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Last year, we saw an unexpected trend emerge on the Bitcoin network—one that angered and surprised many Bitcoin purists but also ignited hope and enthusiasm amongst the broader crypto community for the industry's oldest and most secure blockchain.

The trend in question involves inscriptions, a novel way of etching data in the form of code, image, audio, and text files to the Bitcoin blockchain. Each inscription is tied to a so-called ordinal, representing an individual, unique satoshi (sat)—the smallest unit of Bitcoin. The term ordinal comes from what its inventor Casey Rodamor dubbed "Ordinals Theory," a proposed methodology for the off-chain tracking and labeling of individual sats based on the order in which they're mined and transferred.

While the Bitcoin community often uses the terms original and inscription interchangeably, it's essential to clear the confusion and note that they refer to two distinct, albeit very intertwined, concepts. In this text, we'll explore the technical foundations, fundamental properties, and potential mid to long-term implications of these two phenomena on Bitcoin and the broader crypto industry.