Within the newest episode of SlateCast, Liam “Akiba” Wright and Nate Whitehill welcome Bob Bodily, CEO and co-founder of Bioniq, to focus on the way forward for Ordinals, Bitcoin programmability, and the potential influence of this growth on the broader crypto ecosystem.
A passionate advocate for the decentralized and permissionless nature of Bitcoin, Bodily shared his insights on the continuing debates surrounding Ordinals and the challenges and alternatives they current.
The Runes Craze and the Bitcoin Story
The dialogue started with a deep dive into the rune craze, a current phenomenon that has seen the best transaction charges on the Bitcoin community.
Bodily acknowledged the hype surrounding Runes, describing it as a “fungible bitcoin token protocol” that originally raised inflated expectations solely to be met with some disillusionment as customers grappled with the realities of mining and buying and selling.
Protection of Ordinals and Bitcoin's Permissionless Nature
When confronted with philosophical objections to Ordinals that instructed they went in opposition to Satoshi's imaginative and prescient of Bitcoin as peer-to-peer money, Bodily stood firmly behind Bitcoin's permissionless and censorship-resistant nature. He argued:
“When you’ve one thing that's permissionless and censorship-resistant, who’s, I don't know, who has the fitting to let you know what you possibly can or can't do with bitcoin?”
Bodily highlighted the renewed curiosity and pleasure surrounding Bitcoin, funding by enterprise capital companies, the return of builders to the ecosystem, and rising revolutionary initiatives, all fueled by the elevated prospects enabled by Ordinals.
“We now have folks preventing to improve Bitcoin. We now have L2 constructed on Bitcoin and we’re taking all of the curiosity and pleasure. And that's solely good for Bitcoin,” Bodily mentioned.
Bitcoin's Programmability Potential
Bodily addressed the potential for bitcoin to turn out to be extra programmable, portray a speculative image of a future the place the whole lot that occurs on different blockchains finds its solution to bitcoin. He envisioned a thriving ecosystem the place Bitcoin serves as “the world's most decentralized database,” enabling lending platforms, NFT marketplaces, DeFi protocols, and extra.
“If I needed to paint an image, it's the whole lot you've seen on Ethereum, like DeFi Summer time, with NFT Summer time. We’re already beginning to see this in Bitcoin,” Bodily famous.
The Bioniq Ecosystem and Future Plans
Bodily additionally touched on the Bioniq ecosystem, which was constructed on the Web Laptop (ICP) as a Bitcoin sidechain. He highlighted the advantages of this alternative, together with seamless bitcoin integration, the flexibility of sensible contracts to immediately maintain and handle bitcoin transactions, and the potential for an L2 Ordinals market with quicker transactions and decrease charges.
Wanting forward, Bodily teased plans for Bioniq, together with a launchpad, secured loans for Ordinals, and staking video games involving Ordinals, BRC20, and Runes. The purpose of this growth is to increase Bioniq's addressable market and help the adoption of Bitcoin NFTs extra broadly.
Because the interview drew to an in depth, Bodily's enthusiasm for the way forward for Bitcoin and its potential for programmability was palpable. Whereas he acknowledged the challenges and dangers related to upgrades and centralization, he remained optimistic about Bitcoin's decentralized method to scaling and the neighborhood's revolutionary options.
With Ordinals and initiatives like Bioniq on the forefront, the way forward for Bitcoin seems to be to be certainly one of higher utility, programmability and adoption whereas sustaining its core rules of decentralization and permissionlessness.
🎙️ New SlateCast: Extension #Bitcoin Metaprotocols
“We’re getting decrease and decrease block grants and we’d like sustainable miner payment earnings.
That is presumably the perfect resolution we've ever seen for this specific drawback.”
🎤 Visitor: @BobBodily of @bioniqMarket
🗣️… pic.twitter.com/9izreE6vWv— fromcrypto (@fromcrypto) April 24, 2024
