Bankless

NFTs Attacking Bitcoin? with Eric Wall & Casey Rodarmor

16 snips
Feb 7, 2023
Guest
Casey Rodarmor
Guest
Eric Wall
Casey Rodarmor, an open-source Bitcoin developer and creator of the Ordinals protocol, joins Bitcoin expert Eric Wall for a deep dive into the intersection of NFTs and Bitcoin. They discuss how the Ordinals protocol revolutionizes Bitcoin by enabling NFTs, exploring the potential benefits and community debates surrounding this change. The duo also contrasts the NFT landscapes of Bitcoin and Ethereum, delves into miner behavior, and speculates on Bitcoin's future, showcasing an exciting era of innovation and creative possibilities within the Bitcoin ecosystem.
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INSIGHT

Ordinals and Inscriptions Overview

  • Ordinals assigns unique identities to every Bitcoin satoshi, tracking them across transactions.
  • Inscriptions, a top layer, attach arbitrary content to these numbered satoshis, creating NFTs.
INSIGHT

Bitcoin vs Ethereum NFTs

  • NFTs on Bitcoin don't exist as distinct digital objects like on Ethereum.
  • Individual Satoshis become the transferable unit, appended with data, resembling Ethereum NFTs.
INSIGHT

Taproot's Impact on Bitcoin NFTs

  • Embedding data in Bitcoin has existed, but Taproot simplified adding large data chunks.
  • This enables bigger NFTs and protocols like Ordinals.
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