple wallets can be greatly reduced and more efficient. With this in mind TAP protocol is far more friendly for legitimate projects to build upon, which has attracted many infrastructure-based projects like Foxxi, Traverse and Ghosty.
Future of Ordinals
Benny spoke about what he was mostly looking forward to in the future. According to him, building an infrastructure that allows builders to monetize their products and tools is part of what TAP can do. Knowing that developers can benefit from this innovation could bring more value to the space and to TAP. For instance, video-sharing platforms could reward their platform users in crypto on the Bitcoin Network. For example, something like a video sharing platform like Youtube where people could be rewarded in crypto.
However, amidst the excitement surrounding Layer 2 projects, Benny sounded a note of caution, highlighting that although there are use cases for such projects the inherent compromise is increased centralization. It can be said then that part of the mission of TAP protocol is to allow some benefits of a layer 2, in terms of token distribution, or using token-auth to exchange data on the validator level, adding functionality to bitcoin without too much unnecessary risk.
Conclusion
The AMA session served as more than just a stroll down memory lane; it was a testament to the resilience, innovation, and community spirit that underpins the TTP ecosystem. As the Trac team continues to forge ahead, charting new territories and pushing the boundaries of what’s possible, one thing remains certain — the future of the Bitcoin Ecosystem is brighter than ever before.
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Trac Systems Discord: https://discord.gg/trac
TRAC on X: https://x.com/trac_btc
TAP on X: https://x.com/tap_protocol
Pipe Protocol on X: https://x.com/PipeBtc
TAP Protocol Telegram : https://t.me/tap_protocol
Pipe Protocol Telegram: https://t.me/pipe_btc
