Bitcoin

Why I Chose Bitcoin Ordinals to Launch ‘Frontline’

Published

9 months ago

11 July, 2024

Why I Chose Bitcoin Ordinals to Launch 'Frontline'

I like to say that I do pixels very well, but I am not a blockchain expert. I am afraid of anything related to statistics and security, because any mistake usually means that you are either completely wrong (when dealing with statistics) or you lose a lot of money (when it comes to security). Writing a smart contract is a daunting task for me. That doesn’t mean that I have no idea about the underlying technology that powers blockchains and NFTs/Ordinals, however: it just means that I stop at understanding.

For my latest collection, I’m partnering with Metagood, the creators of the Ordinals OnChainMonkey collection, to launch on the Ordinals protocol. This collection will be my first on Bitcoin, which is different from what I’ve used in the past (mostly NFTs on Ethereum and Tezos) and is taking all the lessons learned from other chains to do some clever things out of the box.

The first thing I love about Ordinals is that it has to be on-chain. That’s it. No external assets, no links. What you have is what you get. Many generative art pieces rely on code libraries (e.g. p5.js, three.js) to help with commonly used features that are needed to generate the pieces.

The protocol has a solution to this problem that is elegant by design. Any Ordinal can refer to another Ordinal. It can be a library, it can be an asset, it can be the whole thing to create remixes. It’s up to you to find creative uses for the asset. You can find the widely used libraries on-chain, in Bitcoin: p5js, three.js are already there. Do you know who ported them? Danny Yangcreator of OnChainMonkey.

But how exactly does this work? How can my Ordinal refer to another Ordinal? In Ethereum (and others, as far as I know), NFTs are basically token IDs that are issued from a given contract. You then need the contract address to explore which NFTs are there and who owns them.

Ordinals have (again) found a clever solution to this problem. This feature is called recursion. A Bitcoin is a collection of one hundred million satoshis, each with a number, according to its minting order. An Ordinal is linked to a unique Satoshi, so they are ordered. That’s why they are called Ordinals. You can use another Ordinal (or other Ordinals) on your Ordinal to make a new Ordinal. You can then create complex pieces using different assets that already exist, and anyone can access them.

The other feature that is also interesting is the parent-child relationship. It is similar to the recursion feature in that it is a reference to another Ordinal. But this one is secured in the same way that blockchains work (remember the cryptographic part of “cryptocurrency”? That refers to signing messages using cryptography, the private key/public key thing). You can only refer to another Ordinal as the parent if you can prove that you own that Ordinal.

What can you do with this? It turns out that this is also a clever way to establish provenance and more. You can make an Ordinal your signature and use it to be the parent of all your future pieces. You can make an Ordinal the “generator” of a generative collection and have all the individual mints in that collection refer to the code as their parent. And much more.

Ordinals offer elegant solutions to serve the purpose of creating generative art collections on the Bitcoin chain. They are, of course, not as flexible as smart contracts and do not claim to be. They provide enough to build something amazing.

FrontLine is my latest collection of long-form generative art. I’m honored to be able to share it with you, this time on Ordinals, with the OnChainMonkey community as the initial target audience. It took me about a year to get to the finish line, and it’s a personal journey.

“FrontLine” reflects what’s been happening recently on a number of levels. The piece was challenging to create and satisfying to complete. From the beginning, this was conceived as a collaborative piece with OnChainMonkey. I was partly inspired by the general ethos behind the community around OCM: pushing people towards “good,” but there is no clear definition of good, only vague cultural concepts around what societies accept as values to strive for. Good only exists if its opposite makes sense: there is a dimension of good versus evil, lawful versus chaotic, light versus dark, A versus B. Two sides of something, with something in between.

FrontLine tries to represent this struggle, this fight that happens in every moment. What seemed like an obvious “good” choice a few seconds ago is now its opposite, thanks to the additional knowledge. The division between the two sides is never clear: the battle continues, and a lot is happening in Frontline.

The piece combines several algorithms competing to occupy the space: one that will search for the negative space and another that will try to connect the dots; the connecting algorithm is also clearly divided into two sides with different approaches to the task at hand. As each new iteration of the algorithm is almost unpredictable, but explainable a posteriori: the rules of the underlying algorithms are actually quite straightforward. Once all the space has been explored, the battle begins and the front line appears, sometimes complex and vibrant, sometimes irregular and vague – but always present.

There is no perfect world. There is no good without evil. What matters is where to draw the line. It’s up to you to figure out what you want both sides to be. It could be ETH/BTC. I personally root for the people who innovate: they will be on the front lines.

Do I have an answer to all the questions? No. I just know that you have to try things to move forward. You have to be where it happens. You have to fight there. You have to be on the front lines.

Please note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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