Web3 + Ordinals = Ownership

Almost everything I do as a lawyer involves the concept of “ownership.”

Who owns the contract rights to a business deal?

Who is the title owner to a real estate transaction?

Who is the legal owner of a company, valuable asset or future expected right?

In business, products and services are bought and sold with consumption, use and ownership being the end result.

I think we can all agree that ownership is important.

Back in the day…

When I first started practicing law, we had to take time and fight traffic to travel to the court clerk or county recorder's office and manually go through paper files to get answers to ownership questions.

Sometimes this took days or weeks. Depending on who was doing the research, the results were not always accurate.

Mistakes and misunderstanding resulted in claims and litigation.

Then the Internet came along. The digitization of records and computer search features helped all of us become more efficient.

What took days now took hours or minutes.

Having said that, problems with ownership issues still continued to exist because of the reality of “garbage in garbage out.”

If someone uploaded an inaccurate ownership document, it was now part of the problem and not the solution.

If someone misread or misinterpreted data in a computer generated response, there was a problem down the line.

Fast forward to today and things have changed forever.

Web3 has come along.

It’s changing everything.

Digital technology like non-fungible tokens allow for immutability and provenance. This new ability to instantly track and confirm ownership has made documenting and ascertaining ownership faster and better.

Ascertaining ownership is now instant and 100% accurate.

Ownership is now public, identifiable and on the blockchain.

New technology introduced just a few months ago in early 2023 raised the bar when it comes to ownership.

Today, Bitcoin Ordinals are shaping and improving ownership forever.

Why?

Because unlike an NFT simply being “hashed” on the ETH blockchain and stored on a random server someplace else via a technique such as the interplanetary file system, Bitcoin Ordinals are actually inscribed on, and become part of, the Bitcoin blockchain.

That’s right. Ordinals are part of the Bitcoin blockchain, the most secure, open, permanent, and decentralized digital ledger ever created.

Ordinals are a public, permanent and immutable ownership solution that ensures provenance and transparency and now allow for recursion and composability. 

This new technology leveraging the Bitcoin blockchain is a game changer.

Ownership has never been more permanent, transparent and ascertainable.

OnChainMonkey Co-Founder, Danny Yang, is a leader in the new Ordinal Bitcoin blockchain space.

Danny did his undergrad at Harvard and received his PhD in computer science from Stanford. He’s the founder of the Stanford Bitcoin Meetup in 2013 and also the founder of the largest crypto exchange in Taiwan.

Danny shares all the details in his post, “OCM Dimensions: Unveiling the Many Dimensions of Ordinals” https://bit.ly/ocmdanny

Because of Bitcoin Ordinals, ownership is now permanent and immutable and 100% on the Bitcoin blockchain.

No hashes to digital assets residing on third-party servers.

No rug pulls instantly resulting in your digital asset disappearing in the night.

Instead, everything is self-contained on one blockchain until the end of time.

This will positively impact every business and profession you can think of.

Look, my time is valuable but there’s a very good reason why you see me so engaged with this new technology.

Bitcoin Ordinals are changing the world.

DM me if you want to know more about leveraging this new technology.

Mitch !RISE

Hi Im with art by city. We are tackling copyright and trademark in web3. Lets chat!