When you think of blockchain, the words provenance and immutability might not immediately come to mind. However, these two features are setting the stage for a revolution in how we conduct transactions. From purchasing products and services to managing health, business, and legal matters, blockchain is poised to play a crucial role in our daily lives. But have you heard of Bitcoin Ordinals? In this episode, I share why I believe this relatively new technology is a game changer.
Before we dive into today’s episode, I’d like to introduce myself. My name is Mitch Jackson, and I’m a trial lawyer and private mediator with over 30 years of experience. I was fortunate enough to be named by my peers as the 2009 Orange County Trial Lawyer of the Year and also a 2013 California Litigation Lawyer of the Year. In each podcast episode, I’m going to help you navigate the new and sometimes confusing dynamic digital landscape found at the intersection of law, business, and technology. OK, now that you have a bit of context about the topic of this podcast and the person behind it, let’s get started!
So what exactly are Bitcoin Ordinals?
Bitcoin Ordinals are digital assets inscribed on a satoshi, the smallest unit of a Bitcoin. They’re akin to non-fungible tokens (NFTs), created by engraving data of the content stored into the Bitcoin blockchain. This nascent technology holds the potential to revolutionize our world. But how?
The true beauty of Bitcoin Ordinals lies in the realm of digital artifacts. With this groundbreaking technology, unique and valuable digital items can be easily purchased, sold, and most importantly, preserved for posterity on the blockchain. Imagine having the ability to own a piece of digital art, a rare collectible, or even a historic moment, with the assurance that its authenticity and ownership are indisputable and permanently recorded. This not only opens up new avenues for creators and collectors but also ensures that these digital treasures stand the test of time, immune to the ravages of time and decay that threaten physical artifacts.
This isn’t a distant future; it’s a reality that’s unfolding before our eyes, thanks to Web3 and Bitcoin Ordinals.
Bitcoin Blockchain’s Dominance
Currently, most Web3 NFT transactions occur on non-Bitcoin blockchains, like Ethereum. The majority of digital assets accessed are stored off-chain, which poses risks if the storage is discontinued for any reason. But with the Bitcoin blockchain, the provenance and immutability are inscribed on the actual blockchain, mitigating these risks and boosting efficiency.
Remember the early days of the Internet, with its dial-up modems and various web browsers? Just as the Internet evolved, so too will Bitcoin Ordinals and Web3 technology.
A Future of Possibilities
We’re on the brink of a transformative era, where AI, the metaverse, and Web3 technologies will converge to make us more efficient, faster, and smarter. The potential for Bitcoin Ordinals to reshape our world is immense.
So, what are your thoughts on Bitcoin Ordinals? Can you see the potential of inscribing digital assets on the Bitcoin blockchain? The possibilities are endless, and the future is now. Let’s embrace it together.
The Web3, AI and Metaverse Legal and Business Podcast
Episode page: https://mitchjackson.com/podcast
Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-web3-ai-and-metaverse-legal-and-business-podcast/id1257596607
Is this conversation helpful so far?