OpenOrdex
Last updated
Last updated
OpenOrdex is an open source decentralized exchange designed for buying and selling Non-Fungible Tokens (NFTs) based on the Bitcoin network. The exchange is built on a unique technology called partially signed bitcoin transactions (PSBTs). This technology enables users to exchange NFTs in a trustless and secure manner without having to pay any fees to intermediaries.
The basic principle behind OpenOrdex is quite simple. The seller creates a PSBT with the specifications of the NFT they want to sell. The buyer can then sign the PSBT to complete the transaction, and the final signed transaction is broadcast to the network. The use of PSBTs ensures that the transaction is secure and trustless, as neither party has access to the funds until all necessary signatures have been provided.
One of the most unique features of OpenOrdex is that it does not charge any transaction fees. This means that buyers and sellers can exchange NFTs without incurring any costs.
OpenOrdex offers several features that make it easy and convenient for buyers and sellers to use. One of these features is the ability to search for a specific inscription by inscription number or ID. This allows buyers to quickly find the Ordinal they want.
Additionally, OpenOrdex has a section for the latest listings, where buyers can see the newest Ordinals that have been put up for sale. This section is particularly useful for collectors who are always on the lookout for new and exciting pieces to add to their collection.
Another feature of OpenOrdex is the ability to search for inscriptions by collection. If you are looking for all the inscriptions associated with a specific collection, you can simply enter the name of the collection in the search bar, and OpenOrdex will display all the inscriptions that belong to that collection.
As an example of how this section works, you can check out the Mad Mandrills collection listed on the platform by following this link. Here you can view all the available inscriptions in the collection.
OpenOrdex is an open source project developed by orenyomtov. Its source code is freely available to anyone who wants to view or contribute to it. This makes the exchange transparent and auditable, and ensures that it is maintained by a community of developers rather than a centralized authority.
OpenOrdex is designed to facilitate trustless transactions between buyers and sellers. By using PSBTs, the exchange ensures that neither party has control over the funds until all necessary signatures have been provided. This eliminates the need for a trusted intermediary to oversee the transaction, making it more secure and efficient.
OpenOrdex is a promising addition to the world of decentralized exchanges. Its use of PSBTs and zero-fee transactions make it a compelling option for buyers and sellers of Ordinals. Its open source nature and community-driven development ensure that it will remain transparent and trustworthy. As the market for Bitcoin NFTs continues to grow, OpenOrdex has the potential to become a leading platform for buying and selling these unique assets.
