The Ordinal Show

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Leonidas $DOG 🧡 OKX
@LeonidasNFTNov 26, 2024

The Spaces discussion centered around the growth and integration of Bitcoin with other blockchain technologies, particularly focusing on the collaboration between Cardano and Bitcoin. Charles Hoskinson of Cardano shared insights into the development and vision behind Cardano, emphasizing its extended UTXO model, interoperability, and security. He highlighted the potential of Cardano to serve as a Bitcoin layer, allowing for DeFi operations without compromising Bitcoin’s security. The discussion also explored the future of decentralized finance (DeFi) on Bitcoin and the potential for stablecoins, such as those discussed by the Ducat team. Overall, the session emphasized innovation in blockchain technology, aiming to bring more functionality and applications to Bitcoin through cross-chain compatibility and advanced smart contract capabilities.

The Ordinal Show

Introduction

The Ordinal Show is a live podcast that covers topics related to building on Bitcoin. Hosts Trevor and Leonidas introduce the episode and announce that Charles Hoskinson, founder of Cardano and co-founder of Ethereum, will be joining the discussion along with other guests like Dan Yago. They aim to discuss scalability, the Bitcoin OS team’s innovations, Cardano’s role as an L2 for Bitcoin, and stablecoin developments.

Charles Hoskinson's Journey and Perspectives

  1. Early Days in Crypto:

    • Charles began in the Bitcoin space around 2010. Initially focused on mining and educating newcomers through initiatives like the Bitcoin Education Project.
    • Sought to address Bitcoin's volatility through creating algorithmic stablecoins and Dexes with BitShares.

  2. Ethereum Co-founding:

    • Co-founded Ethereum to explore unrestricted smart contracts, despite having differing views on aspects like accounting models with Vitalik Buterin.
    • Believed Ethereum could help address the need for a decentralized society where societal functions (voting, banking) operate on blockchain.

  3. Creating Cardano:

    • Frustrated with Ethereum’s lack of rigor, Charles founded Cardano with a focus on formal methods and peer-review.
    • Developed Cardano as an ETXO-based system with robust scalability, governance, and research backing.

  4. Vision for Bitcoin and Crypto:

    • Advocates for a hybrid system where Bitcoin remains secure while interoperating with smart contract platforms for advanced defy functionalities.
    • Emphasizes BTC as a potential global reserve, bolstered by modern cryptography and governance advancements from Cardano insights.

Discussion on Bitcoin OS and Collaborations

  1. Yago on Bitcoin OS:

    • Bridging functionality between Bitcoin and other environments like Cardano without altering Bitcoin’s core, expanding Bitcoin’s capabilities with smart contracts and compute systems.
    • Focuses on using ZK technology to enable verified computations on Bitcoin.

  2. Treas and Future Innovations:

    • Charles supports the partnership with Bitcoin OS, highlighting the potential dramatic ecosystem enhancements.
    • Foresees a future where Bitcoin adoption increases due to these cross-chain integrations enabling seamless DIF transactions.

Challenges and Maximalism

  1. Maximalist Resistance:
    • The conversation touches on resistance from Bitcoin maximalists who oppose integrating functionalities such as defi-like systems into Bitcoin.
    • Both Charles and other speakers emphasize the importance of expanding Bitcoin to fulfill broader economic and technical roles without compromising its core principles.

Maestro’s Role and Insights

  1. Marvin from Maestro:
    • Explains their work with UTXO models and infrastructure that streamlines development for projects on Bitcoin and Cardano.
    • Discusses advanced indexing for mempool transactions to enhance performance and efficiency on decentralized networks.

Ducat's Bitcoin Stablecoin Efforts

  1. Overview of Ducat by David and Bit:

    • Ducat aims to create a decentralized BTC-backed stablecoin named Unit directly on Bitcoin via a Layer 1 protocol.
    • Utilizes canonical Satoshis and inscriptions for decentralized state tracking within the network.

  2. Technical Enhancements and Strategies:

    • Outlines using an oracle system alongside innovative transaction methodologies to facilitate liquidations and maintain stability within Ducat’s protocol.

Closing Remarks

  • The show concludes with encouragement for ongoing innovations within the Bitcoin ecosystem, underscoring the significant growth and potential of these technologies to enhance Bitcoin's utility and adoption.

Final Thoughts

  • The discussion highlights revolutionary steps taken to integrate Bitcoin’s security with agile, smart functionalities from adjacent technologies. The convergence of Layer 1 stability with bridge solutions like Bitcoin OS signifies a pivotal moment for the broader crypto landscape, setting the stage for substantial growth and adoption across decentralized finance and other applications. Users and builders alike are recognized as central to these transformations.