186. TBR - Why Ordinals Are Better Than NFTs | Interview w/ Danny Yang of Metagood OnChainMonkeys
Nov 13, 2023
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Expert Danny Yang joins hosts Iman and Will to discuss recent developments in the Ordinals ecosystem, potential issues with Bitcoin, and the future of web3. They explore Danny's origin story in web3, the unique features of an on-chain monkey collection on Ethereum, the advantages of using Bitcoin for storing value and assets, the importance of fees in securing the network, and the upcoming OCM Genesis art collection on Bitcoin.
The Ordinals ecosystem addresses increasing fees and potential issues with Bitcoin, offering a solution for securing digital assets on the Bitcoin blockchain.
Digital art created on-chain using recursive inscriptions has the power to empower networks and communities within the crypto community.
The importance of fees in supporting the security of Bitcoin and the shift towards layer 2 solutions to accommodate high-value NFTs and tokens.
Deep dives
Danny Yang's Origin Story in Web3
Danny Yang, co-founder and CEO of On Chain Monkeys and Medi-Good, shares his background and how he got into Bitcoin and the web3 space. He discusses his computer science background and interest in AI and big data. He talks about meeting Charlie Lee, creator of Litecoin, and getting involved in the Bitcoin and crypto community. He also shares his experiences launching crypto companies, exploring Ethereum, and his current focus on leveraging crypto to empower networks and communities.
Developments in the Ornell's Ecosystem
Danny discusses recent developments in the Ornell's ecosystem, including increasing fees and potential issues with Bitcoin. He highlights the excitement around using Ornell's to secure digital assets on the Bitcoin blockchain. He explains the concept of recursive inscriptions and how they enable the creation of on-chain NFT collections. He also mentions the introduction of the parent-child collection feature, which allows creators to create their own collections within the Ornell's ecosystem.
The Power of On-Chain Art and the Future of Web3
Danny discusses the power of on-chain art and its importance in the crypto community. He highlights the concept of digital artifacts and their potential to empower networks and communities. He mentions the 10K mint collection created by On Chain Monkeys and the innovative use of recursive inscriptions to generate unique and collectible art. He shares his thoughts on Bitcoin as a store of value and the opportunities for builders in the Ornell's ecosystem to create new applications and experiences.
The Importance of Fees in Bitcoin Development
The podcast discusses the importance of fees in the development of Bitcoin. With the increase in fees, there will be a shift towards layer two solutions on Bitcoin, such as ordinals. Higher fees also contribute to the security of the network, making Bitcoin a more reliable store of value. While lower value transactions may be less feasible on layer one, there is still potential for high-value NFTs and other tokens on Bitcoin.
The Future of Bitcoin and the Orno Protocol
The podcast explores the future of Bitcoin and the Orno protocol. As Bitcoin approaches the end of its block reward era, fees will become crucial in supporting the security of the network. The transition to the Orno 1.0 release will further solidify the protocol's capabilities and diminish concerns about concentration of power. Developers can look forward to the continued advancement and improvement of Bitcoin through community debates and upgrades. The guest also discusses the upcoming OCM Genesis 10K collection and the potential for leveraging Bitcoin's unique features in digital art.
In this episode of TBR 1 hr Podcasts, hosts Iman and Will are joined by guest Danny Yang to delve into the world of Bitcoin and cryptocurrency. They discuss recent developments in the Ordinals ecosystem, including the increasing fees and potential issues with Bitcoin. Danny shares his background in Bitcoin and cryptocurrency ventures, highlighting his current company, Metagood. The conversation also touches on crypto art, the background in cryptography when getting into Bitcoin, early use cases, and the transition of crypto punks to on-chain art. The discussion further delves into the Ordinals protocol and its capabilities for securing digital assets on the Bitcoin blockchain. They touch on the importance of fees in supporting the security of Bitcoin and the push towards Layer 2 solutions. The conversation also goes into how On Chain Monkeys, Metagood’s flagship PFP project, plans to convert all of their Ethereum NFTs into Bitcoin Ordinals.
Topics:
First up, Danny goes over his origin story on how he got into web3
Next, Danny discusses recent developments in the Ordinals ecosystem, including the increasing fees and potential issues with Bitcoin
Then, we ask what Metagood is up to
and Finally, Danny reveals his feelings on the future of web3
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