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The Bitcoin Frontier Fund, previously known as Stacks Ventures, introduced what it refers to as the inaugural Bitcoin Ordinals accelerator program on August 14.
Program Details
This initiative is spearheaded by VC @TO and spans four months, designed for developers to secure funding, engage with mentors, and receive guidance from industry leaders (preview below).
It aims to assist with co-founder connections, mentorship and advisory support, fundraising, and pitching. pic.twitter.com/MSykk2l7Dl— Bitcoin Frontier Fund (@BTCFrontierFund) August 14, 2023
As stated on the program’s website, the Bitcoin Frontier Fund is providing seed capital to startups that are pioneering innovations in the Ordinals sector, along with access to funding channels and mentorship:
“We provide $100k in investment and a robust program and community to elevate your startup, in exchange for 2-3% equity in common shares.”
Startups lacking “substantial funding” will need to transfer a 3% equity stake to obtain the funds and participate in the program. Those who have already raised $600,000 or more in the last six months will only be required to transfer a 2% stake.
While the specific criteria for program acceptance remain vague, the website outlines several focal points, including infrastructure, established Web3 applications, developer tools, and accessibility.
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Related: Bitcoin Ordinals team establishes nonprofit to enhance protocol development
Ordinals represent a relatively recent advancement in blockchain and cryptocurrency. They were developed by Bitcoin (BTC) engineer Casey Rodarmor in January 2023.
In essence, Ordinals are inscriptions made on distinct units of a digital asset. They resemble a painter producing limited edition lithograph prints of a renowned artwork and subsequently numbering them.
Generally, lower numbers are perceived to hold greater value among collectors, even though the prints are regarded as identical. The collectibility is further enhanced by the ability to “inscribe” or store data within a Bitcoin Ordinal, allowing it to function similarly to a non-fungible token.
Bitcoin Ordinals consist of satoshis, the smallest unit of digital currency on the Bitcoin blockchain. They can be inscribed with up to four megabytes of data, enabling the embedding of text and images within each Ordinal.
Despite their inception being only at the end of January 2023, Ordinals have significantly influenced the blockchain and cryptocurrency sectors.
Among the technology’s advocates is Ethereum founder Vitalik Buterin, who recently remarked, “Ordinals have revitalized ‘builder culture’ on Bitcoin.” Conversely, numerous community members have voiced concerns regarding what is perceived as a civil conflict between those who view Ordinals as detrimental to the Bitcoin network and its ethos, and those who regard it as an innovative progression of existing technology.
