The Taproot Wizards Ordinal inscription collection community revealed via a tweet that it recently donated Bitcoin estimated to be valued at $19,000 to the Human Rights Foundation’s Bitcoin Development Fund. The endowment intends to provide assistance, financing, and incentive for various Bitcoin programs, project developers, and Bitcoin Core contributors.
The Wizard School Quest Event
The “Struck by Lightning” Wizard School quest was led by none other than Udi Wertheimer who was the credited innovator of Ordinal projects. He referred to himself as Taproot Wizard #0001 during the occasion.
The event lasted for 48 hours and approximately 5,800 unique accounts took part in it. The participants then sent a total of 0.845 BTC in donations totaling around $19,000.
The average amount given by each individual sat around $3.50. Meanwhile, a large chunk of the donations was $2.00 or about 10,000 satoshis (sats).
All payments were facilitated via the Lightning Network platform. Interestingly, a lot of the donors seemed to be new to the network.
Along the way, the platform made quite an impression especially for the users as they seemed to be astonished by its speed and efficiency in processing transactions. Around 5,000 micro-transactions from first-time users were recorded during the conduct of the event.
Ordinal Projects Continue to Skyrocket
Ordinal inscriptions, which enable arbitrary data storage on the blockchain, have gained popularity since their introduction just this year. The protocol already has over 500,000 inscriptions as of writing. While the full implications of Ordinals are yet to be determined, it is clear that they, along with Taproot, are unlocking new possibilities for the development of decentralized finance and other use cases.
Ordinals have sprouted as a result of the Taproot upgrade integrating smart contract functionalities that enhance the security, privacy, and efficiency of the Bitcoin network. These projects are seen as the key to opening the door to new possibilities for innovation within the oldest blockchain in the world.
The Taproot Wizards
According to Taproot Wizards, all you have to do is sign up with their website using your Twitter account. As a precaution against people spamming the site, the Twitter account must be registered before 2023.
Taproot Wizards is a collection of 2,121 unique wizard-themed Ordinals that resemble other PFP projects. The collection was gradually unveiled on the project’s Discord before being fully revealed on February 18, 2023. The project draws inspiration from the simple but iconic Bitcoin-wielding wizard, which was initially uploaded to the r/Bitcoin on Reddit by user “mavensbot” on February 18, 2013, exactly ten years before the Taproot Wizards reveal.
At first, it was believed that the creators of Taproot Wizards only used the original Bitcoin Wizard as inspiration for their project. However, on the 10th anniversary of the initial release, it was revealed that mavensbot was involved in creating the art for the Taproot Wizards collection.
Additionally, a separate collection featuring the Bitcoin Wizard was launched to benefit mavensbot for his creation and years of blockchain advocacy, while also introducing users to Bitcoin’s Lightning Network.
The donation by the Taproot Wizards Ordinal inscription collection community to the Bitcoin Development Fund demonstrates growing attention and support for Bitcoin and assets related to it. The sheer number of micro-transactions made during the donation campaign also indicates that there are a growing number of people with dedication towards the growth and development of the Bitcoin ecosystem.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.