BTC-Newswire

Op-ed: Bitcoin community must not allow let Ordinals debate cause division

Press Releases Crypto News CryptoSlate Op-ed: Bitcoin community must not allow let Ordinals debate cause division

The following is a guest post by Kadan Stadelmann, CTO at Komodo Blockchain.

A great debate on Bitcoin Ordinals, essentially NFTs on the Bitcoin blockchain, has broken out. One side of the debate believes there is no place for Ordinals on the Bitcoin blockchain. The other side believes ordinals are the perfect innovation for the first blockchain.

Either way, the debate is now reaching fever pitch. Bitcoin core developers are looking to introduce an update that would make the minting of future Ordinals impossible. Bitcoin Ordinal proponents are protesting the change but don’t call the shots.

BRC-20, the fungible token standard that makes ordinals possible, supports creating and transferring fungible tokens in the ordinals protocol. Furthermore, Ordinal inscriptions use the Bitcoin unspent transaction output (UTXO) sets. Thus, Ordinals increase output demand and the size of the UTXO set.

BRC-20 is similar to Counterparty, which provided a way to create NFTs involving links pointing to images, but those links today are all broken after IMGUR made it a policy that their service cannot be used for NFTs. Therefore, Ordinals proponents argue that they want to put the data and images onchain to avoid such issues in the future.

Ironically, Segregated Witness (SegWit) and Taproot made Ordinal inscriptions possible on the Bitcoin blockchain. In other words, the present-day anti-Ordinals crowd made Ordinals on Bitcoin possible with past Bitcoin design decisions.

The Ordinals crowd did not change the consensus rules of Bitcoin. SegWit and Taproot made Ordinals possible. Therefore, Ordinal proponents argue that the network already allows such functionality. Pay the fee, post the data—no matter what the data—onto the Bitcoin blockchain.

SegWit altered the transaction format of Bitcoin to defend against transaction malleability while decreasing transaction times by increasing block capacity and speeding up validations by storing more transactions in a single block.

Taproot offers a new way to perform Bitcoin transa

Go to Source to See Full Article
Author: Kadan Stadelmann

Did you like this?
Tip BTC Newswire with Cryptocurrency