What is Open Solmap? Open Solmap is a project released by Magic Eden with inspiration taken from bitmaps on the Bitcoin Blockchain. So what is Open Solmap and what is so special that makes the community pay so much attention? Let’s find out with Weakhand in this article.
Before entering this article, everyone can refer to some of the following articles to understand better.
- What is BRC 20? All you need to know about BRC 20
- What is Magic Eden? Magic Eden cryptocurrency overview
- The wind of Inscriptions is blowing across major Blockchains, will this open a new trend?
What is Open Solmap?
Open Solmap is a project officially released by Magic Eden to demonstrate block space ownership on Solana and will be run by the community after the mint process is completed. At its core, Open Solmap represents digital ownership to users through “plots” in which each plot on Solmap will contain 1,000 consecutive slots in the transaction history and be mapped visually. With a total of about 232 million slots, there can be about 232,000 Solmap plots.
So what are slots? When validating transactions on Solana, each slot represents a unit of time similar to a frame in a film reel in which a large number of Transactions are processed and confirmed. Unlike Bitcoin, which processes Transactions in fixed-sized Blocks, Solana’s innovation lies in the use of Dynamic slots, making the system more flexible and scalable. The flexibility of slots allows Solana to have high throughput and efficiency in processing transactions.
To better visualize Open Solmap, I will give the following example: For example, if a user owns 12345.solmap, this means that the user will own:
- One NFT and one Inscription represent 123345.solmap
- 1,000 Solana slots from 12345000 to 12345999(12345 * 1000)
- With slot 123345000 being the main slot
According to Solmap’s white paper, it is also mentioned to encourage user participation to take full advantage of the local properties of the slot to build Solmap. In addition, Inscription on Solana also allows Open Solmap to follow the First come First Services rule. This rule will ensure the legitimacy and uniqueness of each Solmap. Based on this it also shows that Open Solmap is a community project and is based on consensus for on-chain data exploration.
What is Open Solmap?
Through the concept of Open Solmap, we can also immediately think of Bitmap – the first Metaverse project in the Bitcoin ecosystem based on ordinal theory and bitmap theory. Bitmap’s total trading volume to date has exceeded 286 BTC or about 10 million USD. Like Bitmap, Open Solmap will start from historical transaction data, map the data into unique plots, and bring creativity to the community based on plot attributes.
Although it was only launched on December 21, 2023, Open Solmap seems to be receiving a lot of attention from the community when the total accumulated trading volume has reached nearly 90k Sol and the number of holders has exceeded 17,780.
Besides Bitcoin, Solana is Inscription’s favorite destination
ORDI is a BRC 20 token first deployed by Domo as a test version in the Bitcoin ecosystem. However, it has become unexpectedly successful when it continuously creates new ATH and in turn lists leading Cex exchanges such as OKX and Binance.
The attraction of Inscription is now not only on Bitcoin but has spread across other Blockchains on the market from Ethereum, Polygon, Solana,… to Filecoin or Celestia. Among them, Solana has become the most prominent and received the most attention from the community.
SOLS – The first Inscription on Solana has grown very strongly from only about 4 Sol to ATH 100 Sol and is currently trading at 52 Sol. Behind this growth, the Solana ecosystem itself also plays an important role in supporting Inscription’s development. Anatoly Ykovenko – Co Founder of Solana Labs said on the Podcast that Inscription is an asset type completely based on Blockchain and although it does not have much applicability, Solana will still support its development.
summary
With high transaction speed and low costs, Solana has attracted the participation of many Web3 projects. During the recent market fever from Inscription to Meme, Solana is always the center of all hot spots. With the appearance of Open Solmap, Solana has also witnessed Solana’s acumen in keeping up with market trends. Above is all the information I want to introduce in this article, hope everyone has received useful knowledge.
