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The Future of Bitcoin: A Discussion on Ordinals and Programmability
In the latest episode of the SlateCast, industry leaders Liam “Akiba” Wright and Bob Bodily, the CEO and co-founder of Bioniq, engage in a compelling dialogue about the evolving landscape of Bitcoin. Bodily, a staunch supporter of Bitcoin’s decentralized and permissionless ethos, offers valuable insights into Ordinals, the programmability of Bitcoin, and their potential impact on the broader crypto ecosystem.
The Runes Craze and Bitcoin’s Narrative
The conversation commences with a thorough examination of the Runes craze, a recent phenomenon that witnessed unprecedented transaction fees on the Bitcoin network. Bodily acknowledges the initial hype surrounding Runes, characterizing it as a “fungible token protocol on Bitcoin” that initially generated lofty expectations, only to face a dose of reality as users navigated the complexities of minting and trading.
Defending Ordinals and Bitcoin’s Permissionless Nature
In the face of philosophical objections to Ordinals, which some argue deviate from Satoshi’s original vision of Bitcoin as peer-to-peer cash, Bodily steadfastly upholds the permissionless and censorship-resistant nature of Bitcoin. He articulates, “When you have something that’s permissionless and censorship-resistant, then who is, I don’t know, who has the right to tell you what you can or can’t do on Bitcoin?” Bodily underlines the revitalized interest and enthusiasm surrounding Bitcoin, with venture capital firms pouring investments, developers reengaging with the ecosystem, and innovative projects taking shape, all buoyed by the expanded possibilities facilitated by Ordinals. “We have people fighting to upgrade Bitcoin. We have L2s being built on Bitcoin and take all of that interest and excitement. And it’s just good for Bitcoin,” Bodily asserts.
The Potential for Bitcoin’s Programmability
Bodily delves into the realm of possibilities for Bitcoin to enhance its programmability, envisioning a future where all activities conducted on other blockchains converge on Bitcoin. He envisions a thriving ecosystem where Bitcoin serves as “the world’s most decentralized database,” accommodating lending platforms, NFT marketplaces, DeFi protocols, and beyond. “If I had to paint a picture, it’s everything that you’ve seen on Ethereum with like DeFi Summer, with NFT Summer. We’re already starting to see that on Bitcoin,” Bodily envisions.
The Bioniq Ecosystem and Future Plans
Further shedding light on Bioniq’s ecosystem, founded on the Internet Computer (ICP) as a Bitcoin sidechain, Bodily extols the benefits of this strategic choice, including seamless Bitcoin integration, smart contracts empowered to oversee and manage Bitcoin transactions directly, and the promise of an L2 Ordinals marketplace featuring expedited transactions and reduced fees. Hinting at forthcoming developments for Bioniq, Bodily teases plans for a launchpad, collateralized lending for Ordinals, and gamified staking incorporating Ordinals, BRC20, and Runes. These initiatives aim to broaden Bioniq’s market reach and, in a broader sense, propel adoption for Bitcoin NFTs.
As the discussion draws to a close, Bodily’s enthusiasm for Bitcoin’s future and its potential for enhanced programmability reverberates. While acknowledging the hurdles and risks associated with upgrades and centralization, he maintains an optimistic outlook toward the decentralized approach to scaling Bitcoin and the inventive solutions from the community. With Ordinals and projects like Bioniq taking center stage, the future of Bitcoin is poised for heightened utility, programmability, and adoption while upholding its fundamental tenets of decentralization and permissionlessness.
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