Within the newest episode of the SlateCast, Liam “Akiba” Wright and Nate Whitehill welcomed Bob Bodily, the CEO and co-founder of Bioniq, to debate the way forward for Ordinals, the programmability of Bitcoin, and the potential influence of those developments on the broader crypto ecosystem.
Bodily, a passionate advocate for the decentralized and permissionless nature of Bitcoin, shared his insights on the continuing debates round Ordinals and the challenges and alternatives they current.
The Runes Craze and Bitcoin’s Narrative
The dialogue began with a deep dive into the Runes craze, a latest phenomenon that recorded the best transaction charges on the Bitcoin community.
Bodily acknowledged the hype surrounding Runes, describing it as a “fungible token protocol on Bitcoin” that originally sparked inflated expectations, solely to be met with some disillusionment as customers grappled with the realities of minting and buying and selling experiences.
Defending Ordinals and Bitcoin’s Permissionless Nature
When confronted with philosophical objections to Ordinals, suggesting they go in opposition to Satoshi’s imaginative and prescient of Bitcoin as peer-to-peer money, Bodily stood firmly behind the permissionless and censorship-resistant nature of Bitcoin. He argued:
“When you’ve got one thing that’s permissionless and censorship-resistant, then who’s, I don’t know, who has the best to let you know what you may or can’t do on Bitcoin?”
Bodily highlighted the renewed curiosity and pleasure surrounding Bitcoin, with enterprise capital companies investing, builders returning to the ecosystem, and revolutionary tasks rising, all fueled by the elevated prospects enabled by Ordinals.
“Now we have individuals preventing to improve Bitcoin. Now we have L2s being constructed on Bitcoin and take all of that curiosity and pleasure. And it’s simply good for Bitcoin,” Bodily acknowledged.
The Potential for Bitcoin’s Programmability
Addressing the potential for Bitcoin to develop into extra programmable, Bodily painted a speculative image of a future the place every thing completed on different blockchains finds its approach to Bitcoin. He envisioned a flourishing 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 every thing that you simply’ve seen on Ethereum with like DeFi Summer season, with NFT Summer season. We’re already beginning to see that on Bitcoin,” Bodily remarked.
The Bioniq Ecosystem and Future Plans
Bodily additionally touched on Bioniq’s ecosystem, which was constructed on the Web Pc (ICP) as a Bitcoin sidechain. He highlighted the benefits of this selection, together with seamless Bitcoin integration, the power for sensible contracts to carry and handle Bitcoin transactions immediately, 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, collateralized lending for Ordinals, and staking video games incorporating Ordinals, BRC20, and Runes. These developments purpose to increase Bioniq’s addressable market and, extra broadly, drive adoption for Bitcoin NFTs.
Because the dialog drew to a detailed, Bodily’s enthusiasm for the way forward for Bitcoin and its potential for programmability was palpable. Whereas acknowledging the challenges and dangers related to upgrades and centralization, he remained optimistic in regards to the decentralized method to scaling Bitcoin and the group’s revolutionary options.
With Ordinals and tasks like Bioniq on the forefront, the way forward for Bitcoin seems to be considered one of elevated utility, programmability, and adoption whereas sustaining its core ideas of decentralization and permissionlessness.
New SlateCast: Increasing #Bitcoin Metaprotocols
“We’re getting a decrease and decrease block subsidy, and we want sustainable payment income for miners.
That is maybe the most effective resolution that we’ve ever seen for that exact drawback.”
Visitor: @BobBodily from @bioniqMarket
… pic.twitter.com/9izreE6vWv
— CryptoSlate (@CryptoSlate) April 24, 2024
