During the Ask Me Anything (AMA) session, the tech entrepreneur, Charles Hoskinson proposed that Cardano would be the most suitable platform for implementing Bitcoin Ordinals due to its superior ecosystem. Ordinals is a technology that enables the “inscription” of each satoshi with a distinct label and additional details. As a result, every inscription becomes unique and can be traced within the Bitcoin network or any other network it has been inscribed in.
Ordinals specifically allow users to store various types of data, such as text, graphics, and coded language, directly on the Bitcoin network. These inscriptions can be treated as individual assets, similar to non-fungible tokens (NFTs), without the need for smart contracts. Since they are unique, each inscription can be traded and stored in a regular wallet.
It is important to note that each inscription must adhere to a specific size limit imposed by the Bitcoin blockchain. This ensures that the interconnected data can fit within the designated size.
Cardano’s Decentralized Nature
In a recent report, the executive highlighted the significance of the Cardano Improvement Proposal (CIP-1694) in the ongoing decentralization debate. The proposal aims to establish an on-chain governance framework to support Cardano’s Voltaire phase.
CIP-1694 outlines a system where any user can submit proposals for governance on the Cardano blockchain. Although the proposal was introduced in March 2023, it is still under development and discussion, with potential integration expected in July 2024.
Related: Charles Hoskinson: Cardano’s Increasing Decentralization to Reshape the Crypto Landscape
According to Hoskinson, the gradual transition towards decentralization will aid Cardano in complying with regulatory requirements set by authorities. The founder of Cardano believes that decentralization initiatives play a crucial role in establishing regulatory standards. He envisions a future where authorities may classify cryptocurrency initiatives as protocols or commodities.
Currently, Cardano is focused on scaling the platform on-chain during the Basho stage. In the previous Goguen stage, developers successfully activated the smart contract capability.
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