Casey Rodarmor on Ordinals & Inscriptions (Bitcoin NFTs)
Feb 3, 2023
45:15
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Quick takeaways
The ordinals protocol allows for the creation of 'digital artifacts' or inscriptions on the Bitcoin blockchain, which are immutable and decentralized.
The integration of the ordinals protocol with Bitcoin opens up the potential for a decentralized exchange for inscriptions, enabling secure peer-to-peer trading without intermediaries.
Deep dives
The ordinals protocol allows for the storage of arbitrary data on the Bitcoin blockchain
The ordinals protocol enables the numbering and tracking of individual sats on the Bitcoin blockchain, providing a way to store arbitrary data. By using the witness data in Bitcoin transactions, users can assign content to specific sats and create what are referred to as 'digital artifacts' or inscriptions. These inscriptions, which include various types of content like images and text, are entirely immutable and decentralized, residing on the Bitcoin blockchain.
The development of a decentralized exchange for inscriptions is in progress
The integration of the ordinals protocol with Bitcoin allows for the potential development of a decentralized exchange for inscriptions. Through atomic swaps, inscriptions can be traded securely between users, creating trustless offers. This exchange would rely on partially signed Bitcoin transactions that are shared and completed by interested parties, enabling peer-to-peer inscription trading without the need for intermediaries or centralized platforms.
Future features include improved provenance and expanded content support
Ordinals has plans to introduce new features to enhance the functionality of inscriptions. This includes the implementation of improved provenance tracking, allowing users to easily identify the creators of collections and associated content. Additionally, future updates seek to support a broader range of content types, enabling the inclusion of multimedia files such as audio and PDFs.
Critics raise concerns over data bloat and misuse of the Bitcoin blockchain
While ordinals and inscriptions present new possibilities on the Bitcoin blockchain, critics argue that arbitrary data storage may lead to data bloat and misuse of the network. Some individuals have expressed concerns about the potential strain on full nodes and the increased size of the blockchain. However, supporters of ordinals maintain that it leverages existing Bitcoin infrastructure and adheres to the fundamental principles of the system.
Alex talks with Casey Rodarmor, bitcoin dev, host of SF BitDevs, and creator of Ordinals, a new way to create NFTs on Bitcoin. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets in the wake of the Federal Reserves rate decision.
This episode was recorded on Wednesday, February 1, 2023.
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