Bitcoin’s Role in Combating Cybersecurity Threats

MicroStrategy’s executive chairman, Michael Saylor, discussed the ethical applications of Ordinals Inscription. Saylor also discussed how Bitcoin could combat cybersecurity threats posed by artificial intelligence.

In an interview with Michelle Makori at the Bitcoin 2023 Conference in Miami, Saylor explained how this innovation could enhance the BTC ecosystem and drive increased adoption.

Saylor Suggests How Bitcoin Can Combat Cybersecurity Threats

The MicroStrategy co-founder said Bitcoin could help to combat the cybersecurity threats that will rise with the proliferation of AI.  He explained that the ease of creating fake accounts in cyberspace poses a significant risk as it allows for spreading misinformation that could lead to real-life conflicts.  

He said Saylor argued that the best way to create integrity within cyberspace would be to create a public-private key similar to Nostr. According to him, these keys would be inscribed on the Bitcoin layer in a permanent and indestructible transaction. 

Such keys can create an identity linked to the owner’s social media accounts. With this mechanism, Saylor believes the proliferation of fake accounts will drastically reduce.

This is because the original owner of the key will have the power to sanction impersonators, and the cost of creating the keys would be high.

“By combining the power of cryptography with the power of a decentralized crypto network like Bitcoin, I can bring costs and consequences into cyberspace,” he concluded.

Ordinals Will Improve Bitcoin Adoption

Meanwhile, Saylor believes that Ordinals will improve Bitcoin adoption by encouraging application development. Saylor argued that discouraging such development could hinder Bitcoin’s adoption and negatively impact its mining network.

“If I were to basically discourage application development, I would be making it harder to scale to 8 billion people, and I would also be destroying the Bitcoin mining network,” he said.

Meanwhile, Crypto asset management firm Grayscale reported that Ordinals had brought more attention to the flagship digital asset ecosystem. The firm added, “Ordinals “resent one of the larger opportunities for Bitcoin adoption.”

According to Dune Analytics, nearly 10 million Inscriptions have been made on the blockchain network, netting miners over $40 million. While it has drawn steep criticism from some BTC core developers, it has pushed BTC network activities to new highs.