MicroStrategy’s Michael Saylor recently suggested that Bitcoin Ordinals could immensely benefit the crypto ecosystem.
MicroStrategy Incorporated (NASDAQ: MSTR) co-founder and Executive Chairman Michael Saylor has discussed his company’s work with Bitcoin Ordinals. In a media session, Saylor revealed that his company was exploring how the Bitcoin-backed non-fungible tokens (NFTs) could lead to software innovation. According to the innovative crypto executive, MicroStrategy was interested in assessing the application development potential of Bitcoin Ordinals.
Although Saylor did not expressly state the Ordinal use cases that MicroStrategy looked to tap into, he pointed out inherent Bitcoin blockchain diversity. Suggesting that the protocol of the world’s most prominent crypto is not solely for transactional purposes, the MicroStrategy co-founder explained:
“The whole idea of burning a piece of data on the blockchain opens the door to the possibility that I might burn a digital signature, or I might burn a registration, or I might burn a hash of a document.”
MicroStrategy Executive Chairman Views Bitcoin Ordinals as Instrumental to Mining Success
At the Bitcoin 2023 in Miami, Saylor stressed that discussions regarding Ordinals are vital to Bitcoin-mining success over the long term. Furthermore, he added that application development that builds on BTC’s functionality could strengthen the token’s widespread adoption.
Saylor explained that the security of most enterprises pales compared to Bitcoin. Furthermore, he added that innovations that deploy Bitcoin and its paraphernalia as an operational factor could tap into a new level of security.
Saylor’s latest comments on Bitcoin Ordinals come on the heels of similar glowing remarks on the PBD Podcast. On last week’s wide-ranging business podcast, the MicroStrategy Chairman described Ordinals as a catalyst for BTC adoption. As Saylor put it at the time:
“Every time someone builds an application that’s cool on Bitcoin, like all the Ordinals and inscriptions and whatever that are driving up transaction fees, it is a catalyst.”
Although Saylor admitted that Ordinals might have also been deployed for more frivolous reasons, he went against censoring the digital assets. The one-time MicroStrategy CEO described potential censorship of Bitcoin against specific uses as wrong and inconsistent with community values. “I do believe in rules without rulers,” Saylor emphasized.
Bitcoin Ordinals, also known as Bitcoin NFTs, is an innovative development quickly gaining popularity among blockchain enthusiasts. Founded by Casey Rodarmor and created on the Bitcoin blockchain, the Ordinals protocol allows users to attach digital content to the smallest divisible unit of 1 Bitcoin (satoshi).
Bitcoin Ordinals differ from traditional NFTs with one distinguishing feature. Ordinals are found on-chain with raw data directly written on the network. On the other hand, NFTs are minted separately as new tokens, with potential files on other protocols.
Earlier this month, Binance announced plans to list Bitcoin Ordinals on its NFT marketplace. The exchange has been aggressively expanding its NFT marketplace offerings and sees the Bitcoin NFTs as a worthy inclusion. In addition to onboarding Ordinals at the end of May, Binance would also provide loyalty support for Bitcoin NFT creators. Furthermore, the prominent exchange seeks to open up additional revenue-generating opportunities for said creators.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.