• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Coinbase receives Wells notice from SEC

2023-03-22

Woman Allegedly Involved in $4,000,000,000 ‘OneCoin’ Scheme Hit With Fraud Charges by the DOJ

2023-03-22

Coinbase Says US Banking Crisis Reinforcing Crypto Assets to the Upside, Catching Attention of Institutions

2023-03-22
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Coinbase receives Wells notice from SEC

    2023-03-22

    Woman Allegedly Involved in $4,000,000,000 ‘OneCoin’ Scheme Hit With Fraud Charges by the DOJ

    2023-03-22

    Coinbase Says US Banking Crisis Reinforcing Crypto Assets to the Upside, Catching Attention of Institutions

    2023-03-22

    BitMEX Outlines Three Scenarios for Crypto This Year, Says Market Recovery a Likely Outcome

    2023-03-22

    OneCoin associate Irina Dilkinska charged following US extradition

    2023-03-21
  • Learn

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15
  • Market Cap
CryptoNewsMetaverse
Home»Ordinals protocol sparks debate over the place for NFTs in the Bitcoin ecosystem

Ordinals protocol sparks debate over the place for NFTs in the Bitcoin ecosystem

2023-01-30No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The recent launch of a nonfungible token (NFT) protocol on the Bitcoin mainnet has the crypto community divided over whether it’ll be good for the Bitcoin ecosystem. 

The protocol, referred to as “Ordinals,” was created by software engineer Casey Rodarmor, who officially launched the program on the Bitcoin mainnet following a Jan. 21 blog post.

The protocol essentially allows for the Bitcoin version of NFTs — described as “digital artifacts” on the Bitcoin network.

These “digital artifacts” can comprise of JPEG images, PDFs, o video or audio formats.

Meme-inspired, NFT-like “digital artifacts” are now being inscribed on the Bitcoin network. Source: Ordinals

The introduction of the protocol has the Bitcoin community divided, however, with some arguing that it offers more financial use cases for Bitcoin, while others say it’s straying away from Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer cash system.

Bitcoin bull Dan Held was one of those on board with the development, noting that it would drive demand for block space — and thus fees — while bringing more use cases to Bitcoin.

Why it’s good:
– Brings more financial use cases to Bitcoin
– Drives more demand for block space (aka fees)

My take:
– If you pay a tx fee, it’s not spam.
– Bitcoin is permissionless. Can’t stop anyone from building it anyway.

— Dan Held (@danheld) January 29, 2023

Some have pointed out that these NFT-like structures have taken up block space on the Bitcoin network, which could drive up transaction fees.

BREAKING: NFTs ON #BITCOIN

Ordinals are taking up most of the BLOCKSPACE pic.twitter.com/Gxwq4vV8MI

— ⚡ (@BitcoinNewsCom) January 29, 2023

Among those include Twitter user “Bitcoin is Saving,” who argued to their 237,600 followers on Jan. 29 that “privileged wealthy whites” wanting to use JPEGs as status symbols may exclude marginalized people from participating in the Bitcoin network.

Cryptocurrency researcher Eric Wall disagreed, opining that Bitcoin’s built-in block size limit would prevent a rise in transaction fees.

Others such as Blockstream CEO and Bitcoin core developer Adam Back weren’t happy with meme culture being brought to Bitcoin, suggesting that developers take the “stupidity” elsewhere:

“you can’t stop them” well ofc! bitcoin is designed to be censor resistant. doesn’t stop us mildly commenting on the sheer waste and stupidity of an encoding. at least do something efficient. otherwise it’s another proof of consumption of block-space thingy.

— Adam Back (@adam3us) January 29, 2023

However, Ethereum bull Anthony Sassano, the host of The Daily Gwei, took a shot at the Blockstream CEO for wanting “undesirable” transactions to be censored, which many believe goes against the ethos of Bitcoin:

Adam Back and Luke Dashjr are both Bitcoin core developers who have encouraged censorship over the last 48 hours of these “undesirable” transactions

So no, it isn’t just Bitcoin maximalists – it’s actual Bitcoin core developers

— sassal.eth (@sassal0x) January 30, 2023

Related: Stacks ecosystem becomes #1 Web3 project on Bitcoin

In a blog post, Rodarmor explained that the NFT-like structures are created by inscribing satoshis — the native currency of the Bitcoin network — with arbitrary content.

These inscribed satoshis — which are cryptographically represented by a string of numbers — can then be secured or transferred to other Bitcoin addresses, according to notes in Ordinal’s technical documentation:

“Inscribing is done by sending the satoshi to be inscribed in a transaction that reveals the inscription content on-chain. This content is then inextricably linked to that satoshi, turning it into an immutable digital artifact that can be tracked, transferred, hoarded, bought, sold, lost, and rediscovered.”

The inscriptions take place on the Bitcoin mainnet, no sidechain or separate token is needed, the document states.

Inscriptions are finally ready for Bitcoin mainnet.

Inscriptions are like NFTs, but are true digital artifacts: decentralized, immutable, always on-chain, and native to Bitcoin. https://t.co/a4dK7zdITS

— Casey Rodarmor (@rodarmor) January 20, 2023

It appears that only 277 digital artifacts have been inscripted thus far, according to the Ordinals website.

Interestingly, Rodarmor admitted in an Aug. 25 interview on Hell Money Podcast that Ordinals was created to bring memes to life on Bitcoin:

“This is 100% a meme-driven development.”

Source link

Bitcoin debate ecosystem NFTs Ordinals place Protocol Sparks
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

U.S. IRS Considers Taxing NFTs Like Other Collectibles

2023-03-21

How to Short Sell Bitcoin

2023-03-17

Bitcoin Bursts to $22,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System

2023-03-12

Judges Will Likely Rule in Favor of Grayscale in Bitcoin Spot ETF Battle With SEC, Says Bloomberg Expert – Here’s Why

2023-03-12
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Warning: Litecoin can jump to $74, but you might lose money

2022-07-18

State Securities Regulators Move To Shut Down Metaverse Casino Slotie

2022-10-23

What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards?

2022-03-23

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Coinbase receives Wells notice from SEC

2023-03-22

Woman Allegedly Involved in $4,000,000,000 ‘OneCoin’ Scheme Hit With Fraud Charges by the DOJ

2023-03-22

Coinbase Says US Banking Crisis Reinforcing Crypto Assets to the Upside, Catching Attention of Institutions

2023-03-22
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,707.00-2.40%
  • ethereumEthereum(ETH)$1,758.58-3.04%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.010.15%
  • binancecoinBNB(BNB)$324.30-4.36%
  • usd-coinUSD Coin(USDC)$1.010.26%
  • rippleXRP(XRP)$0.429416-8.31%
  • cardanoCardano(ADA)$0.364053-5.03%
  • dogecoinDogecoin(DOGE)$0.075171-1.87%
  • Lido Staked EtherLido Staked Ether(STETH)$1,753.77-3.17%