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According to Michael Saylor, the co-founder and Executive Chairman of MicroStrategy, the company is not only aware of Ordinals but also intrigued by the protocol’s potential to spark software innovation. Saylor emphasized that the protocol, which has generated significant excitement within the Bitcoin community, has caught MicroStrategy’s attention as a possible catalyst for groundbreaking advancements in software development.
During an exclusive interview at Bitcoin 2023 in Miami, Michael Saylor revealed that MicroStrategy is actively examining Ordinals and evaluating its potential impact on application development. Saylor emphasized the company’s focus on assessing how Ordinals could be leveraged to drive advancements in the field of software development.
Ordinals, which debuted in January, have gained popularity as a means to create Bitcoin-based assets similar to NFTs. Although the community has not fully embraced the protocol, it has sparked a fresh wave of experimentation with the original cryptocurrency, encouraging new possibilities and avenues for exploration.
A recent advancement in the field involves the utilization of Ordinals to develop a pioneering framework for constructing tokens on the Bitcoin network. This innovative approach was first introduced by an anonymous on-chain data enthusiast named Domo in early March. Since then, numerous other tokens known as BRC-20 tokens have emerged, with thousands being created in a short span of time.
The surge in transactions, partly attributed to the utilization of Ordinals, has contributed to increased transaction fees on the network. This development has proven advantageous for Bitcoin miners, as they earn transaction fees for securing the network. However, many community members have expressed concerns that these high fees hinder the use of Bitcoin as a peer-to-peer electronic cash system, as originally intended by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Saylors’ Take on Bitcoin
According to Saylor, the dialogue surrounding Ordinals holds significance because the long-term success of Bitcoin miners is crucial. Furthermore, he highlighted that the development of applications leveraging capabilities has the potential to enhance the overall adoption of the cryptocurrency by individuals, businesses, and even governments.
Although Michael Saylor did not explicitly mention the specific use cases that MicroStrategy is exploring with Ordinals, he acknowledged that the ability to store data on Bitcoin’s blockchain beyond traditional transactions holds immense potential for various applications. Saylor highlighted the concept of “burning” data on the blockchain, which opens up possibilities such as storing digital signatures, registrations, or even hashed documents.
This indicates that MicroStrategy is considering diverse applications that leverage the capability of Ordinals to incorporate and authenticate different types of data on the Bitcoin blockchain.
When discussing corporate security, Michael Saylor referred to DocuSign, a platform that enables secure agreement signing using electronic signatures for businesses and individuals. However, Saylor pointed out that such mega corporations currently rely on a proprietary database for their operations.
Saylor highlighted the disparity in security levels between enterprises and Bitcoin, stating that the existing security measures in enterprises are comparatively weaker. He suggested that innovative applications utilizing the world’s largest cryptocurrency could potentially introduce an unprecedented level of security, providing companies with enhanced protection that is currently unavailable to them. This implies that Bitcoin-based solutions have the potential to revolutionize corporate security and offer novel security measures not presently in existence.
Saylor’s recent statements follow his previous characterization of Ordinals as a “catalyst” for Bitcoin adoption during an episode of the PBD Podcast just a week ago. However, he also recognizes that Ordinals have been utilized for various frivolous purposes.
During the Miami event, Saylor emphasized the importance of allowing criticism for things that are considered silly, but without resorting to censorship. He suggested that while certain applications of Ordinals may not be widely appreciated, it is crucial to maintain an open dialogue and refrain from stifling innovation in the cryptocurrency space.
Saylor refrained from making predictions about the eventual triumph of any particular protocol. However, he strongly expressed his opposition to modifying Bitcoin in a way that would enable censorship of specific uses. This sentiment was in response to the actions of a group of core Bitcoin developers, led by Luke Dashjr, who considered Ordinals as “spam” and sought to filter them out of transactions.
According to Saylor, altering the Bitcoin protocol to restrict certain individuals from utilizing the cryptocurrency goes against the fundamental values of the community. He firmly believes in the concept of having rules without the need for rulers, emphasizing the importance of maintaining the decentralized and inclusive nature of Bitcoin.
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