Michael Saylor of MicroStrategy recently suggested that Bitcoin Ordinals could greatly benefit the crypto ecosystem.
MicroStrategy Incorporated (NASDAQ:MSTR) co-founder and CEO Michael Saylor discussed his company’s work with Bitcoin Ordinals. In a briefing, Saylor revealed that his company was exploring how non-fungible tokens (NFTs) backed by Bitcoin could lead to software innovation. According to the innovative digital currency CEO, MicroStrategy was interested in evaluating the application development potential of Bitcoin Ordinals.
Although Saylor did not explicitly mention the typical use cases MicroStrategy seeks to capitalize on, he did point out the blockchain diversity inherent in Bitcoin. The co-founder of MicroStrategy explained that the protocol for the world’s most popular cryptocurrency is not just for transactional purposes:
“The whole idea of copying a piece of data on a blockchain opens the possibility that I might copy a digital signature, or I might burn a recording, or I might copy a hash of a document.”
MicroStrategy’s CEO sees Bitcoin arrangements as beneficial to mining success
At Bitcoin 2023 in Miami, Saylor stressed that discussions regarding the Ordinals are essential to the long-term success of bitcoin mining. Moreover, he added that app development based on BTC functionality could boost the token’s widespread adoption.
Saylor explained that the security of most institutions pales in comparison to Bitcoin. Moreover, he added that innovations that use Bitcoin and its tools as an operational factor could benefit from a new level of security.
Saylor’s recent comments on Bitcoin Ordinals follow similar glowing remarks on Bitcoin PBD Podcast. In a broad trade podcast last week, the head of MicroStrategy described Ordinals as a catalyst for BTC adoption. As Saylor said at the time:
“Every time someone creates a great app on Bitcoin, like all the Ordinals and the patterns and whatever it is that drives up transaction fees, it’s a trigger.”
Although Saylor acknowledged that the Ordinals might also have been published for trivial reasons, he opposed censorship of digital assets. The one-time CEO of MicroStrategy described the potential censorship of Bitcoin against certain uses as wrong and inconsistent with the community’s values. “I believe in the rules without umpires,” Saylor asserted.
Ordinal order explained
Bitcoin Ordinals, also known as Bitcoin NFTs, is an innovative development that is rapidly gaining popularity among blockchain enthusiasts. Founded by Casey Rodarmor and built on the Bitcoin blockchain, The Ordinals protocol requires users to attach digital content to the smallest divisible unit of 1 Bitcoin (satoshi).
Bitcoin Ordinals differs from traditional NFTs with one distinguishing feature. The ordinal is found in the series with raw data written directly to the network. On the other hand, NFTs are minted separately as new tokens, with potential files on other protocols.
Earlier this month, Binance announced plans to list Bitcoin Ordinals on its NFT marketplace. The exchange has significantly expanded its NFT market offering and sees Bitcoin NFTs as a worthy inclusion. In addition to setting up the Ordinals at the end of May, Binance will also offer loyalty support to Bitcoin NFT creators. Furthermore, the prominent exchange seeks to unlock additional revenue generation opportunities for said creators.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify cryptocurrency stories down to the bare essentials so that anyone anywhere can understand without much background knowledge. When not in the depths of cryptocurrency stories, Tolo enjoys music, loves to sing, and is a movie lover.